Inspector General, as applicable, shall make 
such documents or records available to the re-
questing committee or its duly authorized rep-
resentative within 5 business days of the re-
quest, and if a document or record cannot be 
made available within such timeframe, the Ad-
ministrator or the Inspector General, as appli-
cable, shall provide the requesting committee 
with a written explanation stating the reason 
that each document or record requested has not 
been provided and a date certain for its produc-
tion.’’. 
SEC. 302. MANAGEMENT OF THE SMALL BUSINESS ADMIN-
ISTRATION. 
Section 4 of the Small Business Act (15 U.S.C. 633) 
is amended— 
(1) by striking ‘‘Sec. 4.’’ and inserting the fol-
lowing: 
‘‘SEC. 4. MANAGEMENT OF THE SMALL BUSINESS ADMINIS-
TRATION.’’; 
(2) in subsection (a), by striking ‘‘(a)’’ and in-
serting the following: 
‘‘(a) ESTABLISHMENT.—’’; 
(3) in subsection (b)—
(A) by striking ‘‘(b)(1)’’ and inserting the 
following: 
‘‘(b) AUTHORITY OF ADMINISTRATOR.— 
‘‘(1) IN GENERAL.— 
‘‘(A) APPOINTMENT.—’’; 
(B) in paragraph (1)— 
(i) by striking ‘‘The Administrator 
shall not engage’’ and inserting the fol-
lowing: 
‘‘(B) SOLE EMPLOYMENT.—The Adminis-
trator shall not engage’’; 
(ii) by striking ‘‘In carrying out’’ and 
inserting the following: 
‘‘(C) NONDISCRIMINATION; SPECIAL CON-
SIDERATION FOR VETERANS.—In carrying out’’; 
and 
(iii) by striking ‘‘The President’’ and 
inserting the following: 
‘‘(D) APPOINTMENT OF DEPUTY ADMINIS-
TRATOR; 
ASSOCIATE
ADMINISTRATORS.—The 
President’’; and 
(C) in paragraph (2), by striking ‘‘the Ad-
ministrator also’’ and inserting ‘‘Responsibil-
ities of Administrator.—The Administrator’’; 
and
(4) by adding at the end the following: 
‘‘(g) OFFICE OF LENDER OVERSIGHT.—The Director 
of the Office of Lender Oversight shall— 
‘‘(1) formulate, execute, and promote policies 
and procedures of the Administration that provide 
adequate and effective oversight and review of lend-
ers participating in, or applying to participate in, 
the loan and loan guaranty programs for small busi-
ness concerns under this Act and the Small Business 
Investment Act of 1958 (15 U.S.C. 661 et seq.); and 
‘‘(2) report directly to the Chief Financial Offi-
cer of the Administration.’’. 
TITLE IV—ENTREPRENEURIAL 
DEVELOPMENT PROGRAMS 
Subtitle A—Office of 
Entrepreneurial Development 
SEC. 401. SERVICE CORPS OF RETIRED EXECUTIVES. 
(a) IN GENERAL.—Section 8(b)(1)(B) of the Small 
Business Act (15 U.S.C. 637(b)(1)(B)) is amended— 
(1) by striking ‘‘this Act; and to’’, and inserting 
‘‘this Act. To’’; 
(2) by striking ‘‘may maintain at its head-
quarters’’ and all that follows through ‘‘That any’’ 
and inserting ‘‘shall maintain at its headquarters 
and pay the salaries, benefits, and expenses of a vol-
unteer and professional staff to manage and oversee 
the program. Any’’; and 
(3) by striking the period at the end and insert-
ing the following: ‘‘and the management of the con-
tributions received.’’. 
(b) REGULATIONS.—The Administration shall, not 
later than 180 days after the date of enactment of this 
Act, promulgate regulations to carry out the amendments 
made by subsection (a). 
(c) EXTENSION OF COSPONSORSHIP AUTHORITY.— 
Section 401(a)(2) of the Small Business Administration 
Reauthorization and Amendments Act of 1994 (15 U.S.C. 
637 note, 108 Stat. 4190) is amended by striking ‘‘Sep-
tember 30, 2003’’ and inserting ‘‘September 30, 2006’’. 
SEC. 402. SMALL BUSINESS DEVELOPMENT CENTER PRO-
GRAM. 
