Small Business Regulatory Flexibility Improvements Act

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Bill ID: 119/hr/421
Last Updated: August 12, 2026

Sponsored by

Rep. Cline, Ben [R-VA-6]

ID: C001118

Follow the money

The bill

Small Business Regulatory Flexibility Improvements Act

HR. 421, 119th Congress — read as touching Private Equity & Hedge Funds.

The sponsor

Rep. Cline, Ben [R-VA-6]

Every bill has someone who introduced it. That name is where the paper trail starts.

The money

$67,000 raised

21 itemised contributions to this sponsor, pulled from FEC filings.

The alignment

95% match to Project 2025

This bill's text tracks the "Small Business Administration" section, p. 789-791 of the Mandate for Leadership.

Bill's Journey to Becoming a Law

Track this bill's progress through the legislative process

Latest Action

Ordered to be Reported in the Nature of a Substitute by the Yeas and Nays: 13 - 12.

June 9, 2025

Introduced

📍 Current Status

Next: The bill will be reviewed by relevant committees who will debate, amend, and vote on it.

🏛️

Committee Review

🗳️

Floor Action

✅

Passed House

🏛️

Senate Review

🎉

Passed Congress

🖊️

Presidential Action

⚖️

Became Law

📚 How does a bill become a law?

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!

Bill Summary

Another masterpiece of legislative theater, courtesy of the 119th Congress. Let's dissect this farce, shall we?

**Diagnosis:** Regulatory Capture with a side of Small Business Window Dressing.

This bill, masquerading as a champion of small businesses, is actually a Trojan horse for special interests and regulatory capture. The "Small Business Regulatory Flexibility Improvements Act" (HR 421) is a cleverly crafted attempt to create the illusion of protecting small entities while, in reality, serving the interests of larger corporations and industries.

**New Regulations:**

The bill amends the Regulatory Flexibility Act to include new definitions and requirements for regulatory analysis. On the surface, this appears to be a positive step towards greater transparency and consideration of small business impacts. However, upon closer inspection, these changes will likely lead to more complex and burdensome regulations that benefit larger corporations with deeper pockets.

**Affected Industries:**

The bill's provisions will primarily affect industries related to land management, agriculture, and natural resources. These sectors will be subject to new regulatory requirements, which may seem innocuous but will ultimately favor large-scale operators over smaller entities.

**Compliance Requirements and Timelines:**

The bill introduces new compliance requirements for federal agencies, including the development of initial and final regulatory flexibility analyses. While these analyses are intended to assess the economic impact on small entities, they will likely become a bureaucratic quagmire, delaying implementation and favoring larger corporations with more resources.

**Enforcement Mechanisms and Penalties:**

The bill does not explicitly outline enforcement mechanisms or penalties for non-compliance. However, it's safe to assume that any enforcement efforts will be lackluster, allowing larger corporations to exploit loopholes and smaller entities to bear the brunt of regulatory burdens.

**Economic and Operational Impacts:**

This bill will have a negligible positive impact on small businesses, while larger corporations will reap the benefits. The increased complexity of regulations will lead to higher compliance costs, which will disproportionately affect smaller entities. This, in turn, will stifle innovation and competition, ultimately harming consumers and the economy as a whole.

**Prognosis:**

This bill is a classic case of regulatory capture, where special interests manipulate the system to their advantage. The "Small Business Regulatory Flexibility Improvements Act" is a misnomer; it's actually a wolf in sheep's clothing, designed to further entrench the power of larger corporations and industries.

**Treatment:**

To cure this legislative disease, we need a healthy dose of transparency, accountability, and genuine small business advocacy. Unfortunately, that's not what we'll get from HR 421. Instead, we'll see more regulatory theater, with politicians and lobbyists pretending to care about small businesses while actually serving their own interests.

