Advocacy 2010 Report on Reg Flex ActMarch 8, 2011
The U.S. Small Business Administration (SBA) Office of Advocacy (Advocacy) recently released its 2010 Report on the Regulatory Flexibility Act (RFA), which highlights Advocacy’s efforts to compel federal agencies to comply with the RFA and Executive Order 13272, which strengthens the RFA.
The RFA was designed to address the ever-growing burden on small business posed by federal regulations. It requires federal agencies to analyze the impacts of their regulations on small firms, to publish this analysis with the proposed rule, and to identify less burdensome alternatives. Agencies also are required to notify Advocacy of their initial regulatory flexibility analyses (IRFA), which is a first step in the process.
Advocacy’s 2010 report commemorates the 30th anniversary of the RFA, passed in 1980, and spans the time frame between October 2009 and September 2010. In that time two new laws were passed that have a substantial impact on Advocacy’s efforts: the Small Business Jobs Act which codified the requirement that agencies respond to Advocacy’s concerns; and the Wall Street Reform and Consumer Protection Act which created the Consumer Financial Protection Bureau that will require Small Business Advocacy Review panels in coming years.
Among the myriad efforts Advocacy took in 2010, they: submitted approximately 40 public comment letters on regulatory proposals; helped small businesses save nearly $15 billion in foregone regulatory costs in 2010; and identified almost $5.5 billion in annually recurring savings.
To view the full report, please click here.