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Requires Federal rulemakers to give more weight to small-business impacts when writing regulations. It aligns the consumer financial regulator’s rulemaking with small‑entity review procedures and strengthens what agencies must explain about small‑business alternatives. Covered agencies must clearly justify when they reject options that would lessen burdens on small entities, describe steps taken to limit any added cost of credit for small businesses, and base their explanations on facts, policy, and law. The goal is more transparent, small‑entity‑focused regulatory analyses without changing taxes or spending.
In clause (i) of 12 U.S.C. 5512(b)(2)(A), strike the word "and" at the end of the clause.
In clause (ii) of 12 U.S.C. 5512(b)(2)(A), strike the semicolon at the end of the clause and insert "; and".
Add a new clause (iii) to 12 U.S.C. 5512(b)(2)(A) requiring consideration of the impact of proposed rules on small entities, in accordance with section 609 of title 5, United States Code.
Amend Section 603(d)(1) by striking the word "and" at the end of subparagraph (B). This is a textual/punctuation change to subparagraph (B).
Amend Section 603(d)(1) by striking the period at the end of subparagraph (C) and inserting "; and". This is a textual/punctuation change to subparagraph (C).
Amends paragraph (6) of 5 U.S.C. 604(a) (redesignated here as paragraph (7)) to require that for a 'covered agency' (as defined in 5 U.S.C. 609(d)(2)) the agency include a description of steps taken to minimize any additional cost of credit for small entities and, if no significant alternatives for small entities were adopted, a detailed justification that the relative size and resources of small entities should have no bearing on the rule, supported by factual, policy, and legal reasons.
Modifies subparagraphs (B) and (C) of 5 U.S.C. 603(d)(1) (adjusting punctuation) and adds a new subparagraph (D) that requires a covered agency that does not adopt any alternatives described in paragraphs (1) through (4) of subsection (c) to provide a detailed justification, supported by factual, policy, and legal reasons, that the relative size and resources of small entities should have no bearing on the rule.
Amends subsection (b)(2)(A) to add a new clause (iii) requiring consideration of the impact of proposed rules on small entities in accordance with 5 U.S.C. 609, and adjusts punctuation in existing clauses (i) and (ii) to accommodate the new clause.
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Referred to the Committee on the Judiciary, and in addition to the Committees on Small Business, and Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Introduced February 26, 2025 by Scott Fitzgerald · Last progress February 26, 2025
Referred to the Committee on the Judiciary, and in addition to the Committees on Small Business, and Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Introduced in House