IB 

Union Calendar No. 388 

118TH CONGRESS 

2D SESSION H. R. 5333 

[Report No. 118–469] 

To amend the Small Business Investment Act of 1958 to exclude from 

the limit on leverage certain amounts invested in smaller enterprises 

located in rural or low-income areas and small businesses in critical 

technology areas, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

SEPTEMBER 1, 2023 

Mr. MEUSER (for himself and Ms. SCHOLTEN) introduced the following bill; 

which was referred to the Committee on Small Business 

APRIL 26, 2024 

Additional sponsors: Mr. DAVIS of North Carolina, Mr. ALFORD, Mrs. KIM

of California, Mr. NUNN of Iowa, Mr. LUETKEMEYER, Ms. DAVIDS of 

Kansas, Mr. GOTTHEIMER, Mr. BARR, Mr. LANDSMAN, Mr. GARBARINO, 

Mrs. HOUCHIN, Mr. DONALDS, Mr. LALOTA, and Mr. FITZPATRICK

APRIL 26, 2024 

Reported with an amendment, committed to the Committee of the Whole 

House on the State of the Union, and ordered to be printed 

[Strike out all after the enacting clause and insert the part printed in italic] 

[For text of introduced bill, see copy of bill as introduced on September 1, 2023] 


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•HR 5333 RH

A BILL 

To amend the Small Business Investment Act of 1958 to 

exclude from the limit on leverage certain amounts invested in smaller enterprises located in rural or lowincome areas and small businesses in critical technology 

areas, and for other purposes. 


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•HR 5333 RH

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 ‘‘Investing in All of Amer5 ica Act of 2023’’. 

6 SEC. 2. SBIC MAXIMUM LEVERAGE EXCLUSION. 

7 (a) DEFINITIONS.—Section 103(9) of the Small Busi8 ness Investment Act of 1958 (15 U.S.C. 662(9)) is amend9 ed— 

10 (1) in subparagraph (A)(ii), by striking ‘‘and’’ 

11 at the end; 

12 (2) in subparagraph (B)(iii)— 

13 (A) in subclause (I), by striking ‘‘estab14 lished prior to October 1, 1987’’; 

15 (B) in subclause (II)— 

16 (i) by striking ‘‘or’’ and inserting ‘‘,’’; 

17 and 

18 (ii) by inserting ‘‘, or a foundation, 

19 endowment, or trust of a college or univer20 sity’’ after ‘‘pension plan’’; and 

21 (C) in subclause (III), by striking the semi22 colon at the end and inserting ‘‘; and’’; and 

23 (3) by adding at the end the following new sub24 paragraph: 


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1 ‘‘(C) does not include any funds obtained 

2 directly or indirectly from any Federal, State or 

3 local government or any government agency or 

4 instrumentality, except for funds described in 

5 subclauses (I) through (III) of subparagraph 

6 (B)(iii), for the purpose of approval by the Ad7 ministrator of any request for leverage.’’. 

8 (b) IN GENERAL.—Section 303(b)(2) of the Small 

9 Business Investment Act of 1958 (15 U.S.C. 683(b)(2)) is 

10 amended— 

11 (1) in subparagraph (A)(i), by striking ‘‘300’’ 

12 and inserting ‘‘200’’; 

13 (2) in subparagraph (C)— 

14 (A) in the heading— 

15 (i) by inserting ‘‘OR RURAL’’ after 

16 ‘‘LOW-INCOME’’; and 

17 (ii) by inserting ‘‘OR CRITICAL TECH18 NOLOGY AREAS’’ after ‘‘GEOGRAPHIC

19 AREAS’’; 

20 (B) in clause (i)— 

21 (i) by striking ‘‘(i) In calculating’’ and 

22 inserting the following: 

23 ‘‘(i) IN GENERAL.—Except as provided 

24 in clause (iii), in calculating’’; 


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1 (ii) by inserting ‘‘or companies’’ after 

2 ‘‘of a company’’; 

3 (iii) by striking ‘‘subparagraph (A)’’ 

