II 

114TH CONGRESS 

1ST SESSION S. 1934 

To amend the Small Business Investment Act of 1958 to establish the 

Scale-Up Manufacturing Investment Company (‘‘SUMIC’’) Program. 

IN THE SENATE OF THE UNITED STATES 

AUGUST 4, 2015 

Mr. BOOKER (for himself, Mrs. GILLIBRAND, Mrs. MURRAY, Mr. COONS, and 

Mr. PETERS) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship 

A BILL 

To amend the Small Business Investment Act of 1958 to 

establish the Scale-Up Manufacturing Investment Company (‘‘SUMIC’’) Program. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Scale-up Manufac5 turing Investment Company Act of 2015Scale-Up Manu6 facturing Investment Company Act of 2015’’. 

7 SEC. 2. FINDINGS. 

8 Congress finds that— 


srobinson on DSK5SPTVN1PROD with BILLS
2 

•S 1934 IS

1 (1) the strength of the United States manufac2 turing sector is critical to the economy and the glob3 al competitiveness of the United States; 

4 (2) United States manufacturers support 

5 17,600,000 jobs in the United States and account 

6 for 12 percent of the gross domestic product of the 

7 United States; 

8 (3) access to capital is essential to growth and 

9 innovation in the manufacturing sector; 

10 (4) small, emerging manufacturers face unique 

11 challenges scaling commercial production in the 

12 United States, driving many young manufacturers to 

13 other countries; 

14 (5) structural barriers exist in the United 

15 States that prevent key investments in first-commer16 cial manufacturing facilities; 

17 (6) a healthy manufacturing sector is essential 

18 to innovation economy of the United States, pro19 viding three-quarters of all private sector research 

20 and development, employing nearly two-thirds of all 

21 research and development workers, and producing 

22 the majority of all patents issued; 

23 (7) technology-intensive manufacturing small 

24 businesses, some of which may be start-ups, with the 

25 potential to anchor the next generation of manufacVerDate Sep 11 2014 19:47 Aug 14, 2015 Jkt 049200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S1934.IS S1934

srobinson on DSK5SPTVN1PROD with BILLS
3 

•S 1934 IS

1 turing production where they locate, face special 

2 challenges in accessing the capital to move from idea 

3 to prototype and into commercial production; 

4 (8) already more capital intensive than software 

5 or services start-ups, manufacturing start-ups and 

6 small businesses face a ‘‘second and wider valley of 

7 death’’ when it comes to raising the capital to scale 

8 up for commercial production because of their cap9 ital intensity and novel technology; 

10 (9) a number of countries, including China, 

11 South Korea, Germany, and Japan, provide publicly 

12 funded incentives to attract these firms, recognizing 

13 that despite the risks, the long-term benefits of es14 tablishing leadership in emerging technology areas 

15 are large; 

16 (10) a study of manufacturing technology-inten17 sive start-ups licensed by the Massachusetts Insti18 tute of Technology found that almost all that scaled 

19 up into commercial production did so overseas large20 ly because of this far more attractive capital and in21 vestment environment for manufacturing start-ups, 

22 which is a huge loss for the future of manufacturing 

23 in the United States; 

24 (11) if the United States loses the first genera25 tion of production for a new technology or manufacVerDate Sep 11 2014 19:47 Aug 14, 2015 Jkt 049200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S1934.IS S1934

srobinson on DSK5SPTVN1PROD with BILLS
4 

•S 1934 IS

1 turing process, history suggests that it is an uphill 

2 battle once lost to reclaim that capability here given 

3 the unique learning and know-how acquired during 

4 the building of that first factory; and 

5 (12) to ensure that manufacturing technologies 

6 invented in the United States are ultimately made in 

7 the United States will require addressing the unique 

8 capital access challenges faced by these technology9 intensive manufacturing start-ups. 

10 SEC. 3. SCALE-UP MANUFACTURING INVESTMENT PRO11 GRAM. 

12 (a) IN GENERAL.—Title III of the Small Business 

13 Investment Act of 1958 (15 U.S.C. 681 et seq.) is amend14 ed by adding at the end the following: 

15 ‘‘PART D—SCALE-UP MANUFACTURING 

16 INVESTMENT COMPANY PROGRAM 

17 ‘‘SEC. 399A. DEFINITIONS. 

