118TH CONGRESS 
2D SESSION 
H. R. 5333 
AN ACT 
To amend the Small Business Investment Act of 1958 to 
exclude from the limit on leverage certain amounts in-
vested in smaller enterprises located in rural or low- 
income areas and small businesses in critical technology 
areas, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Investing in All of 
America Act of 2023’’. 
SEC. 2. SBIC MAXIMUM LEVERAGE EXCLUSION. 
(a) DEFINITIONS.—Section 103(9) of the Small 
Business Investment Act of 1958 (15 U.S.C. 662(9)) is 
amended— 
(1) in subparagraph (A)(ii), by striking ‘‘and’’ 
at the end; 
(2) in subparagraph (B)(iii)— 
(A) in subclause (I), by striking ‘‘estab-
lished prior to October 1, 1987’’; 
(B) in subclause (II)— 
(i) by striking ‘‘or’’ and inserting ‘‘,’’; 
and 
(ii) by inserting ‘‘, or a foundation, 
endowment, or trust of a college or univer-
sity’’ after ‘‘pension plan’’; and 
(C) in subclause (III), by striking the 
semicolon at the end and inserting ‘‘; and’’; and 
(3) by adding at the end the following new sub-
paragraph: 
‘‘(C) does not include any funds obtained 
directly or indirectly from any Federal, State or 
local government or any government agency or 
instrumentality, except for funds described in
subclauses (I) through (III) of subparagraph 
(B)(iii), for the purpose of approval by the Ad-
ministrator of any request for leverage.’’. 
(b) IN GENERAL.—Section 303(b)(2) of the Small 
Business Investment Act of 1958 (15 U.S.C. 683(b)(2)) 
is amended— 
(1) in subparagraph (A)(i), by striking ‘‘300’’ 
and inserting ‘‘200’’; 
(2) in subparagraph (C)— 
(A) in the heading— 
(i) by inserting ‘‘OR
RURAL’’ after 
‘‘LOW-INCOME’’; and 
(ii) by inserting ‘‘OR CRITICAL TECH-
NOLOGY
AREAS’’ 
after 
‘‘GEOGRAPHIC 
AREAS’’; 
(B) in clause (i)— 
(i) by striking ‘‘(i) In calculating’’ and 
inserting the following: 
‘‘(i) IN
GENERAL.—Except as pro-
vided in clause (iii), in calculating’’; 
(ii) by inserting ‘‘or companies’’ after 
‘‘of a company’’; 
(iii) by striking ‘‘subparagraph (A)’’ 
and inserting ‘‘subparagraphs (A) and 
(B)’’;
(iv) by striking ‘‘equity’’; 
(v) by striking ‘‘the company in a 
smaller enterprise’’ and all that follows 
and inserting the following: ‘‘the company 
or companies in— 
‘‘(I) a smaller enterprise located 
in a low-income geographic area (as 
defined in section 689 of this title) or 
in a rural area; or’’; and 
(vi) by adding at the end the following 
new subclause: 
‘‘(II) a small business concern in 
an area of critical technology (as de-
fined in section 4801 of title 10, 
United States Code) vital to maintain-
ing the national security of the United 
States.’’; 
(C) by amending clause (ii) to read as fol-
lows: 
‘‘(ii) LIMITATION.—While maintaining 
the limitation of subparagraph (A)(i) and 
consistent with a leverage determination 
ratio issued pursuant to section 301(c), the 
aggregate amount excluded for a company 
or companies under clause (i) from the cal-
culation of the outstanding leverage of 
such company or companies for the pur-
poses of subparagraphs (A) and (B) may 
not exceed the lesser of 50 percent of the 
private capital of such company or compa-
nies or $125,000,000.’’; and 
(D) by amending clause (iii) to read as fol-
lows: 
‘‘(iii) PROSPECTIVE APPLICABILITY.— 
An investment by a licensee is eligible for 
exclusion from the calculation of out-
standing leverage under clause (i) only if 
such investment is made by such licensee 
after the date of enactment of the Invest-
ing in All of America Act of 2023.’’; and 
(3) by adding at the end the following new sub-
paragraphs: 
‘‘(E) ANNUAL ADJUSTMENT.—The Admin-
istrator shall adjust the dollar amounts de-
scribed in subparagraphs (A) and (B)— 
‘‘(i) on the date of the enactment of 
this subparagraph, by a percentage equal 
to the percentage (if any) by which the 
Consumer Price Index (all items; United 
States city average), as published by the