(a) PRIVACY REQUIREMENTS.—Section 21(a) of the 
Small Business Act (15 U.S.C. 648(a)) is amended by 
adding at the end the following: 
‘‘(7) PRIVACY REQUIREMENTS.— 
‘‘(A) IN GENERAL.—A small business de-
velopment center, consortium of small business 
development centers, or contractor or agent of 
a small business development center may not 
disclose the name, address, or telephone num-
ber of any individual or small business concern 
receiving assistance under this section without 
the consent of such individual or small business 
concern, unless— 
‘‘(i) the Administrator is ordered to 
make such a disclosure by a court in any 
civil or criminal enforcement action initi-
ated by a Federal or State agency; or 
‘‘(ii) the Administrator considers such 
a disclosure to be necessary for the pur-
pose of conducting a financial audit of a 
small business development center, but a 
disclosure under this clause shall be limited 
to the information necessary for such 
audit. 
‘‘(B) ADMINISTRATION USE OF INFORMA-
TION.—This section shall not— 
‘‘(i) restrict Administration access to 
program activity data; or 
‘‘(ii) prevent the Administration from 
using client information (other than the in-
formation described in subparagraph (A)) 
to conduct client surveys. 
‘‘(C) REGULATIONS.—The Administrator 
shall issue regulations to establish standards for
requiring disclosures during a financial audit 
under subparagraph (A)(ii).’’. 
(b) TERM CHANGE.—Section 21(k) of the Small 
Business Act (15 U.S.C. 648(k)) is amended— 
(1) by striking ‘‘CERTIFICATION’’ each place it 
appears and inserting ‘‘ACCREDITATION’’; and 
(2) by striking ‘‘certification’’ each place it ap-
pears and inserting ‘‘accreditation’’. 
Subtitle B—Office of Veterans 
Business Development 
SEC. 431. ADVISORY COMMITTEE ON VETERANS BUSINESS 
AFFAIRS. 
(a) RETENTION OF DUTIES.—Section 33(h) of the 
Small Business Act (15 U.S.C. 657c(h)) is amended by 
striking ‘‘October 1, 2004’’ and inserting ‘‘October 1, 
2006’’. 
(b) EXTENSION OF AUTHORITY.—Section 203(h) of 
the Veterans Entrepreneurship and Small Business Devel-
opment Act of 1999 (15 U.S.C. 657b note) is amended 
by striking ‘‘September 30, 2004’’ and inserting ‘‘Sep-
tember 30, 2006’’. 
SEC. 432. OUTREACH GRANTS FOR VETERANS. 
Section 8(b)(17) of the Small Business Act (15 
U.S.C. 637(b)(17)) is amended by inserting before the pe-
riod at the end the following: ‘‘, veterans, and members 
of a reserve component of the Armed Forces’’. 
SEC. 433. AUTHORIZATION OF APPROPRIATIONS. 
Section 32 of the Small Business Act (15 U.S.C. 
657b) is amended by adding at the end the following new 
subsection: 
‘‘(c) AUTHORIZATION OF APPROPRIATIONS.—There 
are authorized to be appropriated for carrying out this sec-
tion— 
‘‘(1) $1,500,000 for fiscal year 2005; and 
‘‘(2) $2,000,000 for fiscal year 2006.’’. 
SEC. 434. NATIONAL VETERANS BUSINESS DEVELOPMENT 
CORPORATION. 
Section 33(a) of the Small Business Act (15 U.S.C. 
657c(a)) is amended by adding at the end the following: 
‘‘Notwithstanding any other provision of law, the Corpora-
tion is a private entity and is not an agency, instrumen-
tality, authority, entity, or establishment of the United 
States Government.’’.
TITLE V—SMALL BUSINESS 
PROCUREMENT OPPORTUNITIES 
SEC. 501. WOMEN-OWNED SMALL BUSINESS CONCERNS; AU-
THORITIES OF ADMINISTRATOR. 
Subsections (m) and (n) of section 8 of the Small 
Business Act (15 U.S.C. 637 (m) and (n)) are amended 
to read as follows: 
‘‘(m) PROCUREMENT PROGRAM FOR WOMEN-OWNED 
SMALL BUSINESS CONCERNS.— 
‘‘(1) DEFINITIONS.—In this subsection, the fol-
lowing definitions apply: 
‘‘(A) SMALL BUSINESS CONCERN OWNED 
AND
CONTROLLED
BY
WOMEN.—The term 
‘small business concern owned and controlled by 
women’ has the meaning given such term in 
section 3(n), except that ownership shall be de-
termined without regard to any community 
property law. 