18 ‘‘In this part— 

19 ‘‘(1) the term ‘Associate Administrator’ means 

20 the Associate Administrator described in section 

21 201; 

22 ‘‘(2) the term ‘Council’ means the Scale-Up 

23 Manufacturing Investment Company Credit Council 

24 that may be established under section 399K; 


srobinson on DSK5SPTVN1PROD with BILLS
5 

•S 1934 IS

1 ‘‘(3) the term ‘participating investment fund’ 

2 means a privately managed investment fund licensed 

3 under section 399C to operate under the program; 

4 ‘‘(4) the term ‘private capital’ has the meaning 

5 given that term in section 103(9); 

6 ‘‘(5) the term ‘program’ means the scale-up 

7 manufacturing investment company program estab8 lished under section 399B; 

9 ‘‘(6) the term ‘qualifying manufacturing 

10 project’ means an investment in a small and emerg11 ing manufacturer for the purposes of building first 

12 commercial production facilities, novel manufac13 turing capabilities, or the introduction into produc14 tion of emerging manufacturing technologies; 

15 ‘‘(7) the term ‘small and emerging manufac16 turer’ means any advanced manufacturer that does 

17 not exceed the size standard established by the Ad18 ministrator for the applicable North American In19 dustry Classification System code under section 3 of 

20 the Small Business Act (15 U.S.C. 632); and 

21 ‘‘(8) the term ‘small business concern owned 

22 and controlled by socially and economically disadvan23 taged individuals’ has the meaning given that term 

24 in section 8(d)(3)(C) of the Small Business Act (15 

25 U.S.C. 637(d)(3)(C)). 


srobinson on DSK5SPTVN1PROD with BILLS
6 

•S 1934 IS

1 ‘‘SEC. 399B. ESTABLISHMENT. 

2 ‘‘(a) IN GENERAL.—The Administrator shall estab3 lish and carry out a scale-up manufacturing investment 

4 company program under which the Administrator shall 

5 provide leverage to participating investment funds to sup6 port debt and equity investments in qualifying manufac7 turing projects of small and emerging manufacturers in 

8 the United States. 

9 ‘‘(b) ADMINISTRATION OF PROGRAM.—The program 

10 shall be administered by the Administrator acting through 

11 the Associate Administrator. 

12 ‘‘SEC. 399C. SELECTION OF PARTICIPATING INVESTMENT 

13 FUNDS. 

14 ‘‘(a) APPLICATION FOR LICENSE.— 

15 ‘‘(1) SUBMISSION OF APPLICATION.—An invest16 ment fund desiring to receive a license to operate 

17 under the program shall submit an application to 

18 the Administrator at such time and in such manner 

19 as the Administrator may require. 

20 ‘‘(2) REQUIREMENT.—An application submitted 

21 under paragraph (1) shall demonstrate that the in22 vestment fund— 

23 ‘‘(A) has the requisite minimum private 

24 capital raised from investors; and 


srobinson on DSK5SPTVN1PROD with BILLS
7 

•S 1934 IS

1 ‘‘(B) committed to operate under the pro2 gram as of the date of submission of the appli3 cation. 

4 ‘‘(3) STATUS.—Not later than 90 days after the 

5 initial receipt by the Administrator of an application 

6 submitted under paragraph (1), the Administrator 

7 shall provide the applicant with a written report de8 tailing the status of the application and any require9 ments remaining for completion of the application. 

10 ‘‘(b) SELECTION.— 

11 ‘‘(1) IN GENERAL.—Not later than 180 days 

12 after the date on which the Administrator receives 

13 an application under subsection (a), the Adminis14 trator shall approve or deny the application for a li15 cense to operate under the program and notify the 

16 applicant of the determination. 

