Section 1. Short title
This Act may be cited as the Regulatory Transparency for Small Businesses Act.
Section 2. Information required to be included in a certification by an agency that a rule will not have a significant economic impact on a substantial number of small entities
Section 605 of title 5, United States Code, is amended by adding at the end the following:
(d) The certification under subsection (b) shall include, at a minimum, the following:
(1) The approximate number of small entities, if any, impacted by the rule, and an identification of any such small entity (including the North American Industry Classification System code, if applicable).
(2) An estimate of the total cost of implementing the rule, including the cost of compliance with the rule, which may be measured as an estimated percentage of the revenue of the small entities determined to be impacted under paragraph (1), or another reasonable measure of economic significance.
(3) A determination of whether the costs of compliance under paragraph (2) represent a significant economic impact, and the criteria used to make such determination.
(4) A determination of the number of small entities that will experience a significant economic impact as a result of the rule, whether that number is substantial, and the criteria used to make such determinations.