article: SECTION 1. SHORT TITLE. This Act may be cited as the ``Small Business Economic Impact Analysis Act of 2005''. SEC. 2. AGENCY RESTRUCTURING OR TERMINATION OF USE OF FACILITY. (a) In General.--The Small Business Act (15 U.S.C. 631 et seq.) is amended-- (1) by redesignating section 37 as section 38; and (2) by inserting after section 36 the following: ``SEC. 37. AGENCY RESTRUCTURING OR TERMINATION OF USE OF FACILITY. ``(a) Definitions.--As used in this section, the following definitions apply: ``(1) Agency.--The term `agency' has the meaning given the term in section 551(1) of title 5, United States Code. ``(2) Qualifying termination or restructuring.--The term `qualifying termination or restructuring' means any termination of the use of a facility or restructuring that will result in the net loss of at least 1,000 governmental and nongovernmental jobs in any State. ``(3) Restructuring.--The term `restructuring' means any action by an agency that both reduces and relocates functions and personnel, but does not include a reduction in personnel resulting from workload adjustments, reduced funding levels, or skill imbalances. ``(4) Small governmental jurisdiction.--The term `small governmental jurisdiction' has the meaning given the term in section 601(5) of title 5, United States Code. ``(5) State.--The term `State' means each of the several States of the United States, the District of Columbia, and the Commonwealth of Puerto Rico. ``(b) General Requirement.-- ``(1) Agencies.--An agency may not make a qualified termination or restructuring until after complying with the requirements of subsections (c) through (e). ``(2) Other entities.--An entity that is statutorily authorized to recommend a qualified termination or restructuring may not finalize its recommendation until after complying with the requirements of subsections (c) through (e). ``(c) Economic Analysis.-- ``(1) Economic analysis required.-- ``(A) Agencies.--Prior to making any qualifying termination or restructuring, an agency shall conduct a detailed analysis of the impact on small business concerns and small governmental jurisdictions of the proposed termination or restructuring. ``(B) Other entities.--Prior to recommending a qualifying termination or restructuring, any entity statutorily authorized to make such recommendations shall conduct a detailed analysis of the impact on small business concerns and small governmental jurisdictions of the proposed termination or restructuring. ``(2) Scope of economic analysis.--The analysis required under paragraph (1) shall include-- ``(A) a description of the small business concerns and small governmental jurisdictions that will be affected by the proposed termination or restructuring and an estimate of the number of such small business concerns and small governmental jurisdictions; ``(B) a description of the efforts by the agency or entity to minimize the significant adverse economic impact on small business concerns and small governmental jurisdictions of the proposed termination or restructuring; and ``(C) a description of any alternative termination or restructuring that would reduce the overall impact of the proposed termination or restructuring on small business concerns, together with an explanation of the reasons for not proposing such alternative termination or restructuring. ``(3) Cost-benefit analysis of impact on certain states.-- ``(A) In general.--In conducting the analysis required under paragraph (1), the agency or entity shall also conduct, consistent with the principles stated in Office of Management and Budget Circular A-4 (September 17, 2003), a quantitative cost-benefit analysis of the economic impact upon small business concerns and small governmental jurisdictions of the proposed termination or restructuring in any State where the agency or entity determines the economic impact of such termination or restructuring would exceed $100,000,000. ``(B) Scope of cost-benefit analysis.--In conducting a cost-benefit analysis under subparagraph (A), the agency or entity shall-- ``(i) evaluate and compare the costs and benefits to small business concerns and small governmental jurisdictions of the proposed termination or restructuring, quantifying and expressing in monetized values to the maximum extent possible such costs and benefits; ``(ii) provide clearly stated alternatives to the proposed termination or restructuring; and ``(iii) prepare a summary report of the costs and benefits to small business concerns and small governmental jurisdictions of the termination or restructuring proposed under each such set of alternate proposals. ``(C) Transparency of cost-benefit analysis.-- ``(i) In general.