Improving Access to Small Business Information Act

119th Congress Introduced by Brian Fitzpatrick and 3 co-sponsors

HR 3351 empowers the SEC's Advocate for Small Business Capital Formation to gather vital data from small businesses, enhancing support for their capital needs.

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Bill Overview

Bill Number: HR 3351

Title: Improving Access to Small Business Information Act

Introduced: May 13, 2025

Current Status: Received in the Senate, read twice, and referred to the Committee on Banking, Housing, and Urban Affairs.

Primary Sponsor: Representative Young Kim (CA-40)

Cosponsors: Representatives Pete Sessions (R-TX), Josh Gottheimer (D-NJ), and Brian K. Fitzpatrick (R-PA).

Purpose and Intent

The Improving Access to Small Business Information Act aims to enhance the ability of the Advocate for Small Business Capital Formation, a role within the Securities and Exchange Commission (SEC), to collect information from small businesses without being hindered by the Paperwork Reduction Act. This legislation is designed to facilitate better engagement between the Advocate and small businesses, allowing for more effective support and understanding of their capital formation challenges.

Key Provisions

Amendment to the Securities Exchange Act of 1934: The bill amends Section 4(j) of the Securities Exchange Act to clarify that actions taken by the Advocate for Small Business Capital Formation are not considered a "collection of information" under the Paperwork Reduction Act.

Exclusions from Paperwork Reduction Act:

The SEC will not be required to submit collections of information by the Advocate to the Office of Management and Budget.
The Advocate will not need to display a control number on information collections or inform recipients about the need for such a number.
Certain requirements under the Paperwork Reduction Act will still apply, but the Advocate will have more flexibility in gathering information.

Background and Need for Legislation

The Advocate for Small Business Capital Formation serves as a crucial voice for small businesses within the SEC, helping to address their capital-raising issues. Currently, the Advocate faces regulatory hurdles when attempting to collect data through surveys or studies, which can impede efforts to understand and address the needs of small businesses. By removing these barriers, HR 3351 seeks to empower the Advocate to better support American entrepreneurs and enhance capital formation.

Impact

Who is Affected: The bill primarily impacts small businesses and entrepreneurs who seek capital formation support. It also affects the operations of the SEC and the Advocate for Small Business Capital Formation.

Expected Outcomes: By streamlining the information collection process, the bill aims to improve the responsiveness of the Advocate to the needs of small businesses, ultimately fostering a more favorable environment for capital formation.

Legislative Timeline

May 13, 2025: Bill introduced and referred to relevant committees.

June 3, 2025: Reported favorably by the Committee on Financial Services.

July 21, 2025: Passed in the House with a vote of 387-12.

July 22, 2025: Received in the Senate and referred to the Committee on Banking, Housing, and Urban Affairs.

This summary provides an overview of HR 3351, highlighting its purpose, key provisions, and potential impact on small businesses and the regulatory landscape.

Bill