If enacted, HB8033 would require that any certification made by an agency includes detailed information, such as the number of small entities impacted by a rule and an estimate of the total costs of compliance. This amendment is expected to improve the assessment process for new regulations, ensuring that the effects on small businesses are adequately considered. The requirement for a more thorough certification may lead to more cautious regulatory approaches, potentially benefiting small businesses by reducing unnecessary or burdensome regulations.
Summary
House Bill 8033, titled the 'Regulatory Transparency for Small Businesses Act,' is designed to amend Title 5 of the United States Code. This legislative initiative seeks to provide clearer guidelines on the information that federal agencies must include when certifying that a new regulation will not impose a significant economic impact on a considerable number of small entities. The bill emphasizes a more structured approach to assessing how rules affect smaller businesses, thereby aiming to enhance transparency in the regulatory framework.
Contention
There are notable points of contention regarding this bill, particularly surrounding the balance between essential regulations and the economic burden they may impose on small businesses. Advocates of the legislation argue that it empowers small business owners by ensuring their interests are prioritized in the regulatory process. However, opponents might contend that the additional requirements for certifications could slow down the regulatory process, delaying necessary protections for public welfare and safety in favor of economic considerations for small business owners. This tension reflects broader discussions in policymaking about how best to protect both economic interests and the public good.