REVIEW OF IMPACT OF REGULATIONS ON SMALL BUSINESS.

SEC. 11621. REVIEW OF IMPACT OF REGULATIONS ON SMALL BUSINESS. (a) General Rule.— Subsection (f) of section 7805 (relating to review of impact of regulations on small business) is amended to read as follows: “(f) Review of Impact of Regulations on Small Business.— “(1) Submissions to small business administration.— After publication of any proposed or temporary regulation by the Secretary, the Secretary shall submit such regulation to the Chief Counsel for Advocacy of the Small Business Administration for comment on the impact of such regulation on small business. Not later than the date 4 weeks after the date of such submission, the Chief Counsel for Advocacy shall submit comments on such regulation to the Secretary. “(2) Consideration of comments.— In prescribing any final regulation which supersedes a proposed or temporary regula-104 STAT. 1388–504tion which had been submitted under this subsection to the Chief Counsel for Advocacy of the Small Business Administration— “(A) the Secretary shall consider the comments of the Chief Counsel for Advocacy on such proposed or temporary regulation, and “(B) the Secretary shall discuss any response to such comments in the preamble of such final regulation. “(3) Submission of certain final regulations.— In the case of the promulgation by the Secretary of any final regulation (other than a temporary regulation) which does not supersede a proposed regulation, the requirements of paragraphs (1) and (2) shall apply; except that— “(A) the submission under paragraph (1) shall be made at least 4 weeks before the date of such promulgation, and “(B) the consideration (and discussion) required under paragraph (2) shall be made in connection with the promulgation of such final regulation.” (b) Effective Date.— The amendment made by subsection (a) shall apply to regulations issued after the date which is 30 days after the date of the enactment of this Act.