IB 
Union Calendar No. 185 
119TH CONGRESS 
1ST SESSION H. R. 2066 
[Report No. 119–227] 
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 
MARCH 11, 2025 
Mr. MEUSER (for himself and Ms. SCHOLTEN) introduced the following bill; 
which was referred to the Committee on Small Business 
AUGUST 15, 2025 
Additional sponsors: Mr. WIED, Mr. FITZPATRICK, Ms. KING-HINDS, Ms. DA-
VIDS of Kansas, Mr. DAVIS of North Carolina, Mr. LALOTA, and Mr. 
VINDMAN 
AUGUST 15, 2025 
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 March 11, 2025] 
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A BILL 
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. 
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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 Amer-
ica Act of 2025’’. 
SEC. 2. SMALL BUSINESS INVESTMENT COMPANY MAXIMUM 
LEVERAGE EXCLUSION. 
(a) DEFINITIONS.—Section 103(9) of the Small Busi-
ness Investment Act of 1958 (15 U.S.C. 662(9)) is amend-
ed— 
(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 a 
comma; and 
(ii) by inserting ‘‘, foundation, endow-
ment, or trust of any college or university’’ 
after ‘‘pension plan’’; and 
(C) in subclause (III), by striking the semi-
colon at the end and inserting ‘‘; and’’; and 
(3) by adding at the end the following new sub-
paragraph: 
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‘‘(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) 
MAXIMUM
LEVERAGE
EXCLUSION.—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)— 
(A) in clause (i), by striking ‘‘300’’ and in-
serting ‘‘200’’; and 
(B) by amending clause (ii) to read as fol-
lows: 
‘‘(ii)(I) with respect to such a company 
that makes quarterly or semiannual interest 
payments $250,000,000; or 
‘‘(II) $175,000,000 with respect to any 
other 
company 
licensed 
under 
section 
301(c).’’; 
(2) in subparagraph (B), by striking ‘‘may not 
exceed $350,000,000.’’ and inserting the following 
‘‘may not exceed— 
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(v) by striking ‘‘the company in a 
smaller enterprise’’ and all that follows and 
inserting the following: ‘‘the company or 
companies in— 
‘‘(I) a small business concern lo-
cated in a low-income geographic area 
(as defined in section 351 of this title) 
or in a rural area (as defined in sec-
tion 343(a)(13) of the Agricultural Act 
of 1961 (7 U.S.C. 1991(a)(13))); 
‘‘(II) a small business concern op-
erating primarily in a covered tech-
nology category (as defined in section 
149(e) of title 10, United States Code); 
or 
‘‘(III) a small manufacturer (as 
defined in section 501(e)(6) of this 
Act).’’; 
(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 
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or companies under clause (i) from the cal-
culation of the outstanding leverage such 
company or companies for the purposes of 
subparagraphs (A) and (B) may not exceed 
the lesser of 50 percent of the private cap-
ital of such company or companies 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 this clause.’’. 
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Union Calendar No. 185 
119TH CONGRESS 
1ST SESSION 
H. R. 2066 
[Report No. 119–227] 
A BILL 
To amend the Small Business Investment Act of 
1958 to exclude from the limit on leverage cer-
tain amounts invested in smaller enterprises lo-
cated in rural or low-income areas and small 
businesses in critical technology areas, and for 
other purposes. 
AUGUST 15, 2025 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
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