How HR 1606 changes current law

Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill adds additional requirements for covered agencies regarding regulatory flexibility analyses and their interaction with small entities.

• 12 U.S.C. 5512(b)(2)(A)

  the impact of proposed rules on covered persons, as described in section 5516 of this title, and the impact on consumers in rural areas; → the impact of proposed rules on small entities, in accordance with section 609 of title 5, United States Code;

  This change requires the Director to consider the impact of proposed rules specifically on small entities during the rulemaking process.

• 5 U.S.C. 603(d)(1)

  and → ; and

  This change modifies the list of requirements by adding another condition related to small entities.

• 5 U.S.C. 603(d)(1)

  the period. → ; and

  This change prepares for the addition of a new requirement following the current list of conditions.

• 5 U.S.C. 603(d)(1)

  (D) where the covered agency does not adopt any alternatives described in paragraphs (1) through (4) of subsection (c), a detailed justification of the covered agency's determination that the relative size and resources of small entities should have no bearing on the rule, supported by factual, policy and legal reasons.

  This new requirement mandates a justification for disregarding the impacts on small entities if no alternatives are adopted.

• 5 U.S.C. 604(a)

  6) → 7)

  This change renumbers the existing requirement and introduces a new provision.

• 5 U.S.C. 604(a)

  for a covered agency, as defined in section 609(d)(2), a description of the steps the agency has taken to minimize any additional cost of credit for small entities and, where no significant alternatives for small entities was adopted, a detailed justification of the covered agency's determination that the relative size and resources of small entities should have no bearing on the rule, supported by factual, policy and legal reasons.

  This addition establishes specific requirements regarding minimizing costs of credit for small entities and their justification.