Regulatory Transparency for Small Businesses Act

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8033 Introduced in House (IH)]

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118th CONGRESS
  2d Session
                                H. R. 8033

   To amend title 5, United States Code, to clarify the information 
  required to be included in a certification by an agency that a rule 
will not have a significant economic impact on a substantial number of 
                            small entities.


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                    IN THE HOUSE OF REPRESENTATIVES

                             April 17, 2024

 Mr. Luetkemeyer (for himself, Mr. Meuser, Mr. Mann, and Ms. Salazar) 
 introduced the following bill; which was referred to the Committee on 
the Judiciary, and in addition to the Committee on Small Business, 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

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                                 A BILL


 
   To amend title 5, United States Code, to clarify the information 
  required to be included in a certification by an agency that a rule 
will not have a significant economic impact on a substantial number of 
                            small entities.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Regulatory Transparency for Small 
Businesses Act''.

SEC. 2. INFORMATION REQUIRED TO BE INCLUDED IN A CERTIFICATION BY AN 
              AGENCY THAT A RULE WILL NOT HAVE A SIGNIFICANT ECONOMIC 
              IMPACT ON A SUBSTANTIAL NUMBER OF SMALL ENTITIES.

    Section 605 of title 5, United States Code, is amended by adding at 
the end the following:
    ``(d) The certification under subsection (b) shall include, at a 
minimum, the following:
            ``(1) The approximate number of small entities, if any, 
        impacted by the rule, and an identification of any such small 
        entity (including the North American Industry Classification 
        System code, if applicable).
            ``(2) An estimate of the total cost of implementing the 
        rule, including the cost of compliance with the rule, which may 
        be measured as an estimated percentage of the revenue of the 
        small entities determined to be impacted under paragraph (1), 
        or another reasonable measure of economic significance.
            ``(3) A determination of whether the costs of compliance 
        under paragraph (2) represent a significant economic impact, 
        and the criteria used to make such determination.
            ``(4) A determination of the number of small entities that 
        will experience a significant economic impact as a result of 
        the rule, whether that number is substantial, and the criteria 
        used to make such determinations.''.
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