Improving Access to Small Business Information Act
Passed HouseFinance and Financial Sector
IntroducedMay 13, 2025
Passed HouseJul 21, 2025
Passed SenateNot yet
To PresidentNot yet
Became lawNot yet
Where it stands
Passed House. Latest step, Jul 22, 2025: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. The House passed it 387–12.All 4 of Iowa's representatives voted yes in the House. It would change 1 section of existing law.
How this bill changes the law
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H.R. 3351 would change 1 section of existing law. Read from the bill text as sent to the Senate (Jul 22, 2025).
adds
changes words
removes or repeals
renumbers
Dashed lines: proposed, not law.
H.R. 3351Bill
Sec. 2Paperwork Reduction Act requirements exemptions1 change
(10) Preservation of information collection burden review.—(A) In general.— Actions taken by the Advocate for Small Business Capital Formation under this subsection shall not be a "collection of information" for purposes of subchapter I of chapter 35 of title 44, United States Code (commonly known as the "Paperwork Reduction Act").(B) Exceptions.— Notwithstanding subparagraph (A), the requirements under subsections (c)(1), (c)(4), and (i) of section 3506 of title 44, United States Code, and section 3507(a)(1)(A) of such title shall apply to actions taken by the Advocate for Small Business Capital Formation under this subsection, except that the Commission shall not be required—(i) to submit a collection of information by the Advocate to the Director of the Office of Management and Budget, as referenced under section 3506(c)(1)(A) of such title;(ii) to display a control number on a collection of information by the Advocate, as described under section 3506(c)(1)(B)(i) of such title (or to inform a person receiving a collection of information from the Advocate that the collection of information needs to display a control number, as described under section 3506(c)(1)(B)(iii)(V) of such title); or(iii) to indicate a collection of information by the Advocate is in accordance with the clearance requirements of section 3507 of such title, as described under section 3506(c)(1)(B)(ii) of such title.
The bill says: Section 4(j) of the Securities Exchange Act of 1934 (15 U.S.C. 78d(j)) is amended by adding at the end the following:
From the bill's official text on GovInfo and the U.S. Code, 2024 edition, which may not yet show changes made since.
What it does
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Improving Access to Small Business Information Act
This bill excludes from the Paperwork Reduction Act actions taken by the Office of the Advocate for Small Business Capital Formation within the Securities and Exchange Commission. Under the Paperwork Reduction Act, agencies must comply with specific procedures when gathering information from the public.
The bill establishes several exceptions. For example, the office must inform the person receiving the collection of information the reasons the information is being collected, as required under current law.
Official summary by the Congressional Research Service (Introduced in House, May 13, 2025).
Our plain-language breakdown, with what it means for you and the case for and against, is written once a bill starts to move.
What has happened
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Jul 21, 2025Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 387 - 12 (Roll no. 214). (text: CR H3501-3502: 1) Roll call recordLibrary of Congress
Jun 3, 2025Reported (Amended) by the Committee on Financial Services. H. Rept. 119-118, Part I.Library of Congress
May 13, 2025Introduced in HouseLibrary of Congress