This law institutes a process to make paperwork reduction a serious, ongoing effort and introduces measures to make it easier for small businesses to comply with the law. The law:
requires the Office of Management and Budget to publish an annual list of compliance assistance resources available to small businesses in the Federal Register and on the Internet;
requires each federal agency to establish one point of contact to act as a liaison for small businesses and to make efforts to further reduce paperwork requirements for businesses with fewer than 25 employees;
establishes an interagency taskforce to recommend improvements in information collection and dissemination; and
requires agencies to report on their enforcement actions against small businesses and penalty reductions in such actions to Congress and the Small Business and Agricultural Regulatory Ombudsman so that they can monitor the regulatory burden reduction efforts of the Agencies.