The bill
Improving Access to Small Business Information Act
HR. 3351, 119th Congress — read as touching Private Equity & Hedge Funds.
Sponsored by
Rep. Kim, Young [R-CA-40]
ID: K000397
Follow the money
The bill
HR. 3351, 119th Congress — read as touching Private Equity & Hedge Funds.
The sponsor
Every bill has someone who introduced it. That name is where the paper trail starts.
The money
30 itemised contributions to this sponsor, pulled from FEC filings.
The alignment
This bill's text tracks the "Small Business Administration" section, p. 783-785 of the Mandate for Leadership.
Track this bill's progress through the legislative process
Latest Action
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
July 21, 2025
📍 Current Status
Next: Both chambers must agree on the same version of the bill.
1. Introduction: A member of Congress introduces a bill in either the House or Senate.
2. Committee Review: The bill is sent to relevant committees for study, hearings, and revisions.
3. Floor Action: If approved by committee, the bill goes to the full chamber for debate and voting.
4. Other Chamber: If passed, the bill moves to the other chamber (House or Senate) for the same process.
5. Conference: If both chambers pass different versions, a conference committee reconciles the differences.
6. Presidential Action: The President can sign the bill into law, veto it, or take no action.
7. Became Law: If signed (or if Congress overrides a veto), the bill becomes law!
Another masterpiece of legislative theater, courtesy of the esteemed members of Congress. Let's dissect this farce, shall we?
**Main Purpose & Objectives:** The "Improving Access to Small Business Information Act" (HR 3351) claims to exempt the Advocate for Small Business Capital Formation from certain paperwork reduction requirements under the Paperwork Reduction Act. How noble. The real purpose? To further emasculate regulatory oversight and enable more crony capitalism.
**Key Provisions & Changes to Existing Law:** The bill amends Section 4(j) of the Securities Exchange Act of 1934, adding a new subsection that excludes actions taken by the Advocate for Small Business Capital Formation from being considered a "collection of information" under the Paperwork Reduction Act. In plain English, this means the Advocate can collect and disseminate information without worrying about pesky paperwork requirements or oversight.
**Affected Parties & Stakeholders:** Small businesses, allegedly. But let's not be naive – the real beneficiaries are the corporate interests that will exploit these loopholes to further their own agendas. The Advocate for Small Business Capital Formation? Just a fig leaf to conceal the true intentions of this bill.
**Potential Impact & Implications:** This bill is a classic case of regulatory capture, where special interests hijack the legislative process to serve their own purposes. By exempting the Advocate from paperwork reduction requirements, Congress is essentially giving a free pass to corporate lobbyists to influence policy without scrutiny. The result? More deregulation, more crony capitalism, and more opportunities for big business to exploit small businesses and consumers.
Diagnosis: This bill suffers from a severe case of "Lobbyist-itis," a disease characterized by an excessive influence of special interests on the legislative process. Symptoms include a complete disregard for regulatory oversight, a lack of transparency, and a blatant attempt to serve corporate interests at the expense of the public good.
Treatment? A healthy dose of skepticism, followed by a strong antidote of critical thinking and media scrutiny. Unfortunately, these remedies are in short supply in Washington D.C., where politicians are more interested in serving their corporate masters than the people they're supposed to represent.
Prognosis: This bill will likely pass with flying colors, as Congress continues to prioritize the interests of its corporate donors over those of the American people. The result? More of the same old corruption, cronyism, and regulatory capture that has come to define our broken system.
Rep. Kim, Young [R-CA-40]
Congress 119 • 2024 Election Cycle
No PAC contributions found
No committee contributions found
This bill has 3 cosponsors. Below are their top campaign contributors.
ID: G000583
Top Contributors
10
ID: S000250
Top Contributors
10
ID: F000466
Top Contributors
10
Hub layout: Politicians in center, donors arranged by type in rings around them.
Showing 72 nodes and 39 connections (72 secondary connections hidden)
Total contributions: $175,659
Showing top 23 donors by contribution amount
Which industries are materially affected by specific provisions in this bill. 4 helped.
