Sec. 304. Requirements providing for more detailed analyses
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Subsection
(b)of section 603 of title 5, United States Code, is amended to read as follows: Each initial regulatory flexibility analysis required under this section shall contain a detailed statement— describing the reasons why action by the agency is being considered; describing the objectives of, and legal basis for, the proposed rule; estimating the number and type of small entities to which the proposed rule will apply; 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; 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; 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; describing any disproportionate economic impact on small entities or a specific class of small entities; and 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— in paragraph (4), by striking an explanation and inserting a detailed explanation ; in each of paragraphs (4), (5), and the first paragraph (6), by inserting detailed before description ; in the second paragraph (6), by striking the period and inserting ; and ; by redesignating the second paragraph
(6)as paragraph (7); and by adding at the end the following: a detailed description of any disproportionate economic impact on small entities or a specific class of small entities. . Paragraph
(2)of section 604(a) 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 . Subsection
(b)of section 604 of title 5, United States Code, is amended to read as follows: The agency shall make copies of the final regulatory flexibility analysis available to the public, including placement of the entire analysis on the agency’s website, 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. . Subsection
(a)of section 605 of title 5, United States Code, is amended to read as follows: A Federal agency shall be treated as satisfying any requirement regarding the content of an agenda or regulatory flexibility analysis under section 602, 603, or 604, if such agency provides in such 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 such requirement. . Subsection
(b)of section 605 of title 5, United States Code, is amended— by inserting detailed before statement the first place it appears; and by inserting and legal after factual . 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— a quantifiable or numerical description of the effects of the proposed or final rule and alternatives to the proposed or final rule; or a more general descriptive statement and a detailed statement explaining why quantification is not practicable or reliable. .