In conclusion, this bill is a masterclass in legislative deception. It's a testament to the boundless creativity of politicians and lobbyists in crafting legislation that appears beneficial on the surface but ultimately serves the interests of

Related Topics

Small Business & Entrepreneurship
Generated using Llama 3.1 70B (Dr. Haus personality)

💰 Campaign Finance Network

Rep. Cline, Ben [R-VA-6]

Congress 119 • 2024 Election Cycle

Total Contributions
$67,000
13 donors
PACs
$0
Organizations
$1,000
Committees
$0
Individuals
$66,000

No PAC contributions found

1
THE CHICKASAW NATION
1 transaction
$1,000

No committee contributions found

1
JOHNSON, CAMERON MR.
3 transactions
$9,900
2
STOLTZFUS, MICHAEL
2 transactions
$6,600
3
CLINE, JULIA S MRS.
2 transactions
$6,600
4
CARTLEDGE, GEORGE B MR. III
2 transactions
$6,600
5
GOOD, JOHN P JR
2 transactions
$6,600
6
KIRK, JOHN W MR.
2 transactions
$6,600
7
MCNICHOLS, ROBERT MR.
2 transactions
$6,600
8
ROSENBERG, DIANE MS.
1 transaction
$3,300
9
STOLTZFUS, MELISSA
1 transaction
$3,300
10
UIHLEIN, RICHARD MR.
1 transaction
$3,300
11
MCLEOD, JOHN G. MR.
1 transaction
$3,300
12
PEARMAN, JAMES E. MR. JR.
1 transaction
$3,300

Cosponsors & Their Campaign Finance

This bill has 6 cosponsors. Below are their top campaign contributors.

Rep. Hageman, Harriet M. [R-WY-At Large]

ID: H001096

Top Contributors

70

1
COW CREEK BAND OF UMPQUA TRIBE OF INDIANS
OrganizationROSEBURG, OR
$5,000
Aug 6, 2024
2
PUYALLUP TRIBE OF INDIANS
OrganizationTACOMA, WA
$3,700
Mar 4, 2024
3
CHEROKEE NATION
OrganizationTAHLEQUAH, OK
$3,300
Dec 22, 2023
4
PECHANGA BAND OF INDIANS
OrganizationTEMECULA, CA
$3,300
Dec 22, 2023
5
SHAKOPEE MDEWAKANTON SIOUX COMMUNITY
OrganizationPRIOR LAKE, MN
$3,300
Nov 6, 2023
6
SHINGLE SPRINGS BAND MIWOK INDIANS
OrganizationSHINGLE SPRINGS, CA
$3,300
Dec 22, 2023
7
MORONGO BAND OF MISSION INDIANS
OrganizationBANNING, CA
$3,300
Mar 29, 2024
8
HPUL PROJECT OPERATIONS
OrganizationUPPER LAKE, CA
$3,300
Sep 6, 2024
9
MUCKLESHOOT INDIAN TRIBE
OrganizationAUBURN, WA
$3,300
Sep 6, 2024
10
AK-CHIN INDIAN COMMUNITY OPERATIONS ACCOUNT
OrganizationMARICOPA, AZ
$3,300
Sep 13, 2024

Rep. Ellzey, Jake [R-TX-6]

ID: E000071

Top Contributors

34

1
CHEROKEE NATION
OrganizationTAHLEQUAH, OK
$3,300
Nov 5, 2024
2
BAND OF CAHUILLA INDIANS AGUA CALIENTE
OrganizationPALM SPRINGS, CA
$3,300
Feb 9, 2024
3
INDIAN COMMUNITY AK-CHIN
OrganizationMARICOPA, AZ
$3,300
Feb 9, 2024
4
BAND OF CAHUILLA INDIANS AGUA CALIENTE
OrganizationPALM SPRINGS, CA
$3,300
Sep 30, 2024
5
PECHANGA BAND OF INDIANS
OrganizationTEMECULA, CA
$3,000
Nov 6, 2023
6
CHEROKEE NATION
OrganizationTAHLEQUAH, OK
$2,500
Dec 11, 2023
7
TIGUA INDIAN RESERVATION TRIBAL COUNCIL GENERAL FUND
OrganizationEL PASO, TX
$2,500
Aug 9, 2023
8
INDIAN COMMUNITY AK-CHIN
OrganizationMARICOPA, AZ
$2,000
Sep 30, 2024
9
ALABAMA-COUSHATTA TRIBE
OrganizationLIVINGSTON, TX
$1,000
Oct 16, 2024
10
TALK FARMS
OrganizationITASCA, TX
$500
Dec 31, 2023

