This bill amends the Securities Exchange Act of 1934 to significantly alter the application of the Paperwork Reduction Act (PRA) to the Advocate for Small Business Capital Formation. Specifically, it declares that actions taken by the Advocate to gather information will generally not be considered a "collection of information" for purposes of the PRA. This exemption aims to reduce the regulatory burden and bureaucratic processes associated with the Advocate's efforts to obtain data. While largely exempting the Advocate, the bill maintains certain oversight requirements from the PRA, such as those related to public notice and comment. However, it explicitly waives the need for the Securities and Exchange Commission to submit the Advocate's information collections to the Office of Management and Budget, display control numbers, or certify compliance with full clearance requirements.