--In conducting a cost- benefit analysis under subparagraph (A) or preparing a summary report under subparagraph (B)(iii), the agency or entity shall take measures to ensure the transparency of such actions, including the bases for making estimates and forming conclusions for purposes of such analysis or report. ``(ii) Required measures.--The measures an agency or entity takes to ensure transparency shall include-- ``(I) incorporating an executive summary; ``(II) detailing the assumptions that were used in the analysis and the discount rates applied to future costs and benefits; ``(III) specifically referencing all sources of data; ``(IV) providing appendices with documentation of any models used; and ``(V) including the results of formal sensitivity and other uncertainty analyses. ``(d) Publication of Economic Analysis.-- ``(1) Draft economic analysis.--Not later than 180 days before taking final action on a qualifying termination or restructuring, an agency or entity shall-- ``(A) publish a draft of its economic analysis under subsection (c) on its website; and ``(B) provide notice of the draft economic analysis in the Federal Register with at least a 60-day period for public comment. ``(2) Final economic analysis.--After due consideration of any comments, the agency or entity shall publish-- ``(A) a final economic analysis on its web site; and ``(B) a notice regarding the final economic analysis in the Federal Register. ``(e) GAO Review.-- ``(1) In general.--After publishing the final economic analysis under subsection (d), an agency or entity shall submit its final economic analysis to the Comptroller General of the United States for review of the analysis. ``(2) Deadline.--Not later than 90 days after receiving a final economic analysis under paragraph (1), the Comptroller General of the United States shall complete an analysis of the submission and publish a report regarding the sufficiency of the analysis. ``(3) Revised economic analysis required upon determination of insufficient analysis.--If the Comptroller General of the United States determines that the final economic analysis is insufficient, the agency or entity shall repeat the procedures required under subsections (c) and (d) and paragraph (1). ``(f) Final Action.--An agency or entity may not take final action on a qualifying termination or restructuring until after receiving a satisfactory review from the Comptroller General of the United States under subsection (e). ``(g) Judicial Review.-- ``(1) In general.--Not later than 90 days after the notice regarding the final economic analysis is published in the Federal Register under subsection (d)(2)(B), any small business concern or small governmental jurisdiction adversely affected or aggrieved by the qualifying termination or restructuring may file a petition for judicial review of the qualifying termination or restructuring with the United States Court of Appeals for the circuit in which the small business concern or small governmental jurisdiction is located. ``(2) Expedited review.--The Court of Appeals shall provide for expedited review of a petition under paragraph (1). ``(3) Scope of review.--Any review under paragraph (1) shall be limited to determining whether-- ``(A) the qualifying termination or restructuring constitutes an agency action that is arbitrary, capricious, an abuse of discretion, or otherwise not in accordance with law; and ``(B) the economic analysis under subsection (c) was insufficient.''. (b) Applicability.--The requirements of section 37 of the Small Business Act, as added by subsection (a), shall apply to any qualifying termination or restructuring (as that term is defined in subsection (a) of such section) for which final action has not occurred as of the date of the enactment of this Act.
summary: Small Business Economic Impact Analysis Act of 2005 - Prohibits an agency from making a qualified termination or restructuring (a termination of the use of a facility or restructuring that will result in the net loss of at least 1,000 jobs in a state) unless it conducts a detailed analysis of the impact on small businesses and small governmental jurisdictions of the proposed termination or restructuring. Requires: (1) a related cost-benefit analysis; and (2) the agency to publish a draft of the analysis at least 180 days before undertaking the termination or restructuring. Directs the: (1) agency to publish a final economic analysis; and (2) Comptroller General to review such final analysis. Prohibits an agency from taking final action on a termination or restructuring until its analysis receives a satisfactory review from the Comptroller General. Authorizes judicial review for any small business or small governmental jurisdiction adversely affected or aggrieved by a qualifying termination or restructuring.