Enhanced Regulatory Flexibility Assessment Act

Section 603(b) of title 5, United States Code, is amended to read as follows:

(b) Each initial regulatory flexibility analysis required under this section shall contain a detailed statement—

(1) describing the reasons why action by the agency is being considered;

(2) describing the objectives of, and legal basis for, the proposed rule;

(3) estimating the number and type of small entities to which the proposed rule will apply;

(4) describing the projected reporting, recordkeeping, and other compliance requirements of the proposed rule, including an estimate of the classes of small entities which will be subject to the requirement and the type of professional skills necessary for preparation of the report and record;

(5) describing all relevant Federal rules which may duplicate, overlap, or conflict with the proposed rule, or the reasons why such a description could not be provided;

(6) estimating the additional cumulative economic impact of the proposed rule on small entities beyond that already imposed on the class of small entities by the agency or why such an estimate is not available;

(7) describing any disproportionate economic impact on small entities or a specific class of small entities; and

(8) describing any impairment of the ability of small entities to have access to credit.

Section 604(a) of title 5, United States Code, is amended—

(A) in paragraph (4)—

(i) by inserting detailed before description; and

(ii) by striking an explanation and inserting a detailed explanation;

(B) in paragraph (5), by inserting detailed before description;

(C) in paragraph (6)—

(i) by inserting detailed before description; and

(ii) by striking and at the end;

(D) in paragraph (7), as so redesignated, by striking the period at the end and inserting; and; and

(E) by adding at the end the following:

(8) a detailed description of any disproportionate economic impact on small entities or a specific class of small entities.

Section 604(a)(2) of title 5, United States Code, is amended by inserting (or certification of the proposed rule under section 605(b)) after initial regulatory flexibility analysis.

Section 604(b) of title 5, United States Code, is amended to read as follows:

(b) The agency shall make copies of the final regulatory flexibility analysis available to the public, including placement of the entire analysis on the website of the agency, and shall publish in the Federal Register the final regulatory flexibility analysis, or a summary thereof which includes the telephone number, mailing address, and link to the website where the complete analysis may be obtained.

Section 605(a) of title 5, United States Code, is amended to read as follows:

(a) A Federal agency shall be treated as satisfying any requirement regarding the content of a regulatory flexibility agenda or regulatory flexibility analysis under section 602, 603, or 604 if the Federal agency provides in the agenda or analysis a cross-reference to the specific portion of another agenda or analysis which is required by any other law and which satisfies the requirement.

Section 605(b) of title 5, United States Code, is amended by striking statement providing the factual basis for such certification. and inserting detailed statement providing the factual and legal basis for such certification. The detailed statement shall include an economic assessment or a summary thereof that is sufficiently detailed to support the certification of the agency..

Section 607 of title 5, United States Code, is amended to read as follows:

In complying with sections 603 and 604, an agency shall provide—

(1) a quantifiable or numerical description of the effects of—

(A) the proposed or final rule; and

(B) alternatives to the proposed or final rule; or

(2) a more general descriptive statement and a detailed statement explaining why quantification is not practicable or reliable.