[Pages H3501-H3503]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

IMPROVING ACCESS TO SMALL BUSINESS INFORMATION ACT

Mr. HILL of Arkansas. Mr. Speaker, I move to suspend the rules and
pass the bill (H.R. 3351) 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, as amended.
The Clerk read the title of the bill.
The text of the bill is as follows:

H.R. 3351

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(j) of the Securities Exchange Act of 1934 (15
U.S.C. 78d(j)) 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 information' for purposes of subchapter I of
chapter 35 of title 44, United States Code (commonly known as
the `Paperwork 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 such 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 under section 3506(c)(1)(A) of such title;
``(ii) to display a control number on a collection of
information by the Advocate, as

[[Page H3502]]

described under section 3506(c)(1)(B)(i) of such 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 under section
3506(c)(1)(B)(iii)(V) of such title); or
``(iii) to indicate a collection of information by the
Advocate is in accordance with the clearance requirements of
section 3507 of such title, as described under section
3506(c)(1)(B)(ii) of such title.''.

The SPEAKER pro tempore. Pursuant to the rule, the gentleman from
Arkansas (Mr. Hill) and the gentleman from New Jersey (Mr. Gottheimer)
each will control 20 minutes.
The Chair recognizes the gentleman from Arkansas.

General Leave

Mr. HILL of Arkansas. Mr. Speaker, I ask unanimous consent that all
Members may have 5 legislative days in which to revise and extend their
remarks and include extraneous material on this bill.
The SPEAKER pro tempore. Is there objection to the request of the
gentleman from Arkansas?
There was no objection.
Mr. HILL of Arkansas. Mr. Speaker, I yield myself such time as I may
consume.
Mr. Speaker, I rise in strong support of H.R. 3351, the Improving
Access to Small Business Information Act.
The SEC's Office of the Advocate for Small Business Capital Formation
is a vital tool for small businesses and entrepreneurs. The advocate
hears firsthand from businessowners about the real-world issues that
they are facing when raising capital.
Outdated regulations make it more difficult than it needs to be. Our
current laws can trigger the full weight of the Paperwork Reduction Act
when the advocate's intention is to simply collect feedback from these
small businesses. That is simply bureaucratic overreach run amok.
Mrs. Kim's bill provides a simple and practical fix. It clarifies
that the advocate's outreach activities are not subject to the
Paperwork Reduction Act's requirements. Removing these unnecessary
burdens will strengthen the advocate's ability to shape policy based on
real-world business experience.
Mr. Speaker, I urge all of my colleagues to join me in supporting
this bill, and I reserve the balance of my time.
Mr. GOTTHEIMER. Mr. Speaker, I yield myself such time as I may
consume.
Mr. Speaker, the Paperwork Reduction Act mandates all Federal
agencies receive approval before putting forth a paper form or survey
that will impose an information collection burden on the general
public.
Although well-intentioned, the Paperwork Reduction Act often prevents
Federal agencies like the SEC from obtaining data from the public. This
is the very data that assists the agencies in carrying out their
missions.
This bill streamlines the ability of the SEC's Office of the Advocate
for Small Business Capital Formation to carry out its mission by
exempting it from the requirements of the act in the same way the SEC's
Office of the Investor Advocate is exempted. In effect, it enables the
small business advocate to properly do its job by providing it with the
information and data it needs to draft regulations that actually help
small businesses raise capital without imposing costly demands.
Mr. Speaker, I thank the gentlewoman from California (Mrs. Kim) for
her bipartisan leadership, her friendship, and all she does. I urge my
colleagues to vote ``yes'' on this important bill.
Mr. Speaker, I reserve the balance of my time.
Mr. HILL of Arkansas. Mr. Speaker, I include in the Record the CBO
estimate for this bill.

H.R. 3351, IMPROVING ACCESS TO SMALL BUSINESS INFORMATION ACT, AS
REPORTED BY THE HOUSE COMMITTEE ON FINANCIAL SERVICES ON JUNE 3, 2025
------------------------------------------------------------------------
By fiscal year, millions of
dollars--
-------------------------------
2025 2025-2030 2025-2035
------------------------------------------------------------------------
Direct Spending (Outlays)............... 0 0 0
Revenues................................ 0 0 0
Increase or Decrease (-) in the Deficit. 0 0 0
Spending Subject to Appropriation * * **
(Outlays)..............................
------------------------------------------------------------------------
* = between -$500,000 and $500,000.
** = not estimated.

