IIB 
109TH CONGRESS 
1ST SESSION 
H. R. 436 
IN THE SENATE OF THE UNITED STATES 
APRIL 7, 2005 
Received; read twice and referred to the Committee on Banking, Housing, and 
Urban Affairs 
AN ACT 
To amend the Investment Company Act of 1940 to provide 
incentives for small business investment, and for other 
purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
HR 436 RFS 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Increased Capital Ac-
cess for Growing Business Act’’. 
SEC. 2. AMENDMENTS TO THE INVESTMENT COMPANY ACT 
OF 1940. 
(a) DEFINITION
OF ELIGIBLE PORTFOLIO COM-
PANY.—Section 2(a)(46)(C) of the Investment Company 
Act of 1940 (15 U.S.C. 80a–2(a)(46)(C)) is amended— 
(1) by striking clause (i) and inserting the fol-
lowing: 
‘‘(i) it does not have any class of eq-
uity securities listed for trading on a na-
tional 
securities 
exchange 
or 
traded 
through the facilities of a national securi-
ties association as described in Section 
15A of the Securities Exchange Act of 
1934;’’; 
(2) by striking ‘‘or’’ at the end of clause (iii); 
(3) by redesignating clause (iv) as clause (v); 
and 
(4) by inserting after clause (iii) the following 
new clause: 
‘‘(iv) the aggregate value of its out-
standing publicly traded equity securities is 
not more than $250,000,000, except that 
the Commission may adjust such amounts
HR 436 RFS 
by rule, regulation, or order to reflect 
changes in one or more generally accepted 
indices or other indicators for small busi-
ness, consistent with the public interest, 
the protection of investors, and the pur-
poses fairly intended by the policy and pro-
visions of this title; or’’. 
(b) ASSETS OF BUSINESS DEVELOPMENT COMPA-
NIES.—Section 55(a)(1) of the Investment Company Act 
of 1940 (15 U.S.C. 80a–55(a)(1)) is amended— 
(1) in subparagraph (B), by striking ‘‘securities 
with respect to which a member of a national securi-
ties exchange, broker, or dealer may extend or main-
tain credit to or for a customer pursuant to rules or 
regulations adopted by the Board of Governors of 
the Federal Reserve System under Section 7 of the 
Securities Exchange Act of 1934’’ and inserting the 
following: ‘‘equity securities listed for trading on a 
national securities exchange or traded through the 
facilities of a national securities association as de-
scribed in Section 15A of the Securities Exchange 
Act of 1934’’; and 
(2) by striking ‘‘or’’ at the end of subparagraph 
(A), by inserting ‘‘or’’ after the semicolon at the end
HR 436 RFS 
of subparagraph (B), and by inserting after sub-
paragraph (B) the following new subparagraph: 
‘‘(C) from the issuer of such securities, 
which issuer is described in section 2(a)(46)(A) 
and (B) but is not an eligible portfolio company 
because the aggregate value of its outstanding 
publicly traded equity securities is more than 
$250,000,000 but not more than $500,000,000, 
if such securities represent not more than 10 
percent of the total assets of the business devel-
opment company invested in securities de-
scribed in paragraphs (1) through (6) of this 
section;’’. 
Passed the House of Representatives April 6, 2005. 
Attest: 
JEFF TRANDAHL, 
Clerk.