Rep. Brecheen, Josh [R-OK-2]

ID: B001317

Top Contributors

22

1
COMMUNITY BANCSHARES OF MS PAC
OrganizationFOREST, MS
$1,000
Apr 18, 2023
2
NILKNOC LLC
OrganizationSTIGLER, OK
$300
Apr 8, 2024
3
GREEMAN, WALTER M MRS.
SELF EMPLOYED • RANCHER
IndividualTISHOMINGO, OK
$6,600
Oct 24, 2024
4
HINMAN, ROY H
FLAGLER HOSPITAL • FAMILY MEDICINE DOCTOR
IndividualST AUGUSTINE, FL
$6,600
Jan 23, 2024
5
LOMANGINO, ANTHONY
RETIRED • RETIRED
IndividualPALM BEACH, FL
$6,600
Feb 27, 2024
6
LOMANGINO, LYNDA
HOMEMAKER • HOMEMAKER
IndividualPALM BEACH, FL
$6,600
Feb 27, 2024
7
ASBJORNSON, SCOTT
SELF EMPLOYED • PRIVATE INVESTOR
IndividualTULSA, OK
$6,600
Jun 5, 2023
8
JAQUISH, GAIL
JURIX INC • PSYCHOLOGIST
IndividualAUSTIN, TX
$6,600
Sep 26, 2023
9
KENNINGER, STEVEN
QMO LLC • INVESTOR
IndividualAUSTIN, TX
$6,600
Sep 27, 2023
10
LOMANGINO, ANTHONY
RETIRED • RETIRED
IndividualPALM BEACH, FL
$6,600
Jul 24, 2023

Rep. Fitzgerald, Scott [R-WI-5]

ID: F000471

Top Contributors

20

1
HENDRICKS, DIANE M
ABC • OWNER
IndividualBELOIT, WI
$6,600
Jun 25, 2023
2
ROWAN, CAROLYN
CAROLYN ROWAN COLLECTION LLC • OWNER
IndividualGREENWICH, CT
$6,600
Aug 16, 2023
3
ROWAN, MARC J.
APOLLO GLOBAL • CEO
IndividualGREENWICH, CT
$6,600
Aug 16, 2023
4
SCHWARZMAN, STEPHEN
BLACKSTONE • CEO AND CHAIRMAN
IndividualNEW YORK, NY
$6,600
Nov 13, 2023
5
SCHMIDT, TIM
DELTA DEFENSE LLC • CEO
IndividualWEST BEND, WI
$6,600
Dec 10, 2023
6
SCHWARZMAN, CHRISTINE
RETIRED • RETIRED
IndividualNEW YORK, NY
$6,600
Nov 13, 2023
7
LEVY, EDWARD
EDWARD C. LEVY CO • CHAIRMAN
IndividualBIRMINGHAM, MI
$6,600
May 1, 2024
8
FOREST COUNTY POTAWATOMI COMMU, .
TRIBE • TRIBE
IndividualCRANDON, WI
$6,600
Jun 28, 2024
9
FISHER, SHERRILYN
PLANO 6500 LLC • MEMBER
IndividualPLANO, TX
$6,600
Jun 2, 2024
10
FISHER, KENNETH
FISHER INVESTMENTS • EXECUTIVE CHAIRMAN
IndividualPLANO, TX
$6,600
Jun 2, 2024

Rep. Webster, Daniel [R-FL-11]

ID: W000806

Top Contributors

20

1
SILVERMAN, JEFFREY
IndividualSURFSIDE, FL
$6,600
Apr 18, 2024
2
BRADLEY, JACQUELINE
RETIRED • RETIRED
IndividualKESWICK, VA
$6,600
Apr 15, 2024
3
SILVERMAN, JEFFREY
RETIRED • RETIRED
IndividualSURFSIDE, FL
$6,600
Feb 15, 2024
4
FILBURN, MARK
WHITESTONE CONSTRUCTION • PRESIDENT
IndividualLONGWOOD, FL
$3,400
Jun 26, 2024
5
FILBURN, MARK
IndividualLONGWOOD, FL
$3,400
Sep 4, 2024
6
ASNESS, CLIFF
AQR • EXECUTIVE
IndividualNEW YORK, NY
$3,300
Jun 6, 2024
7
ASNESS, LAUREL
MARCUM LLP • EXECUTIVE
IndividualNEW YORK, NY
$3,300
Jun 6, 2024
8
BEUCHER, NICK
CEO • TAVISTOCK FINANCIAL CORPORATION
IndividualORLANDO, FL
$3,300
May 28, 2024
9
BRADLEY, JACQUELINE
RETIRED • RETIRED
IndividualKESWICK, VA
$3,300
Apr 18, 2024
10
DEVORE, DEBBIE
SEA & SHORELINE • ACCOUNTANT
IndividualWINTER GARDEN, FL
$3,300
May 31, 2024

