US Federal Senate Bill SB3411

US Federal 2025-2026 Regular Session

• Introduced: 12/10/25
• Refer: 12/10/25

Caption

Improving Access to Small Business Information Act

Summary

SB 3411, titled the Improving Access to Small Business Information Act, would amend the Securities Exchange Act of 1934 to clarify that actions taken by the SEC’s Advocate for Small Business Capital Formation are not treated as a “collection of information” under the Paperwork Reduction Act. The bill is aimed at removing paperwork-review hurdles for the Advocate when gathering or sharing information related to small business capital formation. At the same time, the bill preserves certain Paperwork Reduction Act-related requirements, but exempts the SEC from several specific obligations tied to submitting collections for OMB review, displaying control numbers, and indicating clearance compliance for these Advocate actions. In practical terms, the measure would streamline how the Advocate can communicate with small businesses and collect information without triggering the full PRA clearance process.

Impact

The bill would amend Section 4(i) of the Securities Exchange Act of 1934 by adding a new exemption for the Advocate for Small Business Capital Formation from the Paperwork Reduction Act’s definition of a “collection of information.” It would also carve out limited exceptions, leaving some general PRA provisions in place while relieving the SEC of certain submission, labeling, and clearance requirements for these specific Advocate activities. The main affected parties would be the SEC, the Advocate for Small Business Capital Formation, and small businesses that interact with the office for capital-formation information and outreach.

Sentiment

The available context suggests a generally favorable and noncontroversial purpose: improving access to small business information and reducing administrative burden. The bill was introduced by Senators Britt and Cortez Masto and referred to the Senate Banking, Housing, and Urban Affairs Committee, with no recorded votes or committee debate in the provided materials. That lack of recorded opposition, combined with the bill’s narrow procedural focus, indicates a likely pragmatic and bipartisan tone.

Contention

No specific points of contention are documented in the provided record. Any potential concerns would likely center on whether exempting the Advocate’s actions from Paperwork Reduction Act review could reduce oversight or transparency, versus the benefit of allowing faster, less burdensome information collection and outreach for small businesses. Because there are no transcripts or votes, no member or stakeholder objections are identified in the available materials.