This bill requires federal agencies to report to Congress within 90 days on how they implement the Regulatory Flexibility Act, a law designed to protect small businesses from excessive regulation. Each agency must explain how it defines what counts as a "significant economic impact" on small businesses and a "substantial number of small entities," and must list all the factors it considers when analyzing how new rules affect small business. The legislation affects all federal agencies that issue regulations and indirectly impacts small business owners by increasing transparency about how agencies evaluate regulatory burden. The bill does not request new funding and imposes a one-time reporting requirement with a 90-day deadline after enactment.
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