Detailed Summary

Independent Office of Advocacy and Small Business Regulatory Reform Act of 2008 - Requires the Office of Advocacy (Office) of the Small Business Administration (SBA) to carry out responsibilities concerning the analysis of regulatory functions, including regulatory flexibility analyses.

Requires: (1) each federal budget to include a separate statement of the amount requested for the Office, designated in a separate account in the General Fund of the Treasury; and (2) the SBA Administrator to provide the Office with appropriate and adequate office space, together with necessary equipment, operating budget, and communications facilities and services, and to provide necessary maintenance services for such offices and equipment.

Requires: (1) each federal agency to notify the SBA's Chief Counsel for Advocacy of any agency draft rules that may have a significant impact on a substantial number of small businesses; (2) each agency's final regulatory analysis of a final rule to include the agency's response to any comments of the Chief Counsel for Advocacy with respect to that rule, as well as changes made as a result of such comments; and (3) agencies to make final regulatory flexibility analyses available to the public, including on a website.

Status of the Legislation

Latest Major Action: 4/29/2008: Referred to Senate committee. Status: Referred to the Committee on Small Business and Entrepreneurship.

Points in Favor

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Points Against

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