Rep. Van Drew, Jefferson [R-NJ-2]

ID: V000133

Top Contributors

27

1
WINRED
PACARLINGTON, VA
$6,781
Jan 26, 2024
2
WINRED
PACARLINGTON, VA
$868
Feb 16, 2024
3
ACE LISTENGER ENTERPRISES LLC
OrganizationLOUISVILLE, KY
$500
Sep 30, 2024
4
SPTWO LLC
OrganizationNORTH WILDWOOD, NJ
$500
Sep 30, 2024
5
TEC AEROSPACE, LLC
OrganizationCLAYTON, NJ
$500
Jun 30, 2024
6
FV REDEMPTION LLC
OrganizationCAPE MAY COURT HOUSE, NJ
$500
Jun 27, 2024
7
CHARLES MARANDINO LLC
OrganizationMILMAY, NJ
$105
May 15, 2024
8
FORMAN, RICHARD P
RETIRED • RETIRED
IndividualCHERRY HILL, NJ
$6,600
Nov 29, 2023
9
HOLLANDER, SCOTT
PULSE VASCULAR • PHYSICIAN
IndividualMULLICA HILL, NJ
$6,600
Feb 16, 2024
10
LAUDEMAN, KEITH MR
COLD SPRING FISH • FISH DEALER
IndividualCAPE MAY, NJ
$6,600
May 8, 2023

Donor Network - Rep. Cline, Ben [R-VA-6]

PACs
Organizations
Individuals
Politicians

Hub layout: Politicians in center, donors arranged by type in rings around them.

Loading...

Showing 22 nodes and 30 connections

Total contributions: $30

Top Donors - Rep. Cline, Ben [R-VA-6]

Showing top 13 donors by contribution amount

1 Org12 Individuals

Industry Impact

Which industries are materially affected by specific provisions in this bill. 3 helped, 3 harmed.

  • Section 4(d) allows for certifications with detailed statements providing factual and legal basis, which could benefit private equity and hedge funds by providing more clarity on regulatory compliance.

  • −Health Insuranceconfidence 0.80

    Section 2(c)(1) mentions "veterans or part 232 of title 32, Code of Federal Regulations", which may imply changes to healthcare benefits for veterans, potentially affecting health insurance providers.

  • +Agribusinessconfidence 0.60

    Section 7(c) includes outreach to small businesses, including those owned by socially and economically disadvantaged individuals, which may benefit agribusinesses with diverse ownership structures.

  • −Electric Utilitiesconfidence 0.60

    Section 6(d)(2)(A) mentions "impact of the proposed rule on the cost that small entities pay for energy", which could potentially affect electric utilities.

  • +Renewable Energyconfidence 0.60

    Section 6(d)(2)(A) mentions "impact of the proposed rule on the cost that small entities pay for energy", which could potentially benefit renewable energy companies.

  • Section 6(e)(3) assesses the impact of proposed rules on startup costs for small entities, including energy infrastructure projects, which could lead to increased regulatory scrutiny and costs.

Project 2025 Policy Matches

This bill shows semantic similarity to the following sections of the Project 2025 policy document.AI-enhanced analysis provides detailed alignment ratings.

Small Business Administration

Very Strong
Vector: 69%
Pages: 789-791AI Enhanced

AI Analysis:

"The Small Business Regulatory Flexibility Improvements Act is explicitly cited in Project 2025 as a legislative initiative that aligns with its SBA reform goals, directly supporting improved regulatory analysis and reduced burden on small entities."

