This bill requires federal agencies to provide more detailed information when they claim that new regulations won't significantly harm small businesses. Specifically, when an agency certifies that a rule will have minimal economic impact on small entities, it must now disclose the approximate number of affected small businesses, estimate the total cost of compliance, explain whether those costs represent a significant burden, and determine how many small businesses will actually be harmed. The legislation amends existing federal law to make the certification process more transparent and data-driven, helping small business owners and Congress better understand how regulations affect Main Street enterprises. The bill does not authorize any new funding or establish implementation timelines, instead focusing on improving the information agencies must provide during the rulemaking process.
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