December 10, 2025
Mrs. Britt (for herself and Ms. Cortez Masto) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
To amend the Securities Exchange Act of 1934 to specify that actions of the Advocate for Small Business Capital Formation are not a collection of information under the Paperwork Reduction Act.
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 Improving Access to Small Business Information Act
.
Sec. 2. Paperwork Reduction Act requirements exemptions
Section 4(i) of the Securities Exchange Act of 1934 (15 U.S.C. 78d(i)) is amended by adding at the end the following:
(10) Preservation of information collection burden review
(A) In general
Actions taken by the Advocate for Small Business Capital Formation under this subsection shall not be a
collection of informationfor purposes of subchapter I of chapter 35 of title 44, United States Code (commonly known as thePaperwork Reduction Act).(B) Exceptions
Notwithstanding subparagraph (A), the requirements under subsections (c)(1), (c)(4), and (i) of section 3506 of title 44, United States Code, and section 3507(a)(1)(A) of that title shall apply to actions taken by the Advocate for Small Business Capital Formation under this subsection, except that the Commission shall not be required—
(i)
to submit a collection of information by the Advocate to the Director of the Office of Management and Budget, as referenced in section 3506(c)(1)(A) of such title;
(ii)
to display a control number on a collection of information by the Advocate, as described in section 3506(c)(1)(B)(i) of that title (or to inform a person receiving a collection of information from the Advocate that the collection of information needs to display a control number, as described in section 3506(c)(1)(B)(iii)(V) of that title); or
(iii)
to indicate a collection of information by the Advocate is in accordance with the clearance requirements of section 3507 of that title, as described in section 3506(c)(1)(B)(ii) of that title.