This bill amends federal securities law to exempt the Small Business Advocate from certain paperwork reduction requirements. Specifically, it allows the Advocate for Small Business Capital Formation—an official within the Securities and Exchange Commission—to gather and share information with small businesses without complying with most of the Paperwork Reduction Act, a law that typically requires federal agencies to minimize burden on people who respond to government information requests. The exemption streamlines the Advocate's ability to collect data and communicate with small businesses about capital formation and securities regulations. However, the bill preserves some basic requirements, such as maintaining records and following data management standards. The legislation has no specified funding or timeline and would take effect upon passage.
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