Explanation of the Bill in Layman's Terms:
This bill, called the 'Freedom from Restrictive Excessive Executive Demands and Onerous Mandates Act of 2011', aims to reform the regulatory process to make it easier for small businesses to compete and create jobs. The bill highlights that existing regulations meant for large companies are often hindering small businesses from growing and hiring new employees. It also mentions the high cost of compliance for small firms and proposes more comprehensive reviews of regulations to assess their impact on small entities.
The bill introduces various sections to address these issues, including requiring agencies to consider indirect economic impacts on small entities, allowing small businesses to challenge proposed regulations, and implementing periodic reviews of rules that affect small businesses.
It also expands the Regulatory Flexibility Act to include agency guidance documents, requires the Internal Revenue Service to consider impacts on small entities, and introduces more detailed small entity analyses. Additionally, it gives the Office of Advocacy more powers to comment on regulatory actions affecting small businesses.
To fund these changes and offset costs, the bill repeals certain provisions of existing laws and authorizes appropriations to the Small Business Administration over a three-year period.