4 and inserting ‘‘subparagraphs (A) and 

5 (B)’’; 

6 (iv) by striking ‘‘equity’’; 

7 (v) by striking ‘‘the company in a 

8 smaller enterprise’’ and all that follows and 

9 inserting the following: ‘‘the company or 

10 companies in— 

11 ‘‘(I) a smaller enterprise located 

12 in a low-income geographic area (as 

13 defined in section 689 of this title) or 

14 in a rural area; or’’; and 

15 (vi) by adding at the end the following 

16 new subclause: 

17 ‘‘(II) a small business concern in 

18 an area of critical technology (as de19 fined in section 4801 of title 10, 

20 United States Code) vital to maintain21 ing the national security of the United 

22 States.’’; 

23 (C) by amending clause (ii) to read as fol24 lows: 


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1 ‘‘(ii) LIMITATION.—While maintaining 

2 the limitation of subparagraph (A)(i) and 

3 consistent with a leverage determination 

4 ratio issued pursuant to section 301(c), the 

5 aggregate amount excluded for a company 

6 or companies under clause (i) from the cal7 culation of the outstanding leverage of such 

8 company or companies for the purposes of 

9 subparagraphs (A) and (B) may not exceed 

10 the lesser of 50 percent of the private cap11 ital of such company or companies or 

12 $125,000,000.’’; and 

13 (D) by amending clause (iii) to read as fol14 lows: 

15 ‘‘(iii) PROSPECTIVE APPLICABILITY.— 

16 An investment by a licensee is eligible for 

17 exclusion from the calculation of out18 standing leverage under clause (i) only if 

19 such investment is made by such licensee 

20 after the date of enactment of the Investing 

21 in All of America Act of 2023.’’; and 

22 (3) by adding at the end the following new sub23 paragraphs: 


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1 ‘‘(E) ANNUAL ADJUSTMENT.—The Adminis2 trator shall adjust the dollar amounts described 

3 in subparagraphs (A) and (B)— 

4 ‘‘(i) on the date of the enactment of 

5 this subparagraph, by a percentage equal to 

6 the percentage (if any) by which the Con7 sumer Price Index (all items; United States 

8 city average), as published by the Bureau of 

9 Labor Statistics, increased during the pe10 riod— 

11 ‘‘(I) beginning on December 18, 

12 2015, and ending on the date of the en13 actment of this subparagraph, for sub14 paragraph (B); and 

15 ‘‘(II) beginning on June 21, 2018, 

16 and ending on the date of the enact17 ment of this subparagraph, for sub18 paragraph (A); and 

19 ‘‘(ii) on the date that is one year after 

20 the date of the enactment of this subpara21 graph, and annually thereafter, by a per22 centage equal to the percentage (if any) by 

23 which the Consumer Price Index (all items; 

24 United States city average), as published by 

25 the Bureau of Labor Statistics, increased 


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1 during the one-year period preceding the 

2 date of the adjustment under this clause.’’. 

3 (c) REPORT.—Not later than June 30 of the first year 

4 beginning after the date of the enactment of this Act, and 

5 annually thereafter, the Administrator of the Small Busi6 ness Administration shall submit to the Committee on 

7 Small Business and Entrepreneurship of the Senate and 

8 the Committee on Small Business of the House of Represent9 atives a report on the results of the exclusion under sub10 paragraph (C) of section 303(b)(2) of the Small Business 

11 Investment Act of 1958 (15 U.S.C. 683(b)(2)), as amended 

12 by subsection (a), including the economic activity generated 

13 and jobs directly and indirectly created by the exclusion. 


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Union Calendar No. 388 

118TH CONGRESS 

2D SESSION H. R. 5333 

[Report No. 118–469] 

A BILL 

To amend the Small Business Investment Act of 

other purposes. businesses in critical technology areas, and for cated in rural or low-income areas and small tain amounts invested in smaller enterprises lo1958 to exclude from the limit on leverage cerAPRIL 26, 2024 

Reported with an amendment, committed to the Comand ordered to be printed mittee of the Whole House on the State of the Union, 


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