Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Small Business Administration relating to "Citizenship and Residency Requirements and Recission of Procedural Notice 5000-872050" and "Revised Applicant Ownership, Citizenship, and Residency Requirements for 7(a) and 504 Loans".

Key Points

• Rep. Velazquez introduced a plan to stop new rules from the Small Business Administration. These rules changed the requirements for citizenship and residency for people applying for government backed loans.
• The rules affect two major programs that help small business owners get the money they need to start or grow their companies. These programs are often used by people who cannot get traditional bank loans.
• If this plan passes, the new rules will be canceled and will have no legal power. This would force the agency to go back to the old rules or create different ones that Congress likes better.
• This action is part of a process that lets Congress review and cancel rules made by government agencies. It follows a report from a government watchdog group that looked at how the agency handled these changes.

Impact Analysis

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