This legislation mandates the Chief Counsel for Advocacy of the Small Business Administration to create and maintain a "Red Tape Hotline" within 180 days of enactment. This hotline, accessible via email or a dedicated website, will serve as a direct channel for small businesses to report federal agency rules they find burdensome or difficult to comply with. The Chief Counsel is further required to submit annual reports to the Administrator of the Small Business Administration and Congress. These reports must detail the most frequently reported rules, summarize all notifications received, and include specific recommendations for the agencies responsible for those rules. Additionally, the reports will outline actions taken by the Chief Counsel to address the identified regulatory burdens.