Form 4473 under Paperwork Reduction Act review
Here's the Federal Register notice, in pdf.
Basically, under the Paperwork Reduction Act, every agency is required to file, with the Office of Management and Budget, any form it has that requests info from the public, together with its estimate of how many hours are spent filling in the form (for 4473, ATFE estimates 4.3 million hours annually; they estimate 10 million are filled out at 25 minutes each.
Then every so many years it comes up for OMB review, and the public can send comments suggesting how the time burden can be reduced. (One that comes to my mind: how about eliminating the requirement for detailed info, in the vast majority of cases where the buyer is presenting state-issued ID that already has all that recorded?)