‘‘(2) AUTHORITY TO RESTRICT COMPETITION.— 
In accordance with this subsection, a contracting of-
ficer may restrict competition for any contract for 
the procurement of goods or services by the Federal 
Government to small business concerns owned and 
controlled by women, if—
‘‘(A) each of the concerns is not less than 
51 percent owned by 1 or more women who are 
economically disadvantaged (and such owner-
ship is determined without regard to any com-
munity property law); 
‘‘(B) the contracting officer has a reason-
able expectation that 2 or more small business 
concerns owned and controlled by women will 
submit offers for the contract; 
‘‘(C) the contract is for the procurement of 
goods or services with respect to an industry 
identified by the Administrator pursuant to 
paragraph (4); 
‘‘(D) the anticipated award price of the 
contract (including options) does not exceed— 
‘‘(i) $5,000,000, in the case of a con-
tract assigned an industrial classification 
code in sector 31, 32, or 33 of the North 
American Industrial Classification System; 
or 
‘‘(ii) $3,000,000, in the case of all 
other contracts; 
‘‘(E) in the estimation of the contracting 
officer, the contract award can be made at a 
fair and reasonable price; and
‘‘(F) each of the concerns— 
‘‘(i) is certified by a Federal agency 
or a State government as a small business 
concern owned and controlled by women; 
‘‘(ii) is certified by a national certi-
fying entity approved by the Administrator 
as a small business concern owned and 
controlled by women; or 
‘‘(iii) certifies to the contracting offi-
cer that it is a small business concern 
owned and controlled by women and pro-
vides adequate documentation in accord-
ance with standards established by the Ad-
ministration to support such certification. 
‘‘(3) WAIVER.—With respect to a small busi-
ness concern owned and controlled by women, the 
Administrator may waive subparagraph (2)(A) if the 
Administrator determines that the concern is in an 
industry in which small business concerns owned 
and controlled by women are substantially underrep-
resented. 
‘‘(4) IDENTIFICATION OF INDUSTRIES.— 
‘‘(A) IN
GENERAL.—The Administrator 
shall conduct a study to identify industries in 
which small business concerns owned and con-
trolled by women are underrepresented with re-
spect to Federal procurement contracting. 
‘‘(B) DEADLINE.—Not later than 90 days 
after the date of the enactment of this subpara-
graph the Administrator shall— 
‘‘(i) ensure the completion of the 
study described in this paragraph; 
‘‘(ii) approve national certifying enti-
ties 
for 
the 
purposes 
of 
paragraph 
(2)(F)(ii); and 
‘‘(iii) make determinations in accord-
ance with paragraph (3). 
‘‘(5) ENFORCEMENT; PENALTIES.— 
‘‘(A) VERIFICATION
OF
ELIGIBILITY.—In 
carrying out this subsection, the Administrator 
shall use existing procedures established by the 
Office of Hearings and Appeals relating to— 
‘‘(i) the filing, investigation, and dis-
position by the Administration of any chal-
lenge to the eligibility of a small business 
concern to receive assistance under this 
subsection (including a challenge, filed by 
an interested party, relating to the veracity 
of a certification made or information pro-
vided to the Administration by a small
business concern under paragraph (2)(F)); 
and 
‘‘(ii) verification by the Administrator 
of the accuracy of any certification made 
or information provided to the Administra-
tion by a small business concern under 
paragraph (2)(F). 
‘‘(B) EXAMINATIONS.—The procedures es-
tablished under subparagraph (A) may provide 
for program examinations (including random 
program examinations) by the Administrator of 
any small business concern making a certifi-
cation or providing information to the Adminis-
trator under paragraph (2)(F). 
‘‘(C) PENALTIES.—In addition to the pen-
alties described in section 16(d), any small busi-
ness concern that is determined by the Admin-
istrator to have misrepresented the status of 
that concern as a small business concern owned 
and controlled by women for purposes of this 
subsection, shall be subject to— 
‘‘(i) section 1001 of title 18, United 
States Code; and 
‘‘(ii) sections 3729 through 3733 of 
title 31, United States Code.
