Improving Access to Small Business Information Act
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Would exempt the SEC's Advocate for Small Business Capital Formation from the Paperwork Reduction Act's procedural requirements when it gathers information, eliminating the need for OMB review, control numbers, and clearance certifications — while preserving baseline transparency obligations such as telling recipients why their information is being collected.
What this bill would do
What it would do
The bill would amend Section 4(j) of the Securities Exchange Act of 1934 to declare that information-gathering actions taken by the SEC's Advocate for Small Business Capital Formation are not a "collection of information" under the Paperwork Reduction Act. That designation currently triggers a set of administrative requirements, including submitting proposed collections to the Office of Management and Budget for review, obtaining and displaying an OMB control number, and certifying that a collection meets PRA clearance standards. The bill would relieve the Advocate's office of all three obligations.
The bill would not eliminate every PRA-related duty. It would preserve the requirements under specific provisions of title 44 that obligate the office to inform people why their information is being collected and to follow certain information-management practices. The net effect is a narrower administrative process for the Advocate without fully removing its accountability to the public.
Key provisions
- 1Would declare that information-gathering actions by the Advocate for Small Business Capital Formation are not a 'collection of information' under the Paperwork Reduction Act, exempting the office from most PRA procedural requirements.
- 2Would eliminate the requirement for the SEC to submit the Advocate's information collections to the OMB Director for review and to obtain or display an OMB control number.
- 3Would preserve selected PRA obligations — including informing recipients why their information is being collected — as exceptions to the broader exemption.
Who would be affected
The SEC's Office of the Advocate for Small Business Capital Formation, which interacts with small businesses, entrepreneurs, and investors to identify regulatory burdens on small-business capital access. The Office of Management and Budget would no longer be required to review the Advocate's information collections. Small businesses and individuals who respond to the Advocate's inquiries would retain the right to know why their information is being gathered.
Why it matters
PRA compliance — particularly the OMB review cycle — can delay agency information-gathering by months. For an office specifically designed to be a fast-moving advocate for small businesses navigating SEC rules, those delays can undercut its responsiveness. Exempting the Advocate's collections from most PRA procedures could allow it to gather feedback more quickly, though it also reduces the independent OMB oversight that the PRA was designed to provide.
What would change
Changes to existing law
Amends Securities Exchange Act of 1934 (Sec. 2)
Adds a new paragraph to Section 4(j) exempting the Advocate for Small Business Capital Formation's information-gathering actions from PRA 'collection of information' requirements, with limited exceptions.
Agencies directed to act
Funding and costs
Congressional Budget Office estimate
CBO estimates H.R. 3351 would have no effect on direct spending, revenues, or the deficit over the 2025–2035 period, with only a negligible effect on discretionary spending.
H.R. 3351 would exempt the SEC's Office of the Advocate for Small Business Capital Formation from most Paperwork Reduction Act requirements, eliminating the need to seek Office of Management and Budget approval before collecting information. CBO estimates this could modestly reduce SEC operating costs, but because the SEC is authorized to adjust its fees to offset its annual appropriation (the funding Congress sets each year), any savings would be offset by lower fee collections — making the net effect on discretionary spending negligible over the 2025–2030 period. Direct spending (mandatory spending set by law) and revenues remain at zero across the 2025–2035 scoring window. CBO identified no intergovernmental or private-sector mandates in the bill.
How implementation would work
The change would be self-executing: once enacted, the SEC's Advocate for Small Business Capital Formation would simply proceed with information-gathering activities without seeking OMB control numbers or clearance certification. The SEC would still need to comply with the retained PRA provisions — chiefly, explaining to respondents why their information is collected. No rulemaking appears required. The amendment is a single addition to an existing subsection of the Securities Exchange Act of 1934.
Legislative status & sources
Latest action
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Official CRS summary
Show the CRS summaryHide the CRS summary
This bill excludes from the Paperwork Reduction Act actions taken by the Office of the Advocate for Small Business Capital Formation within the Securities and Exchange Commission. Under the Paperwork Reduction Act, agencies must comply with specific procedures when gathering information from the public.
The bill establishes several exceptions. For example, the office must inform the person receiving the collection of information the reasons the information is being collected, as required under current law.
Legislative subjects
Business records; Finance and Financial Sector; Government information and archives; Small business
Committee report
H. Rept. 119-118