UPDATED SIZE STANDARDS.

SEC. 1344. [15 U.S.C. 632 note] UPDATED SIZE STANDARDS. (a) Rolling Review.— (1) In general.—The Administrator shall— (A) during the 18-month period beginning on the date of enactment of this Act, and during every 18-month period thereafter, conduct a detailed review of not less than ⅓ of the size standards for small business concerns established under section 3(a)(2) of the Small Business Act (15 U.S.C. 632(a)(2)), which shall include holding not less than 2 public forums located in different geographic regions of the United States; (B) after completing each review under subparagraph (A) make appropriate adjustments to the size standards established under section 3(a)(2) of the Small Business Act to reflect market conditions; (C) make publicly available— (i) information regarding the factors evaluated as part of each review conducted under subparagraph (A); and (ii) information regarding the criteria used for any revised size standards promulgated under subparagraph (B); and (D) not later than 30 days after the date on which the Administrator completes each review under subparagraph (A), submit to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives and make publicly available a report regarding the review, including why the Administrator— (i) used the factors and criteria described in subparagraph (C); and (ii) adjusted or did not adjust each size standard that was reviewed under the review. (2) Complete review of size standards.—The Administrator shall ensure that each size standard for small business concerns established under section 3(a)(2) of the Small Business Act (15 U.S.C. 632(a)(2)) is reviewed under paragraph (1) not less frequently than once every 5 years. (b) Rules.—Not later than 1 year after the date of enactment of this Act, the Administrator shall promulgate rules for conducting the reviews required under subsection (a).