SMALL BUSINESS FAIRNESS AND REGULATORY TRANSPARENCY.

SEC. 1100G. SMALL BUSINESS FAIRNESS AND REGULATORY TRANSPARENCY.(a) Panel Requirement.—Section 609(d) of title 5, United States Code, is amended by striking “means the” and all that follows and inserting the following: “means—“(1) the Environmental Protection Agency;“(2) the Consumer Financial Protection Bureau of the Federal Reserve System; and“(3) the Occupational Safety and Health Administration of the Department of Labor.”.(b) Initial Regulatory Flexibility Analysis.—Section 603 of title 5, United States Code, is amended by adding at the end the following:“(d)(1) For a covered agency, as defined in section 609(d)(2), each initial regulatory flexibility analysis shall include a description of—“(A) any projected increase in the cost of credit for small entities;“(B) any significant alternatives to the proposed rule which accomplish the stated objectives of applicable statutes and which minimize any increase in the cost of credit for small entities; and“(C) advice and recommendations of representatives of small entities relating to issues described in subparagraphs (A) and (B) and subsection (b).124 STAT. 2113“(2) A covered agency, as defined in section 609(d)(2), shall, for purposes of complying with paragraph (1)(C)—“(A) identify representatives of small entities in consultation with the Chief Counsel for Advocacy of the Small Business Administration; and“(B) collect advice and recommendations from the representatives identified under subparagraph (A) relating to issues described in subparagraphs (A) and (B) of paragraph (1) and subsection (b).”.(c) Final Regulatory Flexibility Analysis.—Section 604(a) of title 5, United States Code, is amended—(1) in paragraph (4), by striking “and” at the end;(2) in paragraph (5), by striking the period at the end and inserting “; and”; and(3) by adding at the end the following:“(6) 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.”.