H.R. 3351 would exempt the Office of the Advocate for Small Business Capital Formation within the Securities and Exchange Commission (SEC) from most provisions of the Paperwork Reduction Act. The bill would not affect requirements to estimate the burden of collecting information, verify that its collection is necessary, and ensure that people providing information are informed about how it will be used. Under the bill, the office would no longer be required to seek or obtain approval from the Office of Management and Budget to collect information or announce such collections in the Federal Register.
The exemption under the bill could reduce the SEC’s costs by an insignificant amount each year. Because the SEC is authorized to collect fees each year to offset its annual appropriation, CBO expects that the agency would adjust fees to match lower operating costs. On that basis, CBO estimates that the net effect on discretionary spending over the 2025-2030 period would be negligible, assuming appropriation actions consistent with that authority.
The CBO staff contact for this estimate is Aurora Swanson. The estimate was reviewed by H. Samuel Papenfuss, Deputy Director of Budget Analysis.