Key themes:regulatory flexibility analysissmall business impactSBA regulatory advocacyreducing regulatory burdenagency rulemaking

— 757 — Small Business Administration largely duplicates private-sector venture capital to the extent that the sector receiving much of its support is software and information technology, which already receive the lion’s share of venture capital investment.65 In addition, Congress should reform the SBIC program to make its financing more favorable to capital-intense investments and small manufacturers. The Health, Economic Assistance, Liability Protection, and Schools (HEALS) Act, introduced in 2020,66 and American Innovation and Manufacturing Act, introduced in 2021,67 would allow SBIC to offer longer-term financing to manufacturers and make the program more fiscally sustainable. Small-Business Size Standard Modernization. Many small-business pro- grams both inside and outside the SBA use the SBA’s definition of “small business.” Under the Small Business Act, the SBA is tasked with defining what counts as a small business and ensuring that the definition varies from industry to industry to reflect differences in regular size by industry. However, the SBA’s small-business size standards reflect a one-size-fits-all approach under which all businesses within its size standard are considered small businesses for all eligible purposes, from gov- ernment contracting preferences to eligibility for SBA loans through private banks. At the same time, the SBA is an outlier among competing economies in not considering medium-sized enterprises along with small businesses, often referred to collectively as small and medium-sized enterprises (SMEs). Medium-sized and regional businesses are increasingly critical to maintaining competition. The next Administration should: l Encourage Congress to create a “medium-sized business” classification with its eligibility for programs confined to access to capital programs from projects for which credit elsewhere does not exist. SBA POLICY PRIORITIES FOR 2025 AND BEYOND Legislation. The new Administration can support SBA reform legislation pro- posed in Congress that aligns with key measures outlined in this chapter. It also can support legislative initiatives that would help SBA to focus on its core statutory activities such as capital access, federal contracting opportunities, and regulatory advocacy. For example: l The IMPROVE the SBA Act68 would strengthen accountability, transparency, and oversight of the SBA and aligns with many of the reforms outlined in this chapter. — 758 — Mandate for Leadership: The Conservative Promise l The Small Business Regulatory Flexibility Improvements Act69 would require federal agencies to perform more thorough RFA economic analysis and provide a rationale for proposed regulations. It also would waive fines for certain first-time paperwork violations. l The Small Business Regulatory Enforcement Fairness Act70 (SBREFA) panel process allows small businesses to provide input on agency rulemakings, gives participating small businesses greater procedural rights, and allows for judicial review of agency violations of the SBREFA panel process. SBREFA panel requirements should be extended to all federal agencies. l The Fair and Open Competition Act71 would disallow the use of project labor agreements (PLAs) in federal contracting as required in President Biden’s Executive Order 14063,72 which puts small businesses at a competitive disadvantage and works against the SBA’s governmentwide contracting goal for small businesses. l The JOBS Act 4.073 would advance regulatory improvements and modernization of various Securities and Exchange Commission (SEC) rules to enhance capital formation and access. ORGANIZATIONAL ISSUES AND BUDGET Administrator and Key Staff. The position of Administrator should not be considered a symbolic or messaging-related position as some past Administrations have viewed it. Rather, the Administrator should have the requisite experience, skills, and knowledge to ensure that the SBA fulfills its statutory authorities. Because much of the SBA’s statutory authority relates to financing and reg- ulatory policy, and in order to make the SBA a more effective agency within the Administration, the Administrator and his or her key staff should have experience in small-business finance and investment and/or administrative law. For example, during the COVID-19 pandemic, the SBA was often forced to outsource key deci- sions and administrative follow-through to the Department of the Treasury. The SBA Administrator and leadership team must share the President’s mission and vision and execute the Administration’s policies effectively. Budget The next Administration should undertake a comprehensive review of the effectiveness of its various loan and grant programs and provide a report to Congress within six months. The report should rank programs by cost-effective- ness. In the interim, the roughly $1 billion overall agency budget should be held constant until the report is considered, after which Congress should terminate

Small Business Administration

Strong
Vector: 72%
Pages: 783-785AI Enhanced

AI Analysis:

"The bill strongly aligns with Project 2025's goal of strengthening the SBA Office of Advocacy and improving regulatory flexibility analysis under the RFA by expanding the definition of 'rule,' requiring consideration of both adverse and beneficial impacts, and including tribal organizations—directly supporting enhanced oversight and analysis of federal regulations' effects on small entities."

