Overview
Title
To require Federal agency heads to submit a report on the implementation of the Regulatory Flexibility Act, and for other purposes.
ELI5 AI
This bill wants the leaders of different government departments to tell Congress how they're following a rule that makes them think about how their decisions affect small businesses. They have to explain what they mean by big effects and lots of small businesses in their reports.
Summary AI
H. R. 9031 aims to require leaders of Federal agencies to submit a report to Congress about how they are implementing the Regulatory Flexibility Act. This Act is specifically meant to ensure that agencies consider the impact of their rules on small businesses. The report should include any definitions the agency uses to determine what constitutes a "significant economic impact" and what counts as a "substantial number of small entities." Additionally, it should list all factors the agency considers in their regulatory flexibility analyses.
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AnalysisAI
General Summary of the Bill
The bill, titled the "Assurance for Small Business Act of 2024," is a legislative proposal requiring federal agency heads to submit reports to Congress. These reports must detail how each agency is implementing the Regulatory Flexibility Act. This act is intended to ensure that governmental rules do not impose unnecessary burdens on small businesses. More specifically, the agencies must outline definitions used for terms like "significant economic impact" and "substantial number of small entities," as well as the factors considered for these terms.
Summary of Significant Issues
Several issues arise within the bill’s text. First, there is a typographical error where "commonly know as" should read "commonly known as," which may seem minor but reflects on the document’s thoroughness. More importantly, the lack of precise definitions for terms like "significant economic impact" and "substantial number of small entities" could lead to inconsistent applications across various agencies. This inconsistency might allow agencies too much discretion in defining their impact on small businesses. Additionally, the requirement for these reports to be submitted within 90 days may challenge agencies, particularly those with large portfolios, resulting in potentially rushed and less comprehensive reports.
Impacts on the Public
Broadly speaking, the bill's intent to enhance transparency and accountability in how agencies implement the Regulatory Flexibility Act could benefit the public by ensuring that small businesses, which are a critical component of the economy, are not unduly burdened by federal regulations. If implemented effectively, it could lead to more thoughtful and balanced regulatory decisions that consider small business interests.
However, without clear definitions, the effectiveness of the bill might be undermined, as varying interpretations could lead to inconsistent regulatory practices. This inconsistency might cause confusion not only within agencies but also among the public and businesses trying to navigate these rules.
Impacts on Specific Stakeholders
For small businesses, this bill holds the potential for significant positive impacts. By requiring agencies to clarify and justify their application of regulations, small businesses may receive better protection against overly burdensome rules. This could promote a more conducive environment for entrepreneurship and growth within the sector.
Conversely, federal agencies may face challenges under this bill due to the 90-day reporting deadline. Agencies with extensive regulations might struggle to provide comprehensive reports, potentially leading to a strain on resources and personnel. This strain could affect the quality of other agency functions, indirectly impacting businesses reliant on their services.
In conclusion, while the bill aims to reinforce the implementation of the Regulatory Flexibility Act to benefit small businesses, its success largely depends on resolving existing issues of ambiguity and feasibility regarding its requirements.
Issues
Section 2: The lack of precise definitions for terms like 'significant economic impact' and 'substantial number of small entities' could lead to inconsistent interpretations by different agencies, impacting the uniformity and effectiveness of the Regulatory Flexibility Act implementation. This ambiguity may allow agencies to interpret these terms in ways that either overburden or under-protect small businesses.
Section 2: The requirement for agencies to submit reports within 90 days of enactment may impose a significant burden, potentially compromising the comprehensiveness and accuracy of the reports, especially for agencies with large portfolios of rules.
Section 2: There is a typographical error with the phrase 'commonly know as the “Regulatory Flexibility Act”' where 'know' should be 'known'. This error, while minor, reflects on the thoroughness of the document's review and could affect the perceived professionalism of the bill.
Section 1: The section only provides a title without context or substantive detail, which hinders understanding of the bill's objectives and potential impacts. This could be seen as lacking transparency for stakeholders and the general public.
Sections
Sections are presented as they are annotated in the original legislative text. Any missing headers, numbers, or non-consecutive order is due to the original text.
1. Short title Read Opens in new tab
Summary AI
The first section of the act gives it a name, officially calling it the "Assurance for Small Business Act of 2024."
2. Report on implementation of the Regulatory Flexibility Act Read Opens in new tab
Summary AI
The section requires each government agency to submit a report to Congress within 90 days of the law being enacted. The report must explain how the agency applies the "Regulatory Flexibility Act," specifically detailing how it defines terms like "significant economic impact" and "substantial number of small entities," and the factors considered in these definitions.