; (C) describe the nature of the requirement that has been waived and specify the regulation involved; (D) include a brief description of the grounds for approval of the waiver; and (E) state how more information about the waiver and a copy of the request and the approval may be obtained. (b) No new waiver authority Nothing in subsection (a) shall be construed as creating new authority for the Administrator to waive regulations of the Administration. (c) GAO study on standard operating procedures manual or policy notice waiver process Not later than 1 year after the date of enactment of this Act, the Comptroller General of the United States shall submit to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives a report evaluating— (1) the methods and specific processes used by the Administration to waive requirements in the Standard Operating Procedures Manual or Policy Notices relating to loans made under section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ); and (2) the number of waivers described in paragraph (1) granted during the period of 5 fiscal years preceding the date of enactment of this Act.