‘‘(6) PROVISION OF DATA.—Upon the request 
of the Administrator, the head of any Federal de-
partment or agency shall promptly provide to the 
Administrator such information as the Adminis-
trator determines to be necessary to carry out this 
subsection. 
‘‘(n) AUTHORITIES
OF ADMINISTRATOR.—In car-
rying out subsections 7(i), 8(a), and 8(b) the Adminis-
trator may do the following: 
‘‘(1) Utilize, with their consent, the services and 
facilities of Federal agencies without reimbursement, 
and, with the consent of any State or political sub-
division of a State, accept and utilize the services 
and facilities of such State or subdivision without re-
imbursement. 
‘‘(2) Accept voluntary and uncompensated serv-
ices, notwithstanding section 1342 of title 31, 
United States Code. 
‘‘(3) Employ experts and consultants or organi-
zations thereof as authorized by section 3109 of title 
5, United States Code. No individual may be em-
ployed under the authority of this paragraph for 
more than 100 days in any fiscal year. No individual 
employed under this paragraph may be compensated 
at rates in excess of the daily equivalent of the high-
est rate payable under section 5332 of title 5, 
United States Code, including traveltime. Individuals 
employed under this paragraph may be allowed, 
while away from their homes or regular places of 
business, travel expenses (including per diem in lieu 
of subsistence) as authorized by section 5703 of title 
5, United States Code for persons in the Govern-
ment service employed intermittently. Contracts for 
employment under this paragraph may be renewed 
annually.’’. 
SEC. 502. PROCUREMENT CENTER REPRESENTATIVES. 
Section 15(l) of the Small Business Act (15 U.S.C. 
644(l)) is amended— 
(1) in the last sentence of paragraph (1), by 
striking ‘‘to the representative referred to in sub-
section (k)(6)’’ and inserting ‘‘the traditional pro-
curement center representative and the commercial 
market representative, with each position filled by a 
different individual, and each such representative 
having separate and distinct duties and responsibil-
ities.’’; and 
(2) by adding at the end the following new 
paragraph: 
‘‘(8) The Administration shall assign at least 1 pro-
curement center representative at each major procurement
center, in addition to at least 1 procurement center rep-
resentative for each State.’’. 
TITLE 
VI—MISCELLANEOUS 
AMENDMENTS 
TO 
SMALL 
BUSINESS INVESTMENT ACT 
OF 1958 
SEC. 601. AMENDMENT TO DEFINITION OF EQUITY CAPITAL 
WITH RESPECT TO ISSUERS OF PARTICI-
PATING SECURITIES. 
Section 303(g)(4) of the Small Business Investment 
Act of 1958 (15 U.S.C. 683 (g)(4)) is amended— 
(1) in the first sentence, by striking ‘‘sub-
section’’ and inserting ‘‘Act’’; and 
(2) in the second sentence, by striking ‘‘contin-
gent upon and limited to the extent of earnings’’ and 
inserting ‘‘from appropriate sources, as determined 
by the Administration’’. 
SEC. 602. AMENDMENT TO SMALL BUSINESS INVESTMENT 
COMPANY AGGREGATE LIMITATIONS PROVI-
SION. 
Section 306(a) of the Small Business Investment Act 
of 1958 (15 U.S.C. 686(a)) is amended by to read as fol-
lows: 
‘‘(a) If a small business investment company has out-
standing financing from the Administration, the aggregate
amount of obligations and securities acquired and for 
which commitments may be issued by the company under 
this title for a single enterprise shall not, without the ap-
proval of the Administration, exceed the greater of 20 per-
cent of the private capital of the company or 10 percent 
of the sum of: 
‘‘(1) (1) the private capital of the company; 
‘‘(2) all leverage, whether or not outstanding, 
issued to the company; and 
‘‘(3) all unexercised commitments issued to the 
company by the Administration.’’. 
SEC. 603. INVESTMENT OF EXCESS FUNDS. 
Section 308(b) of the Small Business Act (15 U.S.C. 
687(b)) is amended by striking the last sentence and in-
serting the following new sentence: ‘‘Such companies with 
outstanding financings are authorized to invest funds not 
needed for their operations— 
‘‘(1) in direct obligations of, or obligations 
guaranteed as to principal and interest by, the 
United States; 
‘‘(2) in certificates of deposit or other accounts 
of federally insured banks or other federally insured 
depository institutions, if the certificates or other ac-
counts mature or are otherwise fully available not