I 
119TH CONGRESS 
1ST SESSION H. R. 2066 
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 
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. 
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 2025’’. 
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SEC. 2. SMALL BUSINESS INVESTMENT COMPANY MAX-
IMUM 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 
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(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)(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 ‘‘, CRITICAL TECH-
NOLOGY AREAS, OR SMALL MANUFACTUR-
ERS’’ 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’’; and 
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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.’’; and 
(3) by adding at the end the following new sub-
paragraphs: 
‘‘(E) ANNUAL
ADJUSTMENT.—Except as 
provided in subparagraph (F), the Adminis-
trator shall adjust the dollar amounts described 
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 
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Consumer Price Index (all items; United 
States city average), as published by the 
Bureau of Labor Statistics, increased dur-
ing the period— 
‘‘(I) beginning on December 18, 
2015, and ending on the date of the 
enactment of this subparagraph, with 
respect to a dollar amount under sub-
paragraph (B); and 
‘‘(II) beginning on June 21, 
2018, and ending on the date of the 
enactment of this subparagraph, with 
respect to a dollar amount under sub-
paragraph (A); and 
‘‘(ii) on the date that is one year after 
the date of the enactment of this subpara-
graph, and annually thereafter, by a per-
centage equal to the percentage (if any) by 
which the Consumer Price Index (all items; 
United States city average), as published 
by the Bureau of Labor Statistics, in-
creased during the one-year period pre-
ceding the date of the adjustment under 
this clause. 
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‘‘(F) 
EXCLUSION.—Subparagraph 
(E) 
shall not apply with respect to a small business 
investment company authorized to issue accrual 
debentures (as defined in section 107.50 of title 
13, Code of Federal Regulations).’’. 
Æ 
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