Zach Nunn: “this amendment assures that the Nation's small business community will derive full benefit from the fundamental changes…”

“this amendment assures that the Nation's small business community will derive full benefit from the fundamental changes to the regulatory process proposed in S. 343. The amendment accomplishes this goal by establishing a direct statutory link between the existing requirement to the Regulatory Flexibility Act of 1980 [RFA] and the requirements of S. 343. Under the Regulatory Flexibility Act, whenever a Federal agency proposes a rule that is expected to have a significant impact on a substantial number of small entities, the agency is required to conduct a regulatory flexibility analysis, with opportunities for public participation, to minimize the expected burden. The Nunn-Coverdell amendment would, No. 1, require that a proposed rule, determined to be subject to the RFA, be considered to be a major rule for the purpose of cost-benefit analysis and periodic review. But we exclude the comprehensive risk assessment required under S. 343. No. 2, the amendment would require agencies to provide factual support for any determination that a proposed regulation would not have a significant impact on a substantial number of small businesses and is exempt from the Regulatory Flexibility Act. No. 3, the amendment provides for prompt judicial review of an agency certification that the Regulatory Flexibility Act does not apply to a proposed rule. This is a bipartisan amendment. This amendment enjoys strong support within the small business community.”