Increases net direct spending in any of the four
consecutive 10-year periods beginning in 2036? No.
Increases on-budget deficits in any of the four consecutive
10-year periods beginning in 2036? No.
Statutory pay-as-you-go procedures apply? No.
Mandate Effects:
Contains intergovernmental mandate? No.
Contains private-sector mandate? No.
H.R. 3351 would exempt the Office of the Advocate for Small
Business Capital Formation within the Securities and Exchange
Commission (SEC) from most provisions of the Paperwork
Reduction Act. The bill would not affect requirements to
estimate the burden of collecting information, verify that
its collection is necessary, and ensure that people providing
information are informed about how it will be used. Under the
bill, the office would no longer be required to seek or
obtain approval from the Office of Management and Budget to
collect information or announce such collections in the
Federal Register.
The exemption under the bill could reduce the SEC's costs
by an insignificant amount each year. Because the SEC is
authorized to collect fees each year to offset its annual
appropriation, CBO expects that the agency would adjust fees
to match lower operating costs. On that basis, CBO estimates
that the net effect on discretionary spending over the 2025-
2030 period would be negligible, assuming appropriation
actions consistent with that authority.
The CBO staff contact for this estimate is Aurora Swanson.
The estimate was reviewed by H. Samuel Papenfuss, Deputy
Director of Budget Analysis.2
Phillip L. Swagel,
Director, Congressional Budget Office.

Mr. HILL of Arkansas. Mr. Speaker, I yield such time as she may
consume to the gentlewoman from California (Mrs. Kim), a distinguished
Member from California and the author of this important legislation.
Mrs. KIM. Mr. Speaker, I thank the chairman for yielding time.
Mr. Speaker, I rise in support of my bill, H.R. 3351, the Improving
Access to Small Business Information Act.
Orange County, which I am proud to represent, is home to over 100,000
small businesses. It takes grit, perseverance, and commitment for
entrepreneurs to make an idea into a reality.
To help with some of those challenges facing small businesses, the
Securities and Exchange Commission created an Office of the Advocate
for Small Business Capital Formation.
Each year, the Office of the Advocate for Small Business Capital
Formation hosts events across the country, including California.

{time} 1700

These events aim to support small businesses and better understand
the issues that they face in raising funds. Unfortunately, burdensome
regulations often prevent the advocate from asking the right type of
questions.
The former director of the Office of the Advocate for Small Business
Capital Formation, Ms. Martha Miller, said that: The office went
through a yearlong process just to collect registration information for
our annual forum and ask a few basic questions to understand the
audience attending.
The unfortunate truth is that regulations handicap us from
understanding the needs of small businesses.
My bill is very simple. The legislation would specify that activities
like conducting field surveys carried out by the Office of the Advocate
for Small Business Capital Formation are not a collection of
information under the Paperwork Reduction Act.
Currently, OMB's approval process is prolonged and bureaucratic,
which delays feedback collection from small businesses and their
investors. Preventing these delays will enable the advocate to gather
more effective and timely data.
The better information that the advocate can gather, the better the
SEC

[[Page H3503]]

can respond, and the better off our small businesses will be.
Mr. Speaker, I thank Representative Gottheimer for working with me on
this commonsense legislation, and I urge my colleagues from both sides
of the aisle to support H.R. 3351.
Mr. GOTTHEIMER. Mr. Speaker, I yield myself the balance of my time.
Mr. Speaker, I again urge my colleagues to support this bipartisan
legislation, which will reduce the paperwork burden on SEC staff and,
therefore, their ability to advocate for the needs of small businesses
within the agency's rulemaking and regulatory process.
Mr. Speaker, I yield back the balance of my time.
Mr. HILL of Arkansas. Mr. Speaker, I yield myself the balance of my
time.
Mr. Speaker, for the reasons I have explained, I support Mrs. Kim's
commonsense bill. I think it makes it better for everyone involved if
we have easier access to the information we need to streamline policy
and make it easier for our small businesses to raise the capital that
they need to be successful.
Mr. Speaker, I yield back the balance of my time.
The SPEAKER pro tempore. The question is on the motion offered by the
gentleman from Arkansas (Mr. Hill) that the House suspend the rules and
pass the bill, H.R. 3351, as amended.
The question was taken.
The SPEAKER pro tempore. In the opinion of the Chair, two-thirds
being in the affirmative, the ayes have it.
Mr. HILL of Arkansas. Mr. Speaker, on that I demand the yeas and
nays.
The yeas and nays were ordered.
The SPEAKER pro tempore. Pursuant to clause 8 of rule XX, further
proceedings on this motion will be postponed.

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