17 ‘‘(2) CRITERIA.—The Administrator shall es18 tablish selection criteria to evaluate applications to 

19 operate under the program, which shall include, at 

20 a minimum— 

21 ‘‘(A) the proven investment experience of 

22 the investment fund manager; 

23 ‘‘(B) the proven, balanced, and positive-in24 vestment track record of a previous investment 

25 fund or the principals and fund performance 


srobinson on DSK5SPTVN1PROD with BILLS
8 

•S 1934 IS

1 analysis measured against benchmarks and peer 

2 funds; 

3 ‘‘(C) the experience of the investment fund 

4 with investments relating to small manufactur5 ers and emerging technologies related to ad6 vanced manufacturing; 

7 ‘‘(D) an evaluation of the use of leverage 

8 by the investment fund managers in past deals; 

9 ‘‘(E) evidence indicating a cohesive and ef10 fective team and team dynamic; 

11 ‘‘(F) principals with strong reputations; 

12 ‘‘(G) record of positive realizations and 

13 exits from previous investments in the invest14 ment track record; 

15 ‘‘(H) clearly articulated focus, investment 

16 thesis, investment themes, and investment in17 struments to be used to capitalize companies; 

18 and 

19 ‘‘(I) fund structure and economics that re20 flects standard practices and industry norms, 

21 such as— 

22 ‘‘(i) preferred returns to limited part23 ners; 

24 ‘‘(ii) general partner carried interest 

25 allocations, fees and vesting schedules; 


srobinson on DSK5SPTVN1PROD with BILLS
9 

•S 1934 IS

1 ‘‘(iii) adequate fund infrastructure 

2 and supporting back office services; and 

3 ‘‘(iv) evidence of fund raising traction 

4 and capability. 

5 ‘‘(c) FEES.— 

6 ‘‘(1) IN GENERAL.—The Administration shall 

7 prescribe fees to be paid by each applicant for a li8 cense to operate as a participating investment fund 

9 under the program. 

10 ‘‘(2) USE OF AMOUNTS.—Fees collected under 

11 this subsection— 

12 ‘‘(A) shall be deposited in the account for 

13 salaries and expenses of the Administration; 

14 and 

15 ‘‘(B) are authorized to be appropriated 

16 solely to cover the costs of licensing examina17 tions. 

18 ‘‘SEC. 399D. PROVISION OF LEVERAGE TO PARTICIPATING 

19 INVESTMENT FUNDS. 

20 ‘‘(a) IN GENERAL.—Not later than 60 days after the 

21 date on which the Administrator approves and issues a 

22 license under section 399C to operate as a participating 

23 investment fund under the program, the Administrator 

24 may provide not more than $1 of leverage for every $1 


srobinson on DSK5SPTVN1PROD with BILLS
10 

•S 1934 IS

1 of private capital raised by the participating investment 

2 fund. 

3 ‘‘(b) MAXIMUM LEVERAGE.—The maximum amount 

4 of outstanding leverage made available in any given fiscal 

5 year— 

6 ‘‘(1) to any participating investment fund may 

7 not exceed $500,000,000; and 

8 ‘‘(2) to all participating investment funds in ag9 gregate may not exceed $1,000,000,000. 

10 ‘‘(c) PRIVATE CAPITAL REQUIREMENT.— 

11 ‘‘(1) IN GENERAL.—The private capital of a 

12 participating investment fund shall be not less than 

13 $250,000,000. 

14 ‘‘(2) FINANCIAL INSTITUTION INVESTMENTS.— 

15 Any national bank, or any member bank of the Fed16 eral Reserve System or nonmember insured bank to 

17 the extent permitted under applicable State law, 

18 may invest in any 1 or more participating invest19 ment funds, or in any entity established to invest 

20 solely in participating investment funds, except that 

21 in no event shall the total amount of such invest22 ments of any such bank exceed 5 percent of the cap23 ital and surplus of the bank. 

24 ‘‘(d) LEVERAGE FEE.—The Administrator shall 

25 charge and collect a leverage fee of not more than 5.5 perVerDate Sep 11 2014 19:47 Aug 14, 2015 Jkt 049200 PO 00000 Frm 00010 Fmt 6652 Sfmt 6201 E:\BILLS\S1934.IS S1934

srobinson on DSK5SPTVN1PROD with BILLS
11 

•S 1934 IS

1 cent and not less than 3 percent of the face amount of 

2 the leverage issued. 

3 ‘‘SEC. 399E. BORROWING POWER. 

4 ‘‘(a) IN GENERAL.—Each participating investment 

5 fund shall have the authority to borrow money and issue 

6 debentures and preferred securities, subject to such limita7 tions and regulations as the Administration may prescribe. 

8 ‘‘(b) LIMITATION.—Of the leverage provided by the 

9 Administrator to a participating investment fund under 

10 section 399D— 

11 ‘‘(1) not less than 70 percent shall be issued as 

12 debentures under subsection (a); and 

13 ‘‘(2) not more than 30 percent may be issued 

14 as preferred securities under subsection (a). 