Section 2 of the bill exempts actions taken by the Advocate for Small Business Capital Formation from the Paperwork Reduction Act, which may reduce regulatory burdens on small businesses and startups, potentially benefiting private equity and hedge funds that invest in these companies.
Section 2 of the bill exempts actions taken by the Advocate for Small Business Capital Formation from the Paperwork Reduction Act, which may reduce regulatory burdens on small businesses and startups, potentially benefiting investment banks that provide capital to these companies.
Section 2 of the bill exempts actions taken by the Advocate for Small Business Capital Formation from the Paperwork Reduction Act, which may reduce regulatory burdens on small businesses and startups, potentially benefiting commercial banks that provide loans to these companies.
Section 2 of the bill exempts actions taken by the Advocate for Small Business Capital Formation from the Paperwork Reduction Act, which may reduce regulatory burdens on small businesses and startups, potentially benefiting crypto and fintech companies that provide alternative financing options to these companies.
For each industry this bill affects, here's what the sponsor (Rep. Kim, Young [R-CA-40])received from donors associated with that industry during the 2022–present cycles. Donations are not proof of intent — they are a record of who funds the people writing the law.
This bill shows semantic similarity to the following sections of the Project 2025 policy document.AI-enhanced analysis provides detailed alignment ratings.
AI Analysis:
"The bill strengthens the Office of Advocacy by exempting its data collection from Paperwork Reduction Act requirements, aligning with Project 2025's goal to empower the Office of Advocacy as a tool against regulatory overreach and improve its operational efficiency. Both initiatives aim to reduce bureaucratic burdens on small businesses and enhance advocacy's role in the regulatory process."
— 751 — Small Business Administration implement relevant initiatives to reach small businesses. Programs would be nonduplicative and implemented on a first-come, first-served basis. l A modern, revamped, and streamlined SBA that better utilizes current technology and platforms for operations, for reporting, and in its programs to reach, service, and engage small businesses. l An Office of Advocacy that is strengthened by a renewed mandate and additional resources to protect against overregulation along with a research agenda that includes measuring the total cost that federal regulation imposes on small businesses. Accountability and Managerial Practice. The SBA lacks accountability and managerial practices to measure the effectiveness, success, and integrity of its various programs. As a future Administration evaluates agency structure and the particulars of how the SBA is spending appropriated funds, it should immediately require actions and procedures to compel a culture of accountability and perfor- mance. Specifically: l Require performance metrics and internal procedures to safeguard taxpayer dollars and program integrity. As noted in an October 2022 IG report, failure to adopt procedures that would reliably capture data and information for various programs, coupled with significant challenges and weaknesses regarding IT investments, systems development, and security controls, presents significant risks to program integrity and increased risk of waste, fraud, and abuse.34 Addressing these shortcomings and risks should be a priority challenge and action item for the next Administration. As underscored by the Inspector General in his introduction to the report, “Pandemic response has, in many instances, magnified the challenging systemic issues in SBA’s mission-related work.”35 l Review all internal government watchdog recommendations and require that SBA management implement or address outstanding and ongoing OIG and GAO recommendations within a specified time frame (ideally within 90 days of a recommendation) and on an ongoing basis. Strengthening the Office of Advocacy. The SBA Office of Advocacy (Advo- cacy) is “an independent office” within the SBA.36 It accounts for about one one-thousandth of SBA spending and 0.75 percent of SBA personnel. Under the Regulatory Flexibility Act, both under its current authority and with suggested — 752 — Mandate for Leadership: The Conservative Promise reforms, the Office of Advocacy could be a powerful weapon against the adminis- trative state’s regulatory extremism. l Amend the RFA so that all agencies are required to provide a copy of any proposed rule (other than bona fide emergency rules) along with initial regulatory flexibility analysis to the Office of Advocacy at least 60 days before a notice of proposed rulemaking is submitted for publication in the Federal Register. The Office of Advocacy would submit comments to agencies within 30 days, and each agency would have