Improving Access to Small Business Information Act
If enacted, HB3351 will specifically amend existing laws to exclude certain actions by the Advocate from being categorized under the PRA, which could lead to a more effective functioning of the Advocate’s office. By doing so, it would alleviate some compliance responsibilities that typically hinder small businesses from engaging effectively with government agencies. Proponents believe this change will foster a more supportive environment for small businesses, ultimately benefiting the economy as a whole.
House Bill 3351, titled the 'Improving Access to Small Business Information Act', seeks to amend the Securities Exchange Act of 1934 by clarifying that the actions of the Advocate for Small Business Capital Formation do not count as a collection of information under the Paperwork Reduction Act (PRA). This legislative effort is aimed at reducing regulatory burdens on small businesses, allowing for easier access to capital and more streamlined communication from the Advocate's office. The bill emphasizes the importance of supporting small business growth by minimizing unnecessary paperwork and regulatory overhead.
However, there may be concerns regarding the implications of exempting the Advocate’s actions from informational collection standards. Critics of deregulation argue that such exemptions can lead to a lack of accountability and oversight, making it difficult to assess the effectiveness of policies aimed at aiding small businesses. The bill's provision to facilitate ease of operations for the Advocate may clash with principles of data collection integrity, which are designed to protect both businesses and consumers. As discussions progress, stakeholders will need to balance regulatory relief with the need for transparency and accountability.