15 ‘‘(c) FEDERAL FINANCING BANK.—The Federal Fi16 nancing Bank may acquire a debenture issued by a par17 ticipating investment fund company under subsection (a). 

18 ‘‘(d) PURCHASE AND GUARANTEE BY SBA.— 

19 ‘‘(1) IN GENERAL.—The Administration may 

20 purchase or guarantee the timely payment of all 

21 principal and interest as scheduled on debentures or 

22 preferred securities issued by participating invest23 ment funds under subsection (a), subject to such 

24 limitations and regulations as the Administration 

25 may prescribe. 


srobinson on DSK5SPTVN1PROD with BILLS
12 

•S 1934 IS

1 ‘‘(2) FULL FAITH AND CREDIT.—The full faith 

2 and credit of the United States is pledged to the 

3 payment of all amounts which may be required to be 

4 paid under any guarantee under this subsection. 

5 ‘‘(e) THIRD PARTY DEBT.—The Administrator— 

6 ‘‘(1) shall not permit a participating investment 

7 fund having outstanding leverage to incur third 

8 party debt that would create or contribute to an un9 reasonable risk of default or loss to the Federal Gov10 ernment; and 

11 ‘‘(2) shall permit such participating investment 

12 funds to incur third party debt only on such terms 

13 and subject to such conditions as may be established 

14 by the Administrator, by regulation or otherwise. 

15 ‘‘(f) CALCULATION OF SUBSIDY RATE.—All fees, in16 terest, and profits received and retained by the Adminis17 tration under this section and section 399D shall be in18 cluded in the calculations made by the Director of the Of19 fice of Management and Budget to offset the cost (as that 

20 term is defined in section 502 of the Federal Credit Re21 form Act of 1990 (2 U.S.C. 661a)) to the Administration 

22 of purchasing and guaranteeing debentures and preferred 

23 securities under this Act. 


srobinson on DSK5SPTVN1PROD with BILLS
13 

•S 1934 IS

1 ‘‘SEC. 399F. INVESTMENTS IN SMALL BUSINESS CONCERNS. 

2 ‘‘(a) IN GENERAL.—A participating investment fund 

3 shall use leverage received under section 399D to make 

4 debt and equity investments in small and emerging manu5 facturers to carry out qualifying manufacturing projects. 

6 ‘‘(b) LIMITATION.—Not more than 50 percent of the 

7 amount provided by a participating investment fund to a 

8 small and emerging manufacturer under subsection (a) for 

9 a qualifying manufacturing project shall consist of lever10 age provided to the participating investment fund under 

11 the program. 

12 ‘‘(c) PORTFOLIO MANAGEMENT.—A single invest13 ment made by a participating investment fund under sub14 section (a) may not exceed 10 percent of the total capital 

15 of the participating investment fund, which includes pri16 vate capital and any leverage projected to be provided to 

17 the participating investment fund, if applicable. 

18 ‘‘(d) INCREASED OUTREACH.—The Administration 

19 shall issue policy directives to provide for enhanced out20 reach efforts to increase investments by participating in21 vestment funds in— 

22 ‘‘(1) a small business concern owned and con23 trolled by socially and economically disadvantaged 

24 individuals; and 

25 ‘‘(2) small business concerns owned and con26 trolled by— 


srobinson on DSK5SPTVN1PROD with BILLS
14 

•S 1934 IS

1 ‘‘(A) women; 

2 ‘‘(B) veterans; and 

3 ‘‘(C) individuals with disabilities. 

4 ‘‘SEC. 399G. EXAMINATIONS AND VALUATIONS. 

5 ‘‘(a) EXAMINATIONS.— 

6 ‘‘(1) IN GENERAL.—Each participating invest7 ment fund shall be subject to examinations made at 

8 the direction of the Investment Division of the Ad9 ministration in accordance with this subsection. 

10 ‘‘(2) ASSISTANCE OF PRIVATE SECTOR ENTI11 TIES.—Examinations under this subsection may be 

12 conducted with the assistance of a private sector en13 tity that has the qualifications and the expertise nec14 essary to conduct such examinations. 

