I 

118TH CONGRESS 

1ST SESSION H. R. 5333 

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 

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. 

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 

5 America Act of 2023’’. 


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1 SEC. 2. SBIC MAXIMUM LEVERAGE EXCLUSION. 

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

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

4 is amended— 

5 (1) in subparagraph (C)— 

6 (A) in the heading— 

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

8 ‘‘LOW-INCOME’’; and 

9 (ii) by inserting ‘‘OR CRITICAL TECH10 NOLOGY AREAS’’ after ‘‘GEOGRAPHIC

11 AREAS’’; 

12 (B) in clause (i)— 

13 (i) by inserting ‘‘or companies’’ after 

14 ‘‘of a company’’; 

15 (ii) by striking ‘‘subparagraph (A)’’ 

16 and inserting ‘‘subparagraphs (A) and 

17 (B)’’; 

18 (iii) by striking ‘‘equity’’; 

19 (iv) by striking ‘‘the company in a 

20 smaller enterprise’’ and all that follows 

21 and inserting the following: ‘‘the company 

22 or companies in— 

23 ‘‘(I) a smaller enterprise located 

24 in a low-income geographic area (as 

25 defined in section 689 of this title) or 

26 in a rural area; or’’; and 


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1 (v) by adding at the end the following 

2 new subclause: 

3 ‘‘(II) a small business concern in 

4 an area of critical technology (as de5 fined in section 4801 of title 10, 

6 United States Code) vital to maintain7 ing the national security of the United 

8 States.’’; 

9 (C) by amending clause (ii) to read as fol10 lows: 

11 ‘‘(ii) LIMITATION.—The aggregate 

12 amount excluded for a company or compa13 nies under clause (i) from the calculation 

14 of the outstanding leverage of such com15 pany or companies for the purposes of sub16 paragraphs (A) and (B) may not exceed 50 

17 percent of the private capital of such com18 pany or companies.’’; and 

19 (D) by striking clause (iii); and 

20 (2) by adding at the end the following new sub21 paragraphs: 

22 ‘‘(E) ANNUAL ADJUSTMENT.—The Admin23 istrator shall adjust the dollar amounts de24 scribed in subparagraphs (A) and (B)— 


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

2 this subparagraph, by a percentage equal 

3 to the percentage (if any) by which the 

4 Consumer Price Index (all items; United 

5 States city average), as published by the 

6 Bureau of Labor Statistics, increased dur7 ing the period beginning on the date of the 

8 most recent adjustment to each such dollar 

9 amount and the date of the enactment of 

10 this subparagraph; and 

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

12 the date of the enactment of this subpara13 graph, and annually thereafter, by a per14 centage equal to the percentage (if any) by 

15 which the Consumer Price Index (all items; 

16 United States city average), as published 

17 by the Bureau of Labor Statistics, in18 creased during the one-year period pre19 ceding the date of the adjustment under 

20 this clause.’’. 

21 (b) REPORT.—Not later than June 30 of the first 

22 year beginning after the date of the enactment of this Act, 

23 and annually thereafter, the Administrator of the Small 

24 Business Administration shall submit to the Committee on 

25 Small Business and Entrepreneurship of the Senate and 


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1 the Committee on Small Business of the House of Rep2 resentatives a report on the results of the exclusion under 

3 subparagraph (C) of section 303(b)(2) of the Small Busi4 ness Investment Act of 1958 (15 U.S.C. 683(b)(2)), as 

5 amended by subsection (a), including the economic activity 

6 generated and jobs directly and indirectly created by the 

7 exclusion. 

Æ 


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