Requires initial regulatory flexibility analyses of a proposed rule to contain a detailed statement describing the type of small entities to which the proposed rule will apply.

Revises provisions requiring the publication by each agency of a plan for the periodic review of its rules that have a significant impact on a substantial number of small entities to determine whether they should be continued, changed, or rescinded, including to: (1) limit to two years the amount of time the period for reviewing an agency's regulations may be extended; and (2) require each agency to report annually on review results to Congress and to the Administrator of the Office of Information and Regulatory Affairs of the Office of Management and Budget (OMB).

Requires an agency to notify the Chief Counsel for Advocacy of the Small Business Administration of any draft rules that may have a significant economic impact on a substantial number of small entities either: (1) when the agency submits a draft rule to the such Office, if submission is required; or (2) if no submission to the Office is so required, at a reasonable time before publication of the rule by the agency.

Requires that final regulatory flexibility analyses include the agency's response to any comments filed on a rule by the Chief Counsel and a detailed statement of any changes made as a result.