15 ‘‘(3) COSTS.— 

16 ‘‘(A) ASSESSMENT.— 

17 ‘‘(i) IN GENERAL.—The Administrator 

18 may assess the cost of examinations under 

19 this subsection, including compensation of 

20 the examiners, against the participating in21 vestment fund examined. 

22 ‘‘(ii) PAYMENT.—Any participating 

23 investment fund against which the Admin24 istrator assesses costs under subparagraph 

25 (A) shall pay such costs. 


srobinson on DSK5SPTVN1PROD with BILLS
15 

•S 1934 IS

1 ‘‘(B) DEPOSIT OF FUNDS.—Funds col2 lected under this subsection— 

3 ‘‘(i) shall be deposited in the account 

4 for salaries and expenses of the Adminis5 tration; and 

6 ‘‘(ii) are authorized to be appropriated 

7 solely to cover the costs of examinations 

8 and other program oversight activities. 

9 ‘‘(b) VALUATIONS.— 

10 ‘‘(1) FREQUENCY OF VALUATIONS.— 

11 ‘‘(A) IN GENERAL.—Each participating in12 vestment fund shall submit to the Adminis13 trator a written valuation of the loans and in14 vestments of the participating investment fund 

15 not less often than semiannually or otherwise 

16 upon the request of the Administrator, except 

17 that any participating investment fund with no 

18 leverage outstanding shall submit such valu19 ations annually, unless the Administrator deter20 mines otherwise. 

21 ‘‘(B) MATERIAL ADVERSE CHANGES.—Not 

22 later than 30 days after the end of a fiscal 

23 quarter of a participating investment fund dur24 ing which a material adverse change in the ag25 gregate valuation of the loans and investments 


srobinson on DSK5SPTVN1PROD with BILLS
16 

•S 1934 IS

1 or operations of the participating investment 

2 fund occurs, the participating investment fund 

3 shall notify the Administrator in writing of the 

4 nature and extent of that change. 

5 ‘‘(C) INDEPENDENT CERTIFICATION.— 

6 ‘‘(i) IN GENERAL.—Not less than once 

7 during each fiscal year, each participating 

8 investment fund shall submit to the Ad9 ministrator the financial statements of the 

10 participating investment fund, audited by 

11 an independent certified public accountant 

12 approved by the Administrator. 

13 ‘‘(ii) AUDIT REQUIREMENTS.—Each 

14 audit conducted under clause (i) shall in15 clude— 

16 ‘‘(I) a review of the procedures 

17 and documentation used by the par18 ticipating investment fund in pre19 paring the valuations required by this 

20 subsection; and 

21 ‘‘(II) a statement by the inde22 pendent certified public accountant 

23 that such valuations were prepared in 

24 conformity with the valuation criteria 

25 applicable to the participating investVerDate Sep 11 2014 19:47 Aug 14, 2015 Jkt 049200 PO 00000 Frm 00016 Fmt 6652 Sfmt 6201 E:\BILLS\S1934.IS S1934

srobinson on DSK5SPTVN1PROD with BILLS
17 

•S 1934 IS

1 ment fund established in accordance 

2 with paragraph (2). 

3 ‘‘(2) VALUATION CRITERIA.—Each valuation 

4 submitted under this subsection shall be prepared by 

5 the participating investment fund in accordance with 

6 valuation criteria, which shall— 

7 ‘‘(A) be established or approved by the Ad8 ministrator; and 

9 ‘‘(B) include appropriate safeguards to en10 sure that the noncash assets of a participating 

11 investment fund are not overvalued. 

12 ‘‘SEC. 399H. MISCELLANEOUS. 

13 ‘‘The Administrator may take such action as set forth 

14 in sections 309, 311, 312, 314, 315, and 316 and an 

15 owner (including a member, partner, or shareholder), offi16 cer, director, employee, agent, or other participant in the 

17 management or conduct of the affairs of a participating 

18 investment fund shall be subject to the requirements of 

19 such sections. 