to consider these comments, make changes in the proposed rule based on those comments, or explain in a revised regulatory flexibility analysis why it chose not to change the proposed rule. The Office of Advocacy’s pre-proposing comments would be published on the agencies’ and its own websites. RFA economic analysis should be expanded to include indirect costs along with direct costs. In addition, the next Administration should require other agencies to seek Advocacy’s input. Currently, other agencies deny Advocacy the ability to enforce their duty to consider the effect of regulations on small entities by construing their regulations as not having significant economic impact, which would otherwise serve as a trigger for Advocacy’s input. Congress should presumptively exempt small businesses from new agency rules to force agencies to seek Advocacy’s input and permit new rules to apply to small businesses only with Advocacy signoff under specified criteria. l Increase the Office of Advocacy’s budget by at least 50 percent ($4.6 million). This would allow Advocacy to hire approximately 25 attorneys, economists, and scientists and enhance its role in the regulatory process. l Explicitly direct federal agencies to comply with the RFA. This would be similar to the approach adopted by President Trump in his January and February 2017 executive orders directing agencies to relieve the cost and burden of regulation on business.37 Advocacy should organize regional roundtables, onsite small-business visits, and an online platform to hear directly from small businesses and entities as it did from June 2017 through September 2018.38 This activity produced 26 letters to federal agencies and highlighted specific regulations that need reform and how Congress had addressed the most burdensome rules through the Congressional Review Act.39
AI Analysis:
"The bill streamlines data collection by the Advocate for Small Business Capital Formation, reducing regulatory burdens and improving access to small business information—directly supporting the advocacy and limited-government reform goals emphasized in the Project 2025 SBA policy."
— 747 — Small Business Administration established a new role for the Office of Advocacy: “to facilitate greater consider- ation of small business economic issues during international trade negotiations.”14 This small office has been relatively effective over the years—and more produc- tive during periods when a strong Chief Counsel for Advocacy has been installed to utilize the Office of Advocacy’s authority aggressively to provide a check on regulatory overreach. The office is one of the bright spots within the SBA that a conservative Administration could supercharge to dismantle extreme regulatory policies and advance limited-government reforms that promote economic freedom and opportunity. Currently, the SBA’s four core functions include: l Access to capital. SBA maintains assorted financing and lending programs for small businesses, from microlending to debt and equity investment capital. l Entrepreneurial development programs. SBA provides “free” or low- cost training at more than 1,800 locations and through online platforms and webinars. l Government contracting support programs. Through goals established by the SBA for federal departments and agencies, the broader goal is to ensure that small businesses win 23 percent of prime contracts. l Advocacy. This independent office within the SBA works to ensure that federal agencies consider small businesses’ concerns and impact in rulemakings. The office also conducts small-business research. BUDGETARY FLUCTUATION SBA’s budget and programs have expanded significantly under some Admin- istrations and have been scaled back under others. President Ronald Reagan cut the SBA’s budget by more than 30 percent, and his annual budgets regularly pro- posed to eliminate the agency altogether.15 Under President George W. Bush, SBA Administrator Hector Barreto said that SBA’s goal was “to do more with less,”16 but this changed because of Hurricane Katrina and a surge in disaster funding. In 2016, President Barack Obama considered streamlining and combining SBA programs and other business-related agencies and programs under one entity at the U.S. Department of Commerce, but opposition within the small-business lobby in Washington scuttled the effort.17 In general, SBA budget fluctuations have been driven by several factors such as efforts by Administrations either to cut or to greatly expand programs, the need to boost disaster assistance because of economic or weather-related events, business
AI Analysis:
"The bill aligns with Project 2025's goal of reducing regulatory burdens on small businesses and improving access to capital by exempting the Advocate for Small Business Capital Formation from Paperwork Reduction Act requirements, thereby streamlining data collection and dissemination to support entrepreneurial capital formation."
