Kim’s bill supporting small businesses advances to Senate

A bipartisan bill introduced by U.S. Rep. Young Kim (R-CA) to support small businesses advanced to the U.S. Senate on July 12 after passing the U.S. House of Representatives on a 398-11 vote.

“As small businesses face unprecedented challenges, our government’s ability to keep in step with the 21st century and gather timely and effective data is vital for supporting entrepreneurs,” said Rep. Kim.

The Improving Access to Small Business Information Act, H.R. 1548, which Rep. Kim sponsored on March 10 with original cosponsor U.S. Rep. Josh Gottheimer (D-NJ), aims to streamline the process to gather timely information at the Securities and Exchanges Commission (SEC) Office of the Advocate for Small Business Capital Formation.

“The Improving Access to Small Business Information Act simply streamlines the SEC’s process for collecting information from the public, such as when conducting field surveys,” Rep. Kim said. “This small change can hopefully make a big difference in ensuring the government can access better information on challenges facing small businesses without having to go through unnecessary regulatory hurdles. The better information we can gather, the better we can help the public identify policy gaps and help small businesses in the process.”

If enacted, H.R. 1548 would exclude from the Paperwork Reduction Act actions taken by the SEC’s Office of the Advocate for Small Business Capital Formation that requires the office to comply with specific procedures when gathering information from the public, according to the text of the bill.

“Small businesses are the backbone of our communities in Jersey which is why I’m proud to help lead the bipartisan Improving Access to Small Business Information Act to help the federal government better understand how to support small business owners from all backgrounds,” Rep. Gottheimer said. “In Congress, I’m dedicated to working across the aisle to lower taxes, cut outdated and unnecessarily burdensome red tape, improve access to capital for small businesses, unleash more economic opportunity, and create jobs.”

H.R. 1548 has been referred to the U.S. Senate Banking, Housing, and Urban Affairs Committee for consideration.