20 ‘‘SEC. 399I. VIOLATIONS; REMOVAL OR SUSPENSION OF 

21 MANAGEMENT OFFICIALS. 

22 ‘‘(a) VIOLATIONS.—If any participating investment 

23 fund violates or fails to comply with any of the provisions 

24 of this part or of regulations prescribed hereunder, all of 

25 its rights, privileges, and franchises derived therefrom may 


srobinson on DSK5SPTVN1PROD with BILLS
18 

•S 1934 IS

1 thereby be forfeited. Before any such participating invest2 ment fund shall be declared dissolved, or its rights, privi3 leges, and franchises forfeited, any noncompliance with or 

4 violation of this Act shall be determined and adjudged by 

5 a court of the United States of competent jurisdiction in 

6 a suit brought for that purpose in the district, territory, 

7 or other place subject to the jurisdiction of the United 

8 States, in which the principal office of such participating 

9 investment fund is located. Any such suit shall be brought 

10 by the United States at the instance of the Administration 

11 or the Attorney General. 

12 ‘‘(b) SUSPENSION OF MANAGEMENT OFFICIALS.— 

13 Using the procedures for removing or suspending a direc14 tor or an officer of a licensee set forth in section 313, 

15 the Administrator may remove or suspend any manage16 ment official of a participating investment fund. 

17 ‘‘SEC. 399J. REPORTS. 

18 ‘‘Each participating investment fund shall, on a semi19 annual basis, provide to the Administrator such informa20 tion as the Administrator may require, including— 

21 ‘‘(1) information related to the measurement 

22 criteria that the participating investment fund pro23 posed in the application for the program; 

24 ‘‘(2) information on the use of leverage by the 

25 participating investment fund; and 


srobinson on DSK5SPTVN1PROD with BILLS
19 

•S 1934 IS

1 ‘‘(3) in each case in which the participating in2 vestment fund makes an investment in a small busi3 ness concern that is not a small business concern 

4 owned and controlled by socially and economically 

5 disadvantaged individuals, a report on the number 

6 and percentage of employees of the small business 

7 concern who are socially and economically disadvan8 taged individuals. 

9 ‘‘SEC. 399K. SCALE-UP MANUFACTURING INVESTMENT COM10 PANY CREDIT COUNCIL. 

11 ‘‘(a) ESTABLISHMENT.—The Administrator may es12 tablish a Scale-Up Manufacturing Investment Company 

13 Credit Council, which, if established, shall consist of 5 

14 members from the private sector with aggregate and col15 lective experience in technology development, manufac16 turing financing, and capital investment. 

17 ‘‘(b) DUTIES.—The Council, if established, shall ad18 vise the Administrator on carrying out the program, which 

19 shall include— 

20 ‘‘(1) providing advice from time to time on ad21 vanced scale-up manufacturing industries; and 

22 ‘‘(2) establishing and conducting an annual 

23 briefing beginning not later than 18 months after 

24 the date of enactment of this section. 


srobinson on DSK5SPTVN1PROD with BILLS
20 

•S 1934 IS

1 ‘‘SEC. 399L. REGULATIONS. 

2 ‘‘The Administrator may issue such regulations as 

3 the Administrator determines necessary to carry out the 

4 provisions of this part in accordance with its purposes.’’. 

5 (b) BANK HOLDING COMPANY ACT OF 1956.—Sec6 tion 13(d)(1)(E) of the Bank Holding Company Act of 

7 1956 (12 U.S.C. 1851(d)(1)(E)) is amended by inserting 

8 ‘‘investments in 1 or more participating investment funds, 

9 as defined in section 399A of the Small Business Invest10 ment Act of 1958,’’ before ‘‘or investments’’. 

11 (c) INELIGIBILITY FOR BANKRUPTCY.—Section 

12 109(b)(2) of title 11, United States Code, is amended by 

13 inserting ‘‘a participating investment fund as defined in 

14 section 399A of the Small Business Investment Act of 

15 1958,’’ before ‘‘credit union’’. 

16 (d) ELIGIBILITY FOR CRA CREDIT.—Section 804 of 

17 the Community Reinvestment Act of 1977 (12 U.S.C. 

18 2903) is amended by adding at the end the following: 

19 ‘‘(e) INVESTMENTS IN PARTICIPATING INVESTMENT

20 FUNDS.—In assessing and taking into account, under sub21 section (a), the record of a financial institution, the appro22 priate Federal financial supervisory agency shall consider, 

23 as a factor, investments made in 1 or more participating 

24 investment funds under part D of the Small Business In25 vestment Act of 1958.’’. 

Æ 


srobinson on DSK5SPTVN1PROD with BILLS