Improving Access to Small Business Information Act

Sponsor: Young Kim (Republican-CA)May 13, 2025

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Introduced

In Committee

Passed One Chamber

Passed Both Chambers

Signed into Law

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

Small businesses could share information more easily with a federal advocate.

Small businesses could share information more easily with a federal advocate under this bill. It would reduce paperwork rules for the Advocate for Small Business Capital Formation, who helps small businesses raise money. This means the Advocate would not need as much federal review for the information they collect.

What Would Change

Today, the Advocate for Small Business Capital Formation must follow all federal paperwork rules, including getting approval from the Office of Management and Budget for information they collect. This bill would change those rules. After this bill, the Advocate would be exempt from most of these paperwork requirements, making it easier for them to gather information and interact with small businesses.

Key Provisions

Lets the Advocate for Small Business Capital Formation gather information without most federal paperwork rules.
Blocks the Securities and Exchange Commission from needing to get approval from the Office of Management and Budget for the Advocate's information gathering.
Ends the requirement for the Advocate to display special control numbers on their information requests.