Assurance for Small Business Act of 2024

This bill requires federal agencies to submit reports to Congress within 90 days of enactment, detailing how they apply the Regulatory Flexibility Act (RFA) to small businesses. Specifically, agencies must describe their definitions for "significant economic impact" and "substantial number of small entities," along with all factors they consider when assessing regulatory impacts on small businesses. The report aims to increase transparency about how agencies evaluate the effects of rules on small businesses. This affects all federal agencies that issue regulations, as they must now document their RFA application process. The bill does not change existing regulations but mandates clearer reporting on current practices.