What is the Federal Regulatory Flexibility Act?

The Federal Regulatory Flexibility Act (FRFA), also known as the Regulatory Flexibility Act of 1980, is a federal law in the United States that requires federal agencies to assess the economic impact of their regulations and potential regulatory alternatives on small business entities. It was enacted as part of the Small Business Regulatory Enforcement Fairness Act of 1996, which was designed to protect small businesses from the potential harm that could result from overly burdensome regulations. The FRFA requires federal agencies to conduct an analysis of the impact that their regulations have on small business entities. This information must be included in a Regulatory Flexibility Analysis (RFA) and must include an assessment of the need for the rule, an explanation of the objectives of the rule, and an assessment of the costs and benefits of the rule compared to the alternatives. In Nebraska, the RFA must be published in the Federal Register and be made available to the public before the rule can be implemented. The RFA must also contain an economic impact analysis of the rule, a description of the industry affected by the rule, and details on how the public can provide comments. The FRFA also allows for public hearings and for small business entities to submit written comments on the proposed rule. All comments submitted during the public hearing period must be taken into consideration and the agency must provide a detailed response to each comment before enacting the rule. Overall, the Federal Regulatory Flexibility Act is an important and necessary law that helps protect small business entities from the economic harm that could result from overly burdensome regulations, and it is important for Nebraskans to understand how the law works.

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What is the Federal Regulatory Flexibility Act?

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