Prove It Act of 2024

This bill amends the Regulatory Flexibility Act to require federal agencies to more thoroughly assess how proposed regulations impact small businesses, including indirect costs on businesses that aren't directly regulated but are affected by the rules (e.g., suppliers or partners). It creates a new process allowing small businesses or their representatives to petition the Small Business Administration's Chief Counsel to review an agency's claim that a rule won't significantly affect small entities, with strict timelines for agency responses. If an agency fails to cooperate with this review, the final rule cannot apply to small businesses. Agencies must also publish regulatory guidance online for small businesses to comment on, ensuring greater transparency in rulemaking.