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Jul 14, 2023 | In The News

The U.S. House of Representatives passed a bill this week that seeks to reduce red tape and streamline the process of gathering information at the Securities and Exchanges Commission (SEC) Office of the Advocate for Small Business Capital Formation.

The Improving Access to Small Business Information Act (H.R. 1548), sponsored by U.S. Reps. Young Kim (R-CA) and Josh Gottheimer (D-NJ), would exclude 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.

“As small businesses face unprecedented challenges, our government’s ability to keep in step with the 21st century and gather timely and effective data is vital for supporting entrepreneurs,” Kim said. “The Improving Access to Small Business Information Act simply streamlines the SEC’s process for collecting information from the public, such as when conducting field surveys. This small change can hopefully make a big difference in ensuring the government can access better information on challenges facing small businesses without having to go through unnecessary regulatory hurdles. The better information we can gather, the better we can help the public identify policy gaps and help small businesses in the process.”

Gottheimer said the bill will help the federal government better understand how to support small business owners.

“In Congress, I’m dedicated to working across the aisle to lower taxes, cut outdated and unnecessarily burdensome red tape, improve access to capital for small businesses, unleash more economic opportunity, and create jobs,” Gottheimer said.


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