Key themes:Regulatory Flexibility Act (RFA)Office of Advocacysmall business impact analysisbeneficial and adverse effectstribal inclusion

— 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

Small Business Administration

Strong
Vector: 65%
Pages: 795-797AI Enhanced

AI Analysis:

"The bill directly supports Project 2025's focus on reducing regulatory burdens on small businesses by enhancing the Regulatory Flexibility Act to require more comprehensive economic impact analyses, including beneficial effects and indirect impacts, which aligns with the SBA's reform initiatives to streamline loan programs and reduce regulatory burden."

Key themes:regulatory burden reductionsmall business supportSBA loan program reformeconomic impact analysistransparency in rulemaking

— 763 — Small Business Administration 40. U.S. Small Business Administration, Office of Inspector General, Top Management and Performance Challenges Facing the Small Business Administration in Fiscal Year 2023, p. iv. 41. H.R. 748, CARES (Coronavirus Aid, Relief, and Economic Security) Act, Public Law No. 116-136, 116th Congress, March 27, 2020, https://www.congress.gov/116/plaws/publ136/PLAW-116publ136.pdf (accessed February 19, 2023). 42. Sarah McCammon, “Planned Parenthood Asked to Return Funds from Paycheck Protection Program,” NPR, May 21, 2020, https://www.npr.org/2020/05/21/859991359/planned-parenthood-asked-to-return-funds- from-paycheck-protection-program (accessed February 18, 2023). 43. Letter from William Manger, Associate Administrator, U.S. Small Business Administration, to Laura Meyers, Planned Parenthood of Metropolitan Washington, “Re: Notice of Investigation and Request for Records,” May 19, 2020, https://s3.documentcloud.org/documents/6922122/SBA-Letter-Planned-Parenthood-DC.pdf (accessed February 18, 2023). 44. Press release, “Lankford, HSGAC Republicans Demand Details on Illegal PPP Loans to Planned Parenthood Affiliates,” Office of U.S. Senator James Lankford, April 28, 2022, https://www.lankford.senate.gov/news/press- releases/lankford-hsgac-republicans-demand-details-on-illegal-ppp-loans-to-planned-parenthood-affiliates (accessed February 18, 2023). 45. Press release, “Romney, Colleagues Request Information from SBA Administrator Guzman on Illegal PPP Loans Given to Planned Parenthood Affiliates,” Office of U.S. Senator Mitt Romney, April 28, 2022, https:// www.romney.senate.gov/romney-colleagues-request-information-from-sba-administrator-guzman-on- illegal-ppp-loans-given-to-planned-parenthood-affiliates/ (accessed February 18, 2023). 46. 13 C.F.R. §§ 109.400(b)(11), https://www.law.cornell.edu/cfr/text/13/109.400; 123.301(g), https://www.law. cornell.edu/cfr/text/13/123.301; 123.502(n), https://www.law.cornell.edu/cfr/text/13/123.502; and 123.702(b)(6), https://www.law.cornell.edu/cfr/text/13/123.702 (all accessed February 19, 2023). 47. U.S. Small Business Administration, “Religious Eligibility Worksheet for all 7(a) and 504 Loan Programs” SBA Form 1971, http://www.sba.gov/sites/default/files/2020-11/sba-form-1971.pdf (accessed February 18, 2023). 48. U.S. Small Business Administration, “Ensuring Equal Treatment for Faith-Based Organizations in SBA’s Loan and Disaster Assistance Program.” 49. See, for example, Carson v. Makin, 596 U.S. ___ (2022), https://www.supremecourt.gov/ opinions/21pdf/20-1088_dbfi.pdf (accessed February 19, 2023). 50. 28 U.S. Code § 530d, https://www.law.cornell.edu/uscode/text/28/530D (accessed February 19, 2023). 51. U.S. Small Business Administration, “Ensuring Equal Treatment for Faith-Based Organizations in SBA’s Loan and Disaster Assistance Program.” 52. 13 CFR 120.110(k), https://www.law.cornell.edu/cfr/text/13/120.110 (accessed February 19, 2023). 53. 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