Regulatory Flexibility Act

[AI summary unavailable — showing source text] Regulatory Flexibility Act - Requires Federal agencies to include in the general notice of a proposed rule: (1) a statement of the need for and objectives and statutory authority of the rule; (2) a description and the estimated number of individuals, businesses, organizations, and governmental jurisdictions affected by the rule; (3) identification of existing rules which the proposed rule overlaps or affects; (4) a statement that the agency seeks alternative proposals which could achieve the regulatory objective of the rule at a lower cost to those affected; (5) an analysis of the proposed rule describing (a) the economic impact of the rule on individuals and small businesses, organizations, and governmental jurisdictions, and (b) alternative approaches for accomplishing the regulatory objective while reducing such impact such as modifying compliance requirements or providing requirement exemptions; and (c) a description of any reporting or recordkeeping requirement to be imposed on ten or more persons and estimates of the number of persons and time required to complete such requirements. Allows an agency to elect not to prepare such an analysis of a proposed rule if it incorporate…