S. 426

Small Business Regulatory Flexibility Improvements Act of 2015

This bill modifies the rule making requirements and procedures of federal agencies (excluding Congress, U.S. courts, U.S. territories and possession, and the District of Columbia) under the Regulatory Flexibility Act of 1980 (RFA) and the Small Business Regulatory Enforcement Fairness Act of 1996 (SBREFA). The definition of "rule" under RFA is expanded to include all agency rules, except for rules that pertain to the protection of the rights of, or benefits for, veterans or rules of particular (and not general) applicability relating to rates, wages, and other financial indicators. Under a new definition of "economic impact," agencies are required to consider any direct economic effect of a proposed rule on small entities and any indirect economic effect on small entities that is reasonably foreseeable and that results from such rule.

Under the bill, agencies are required to modify their rulemaking procedures to:

• include within initial and final regulatory flexibility analyses a detailed statement of information relating to a proposed rule;
• include in the agency regulatory flexibility agenda a description of the sector of the North American Industrial Classification System that is affected by a proposed agency rule that is likely to have a significant economic impact of a substantial number of small entities;
• require each initial regulatory flexibility analysis to contain detailed information about a proposed rule, including an estimate of the additional cumulative economic impact of the proposed rule on small entities, any disproportionate economic impact on small entities, and any impairment of the ability of small entities to have access to credit;
• eliminate waivers or delays of an initial regulatory flexibility analysis;
• modify the procedures for participation of small entities in the promulgation of a proposed rule and the review panel advocacy process; and
• publish a plan for the periodic review of existing rules and new rules that have a significant impact on a substantial number of small entities to determine whether such rules should be continued, changed, or rescinded.

Judicial review of an agency final rule for compliance with RFA requirements is allowed after the publication of such rule, instead of after completion of the rulemaking process.

The Small Business Act is amended to authorize the Chief Counsel for Advocacy of the Small Business Administration (SBA) to make small business size standard determinations for all purposes other than for the purposes of such Act or the Small Business Investment Act of 1958.

SBREFA is amended to require agencies, in preparing small entity compliance guides, to solicit input from affected small entities or associations of small entities.

The Comptroller General must complete and publish a study that examines whether the SBA Chief Counsel for Advocacy has the capacity and resources to carry out duties under this Act.