— 830 — Mandate for Leadership: The Conservative Promise l Three basic categories of firm: private firms, an intermediate category of smaller firms,4 and public firms; l Reasonable, scaled disclosure requirements; and l Specified secondary markets for the securities of these firms.5 The SEC needs to be reformed to achieve its important core functions more effectively, to improve transparency and due process, and to reduce unnecessary regulatory impediments to capital formation.6 Under current law, the SEC Chair- man has the authority to make almost all of the necessary changes.7 Unfortunately, financial regulators, particularly the SEC and the Financial Industry Regulatory Authority (FINRA), are poorly managed and organized. With regulatory authority delegated by the government, both the Public Company Accounting Oversight Board (PCAOB) and FINRA have proved to be ineffective, costly, opaque, and largely impervious to reform. To reduce costs and improve transparency, due process, congressional oversight, and responsiveness, PCAOB and FINRA should be abolished, and their regulatory functions should be merged into the SEC. Furthermore, Congress should establish an indepen- dent board or commission and charge it with producing a detailed report within 18 months that examines the degree to which the regulatory functions of the var- ious other so-called self-regulatory organizations (SROs), which are no longer self-regulatory in any meaningful sense, should be moved to the SEC.8 Discrimination based on immutable characteristics has no place in financial regulation. Offices at financial regulators that promote racist policies (usually in the name of “diversity, equity, and inclusion”) should be abolished, and regulations that require appointments on the basis of race, ethnicity, sex, or sexual orientation should be eliminated. Equal protection of the law, equal opportunity, and individ- ual merit should govern regulatory decisions.9 Congress has given the SEC broad “general exemptive authority,”10 but the SEC has used this authority only rarely. It should use this authority significantly more often to reduce the regulatory burden on issuers, particularly smaller entrepreneurs. ENTREPRENEURIAL CAPITAL FORMATION Financial regulators should remove regulatory impediments to entrepreneur- ial capital formation.11 In the absence of the fundamental reform outlined above, the SEC should: l Simplify and streamline Regulation A (the small issues exemption)12 and Regulation CF (crowdfunding)13 and preempt blue sky registration and quali- fication requirements for all primary and secondary Regulation A offerings.14 — 831 — Financial Regulatory Agencies l Either democratize access to private offerings by broadening the definition of accredited investor for purposes of Regulation D or eliminate the accredited investor restriction altogether.15 l Allow traditional self-certification of accredited investor status for all Regulation D Rule 506 offerings. l Exempt small micro-offerings from registration requirements.16 l Exempt small and intermittent finders from broker–dealer registration requirements and provide a simplified registration process for private placement brokers.17 l Exempt peer-to-peer lending from federal and state securities laws and reduce the regulatory burden on Regulation CF debt securities. l Make the Title I Emerging Growth Company (EGC) exemptions permanent for all EGCs. l Reduce the regulatory burden on small broker–dealers and exempt privately held, non-custodial broker–dealers from the requirements to use a PCAOB- registered firm for their audits. Congress should: l Amend the Internal Revenue Code to disregard crowdfunding and Regulation A shareholders for purposes of the 100-shareholder limit for Subchapter S corporations.18 BETTER CAPITAL MARKETS To improve capital markets, the SEC should: l Preempt blue sky registration, qualification, and continuing reporting requirements for securities traded on established securities markets (including a national securities exchange or an alternative trading system).19 l Terminate the Consolidated Audit Trail (CAT) program.20 l Abolish Rule 144 and other regulations that restrict securities resales and instead require a company that has sold securities to provide sufficient current informa- tion to the market to permit reasonable investment decisions and secondary sales.
Showing 3 of 5 policy matches
Policy matches are calculated using a hybrid approach: initial candidates are found using semantic similarity between bill summaries and Project 2025 policy text, then an AI model (Llama 3.1 70B) provides detailed alignment ratings and analysis. Ratings range from 1 (minimal alignment) to 5 (very strong alignment). This analysis does not imply direct causation or intent.