Judy Chu (Democrat – California) introduced the bill to amend the Small Business Act of 1958 to increase the amount of investment capital allowed for small business investment companies and banks.
The bill was introduced on May 4, 2017 and sent to the House Small Business Committee. The bill was reported to the House without amendment by the committee on July 12, 2017. The House voted on the bill on July 24, 2017 and the bill passed by a voice vote. The bill was sent to the Senate on July 24, 2017.
The Bill amends the Small Business Act of 1958 to increase from 5% to 15% of its capital and surplus the amount a national bank, a member bank of the Federal Reserve System, a non-member insured bank (to the extent permitted under state laws), or federal savings association may invest in one or more business investment companies (SBICs) or in any entity that was established to solely invest in SBICs.
Grace Meng (Democrat – New York)
Stephen Knight (Republican – California)