Improving Access to Small Business Information Act

What this does

This bill exempts the SEC's Advocate for Small Business Capital Formation from most of the Paperwork Reduction Act. Congress amends Section 4(j) of the Securities Exchange Act of 1934 to declare that actions the Advocate takes under that subsection are not a "collection of information" under the Paperwork Reduction Act. The bill keeps a subset of Paperwork Reduction Act requirements in force for the Advocate's actions. It then relieves the SEC of three specific duties for those actions: submitting the collection to the Director of the Office of Management and Budget, displaying an OMB control number or telling recipients one is needed, and indicating the collection meets federal clearance requirements. The practical effect is that the Advocate can gather information from small businesses without first clearing it through OMB.