Small Business Regulatory Reduction Act

S 4401, the Small Business Regulatory Reduction Act, requires the Small Business Administration (SBA) to ensure that the net cost of federal regulations to small businesses remains at or below zero each fiscal year. It directly affects small business concerns defined under the Small Business Act (15 U.S.C. 632) by mandating the SBA Administrator to offset regulatory costs through rulemaking. Key provisions include requiring the SBA to submit annual reports to Congress detailing all federal regulations impacting small businesses, disaggregated by agency, covering the preceding and following fiscal years. The bill focuses on measuring and reducing the financial burden of federal rules on small businesses through SBA oversight and transparency.