SmallBusinessNewz

Regulations that may impact small businesses could receive additional review by federal agencies under a revision being considered by Congress.

When federal agencies ready new regulations that impact small businesses, they may be required to provide more analysis of the economic impact those regulations may have.

Under H.R. 4458, the Small Business Regulatory Improvement Act, the Congressional Budget Office (CBO) said doing this would increase the cost of regulatory analysis by $100 million from 2009-2013.

Currently, federal agencies have to do a regulatory analysis of the number and types of small businesses affected by the new rule, the incurred reporting and compliance costs for small businesses, and ways to accomplish the aims of the rule while minimizing the financial impact.

CBO also said H.R. 4458 requires the regulatory analysis to include reasonable foreseeable indirect economic effects of proposed and final rules. All existing regulations having an effect on small business would be subject to review within ten years.