IIB 
118TH CONGRESS 
2D SESSION 
H. R. 5333 
IN THE SENATE OF THE UNITED STATES 
APRIL 30, 2024 
Received; read twice and referred to the Committee on Small Business and 
Entrepreneurship 
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, 
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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 
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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 
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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, for 
subparagraph (B); and 
‘‘(II) beginning on June 21, 
2018, and ending on the date of the 
enactment of this subparagraph, for 
subparagraph (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.’’. 
(c) REPORT.—Not later than June 30 of the first 
year beginning after the date of the enactment of this Act, 
and annually thereafter, the Administrator of the Small 
Business Administration shall submit to the Committee on 
Small Business and Entrepreneurship of the Senate and 
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the Committee on Small Business of the House of Rep-
resentatives a report on the results of the exclusion under 
subparagraph (C) of section 303(b)(2) of the Small Busi-
ness Investment Act of 1958 (15 U.S.C. 683(b)(2)), as 
amended by subsection (a), including the economic activity 
generated and jobs directly and indirectly created by the 
exclusion. 
Passed the House of Representatives April 29, 2024. 
Attest: 
KEVIN F. MCCUMBER, 
Clerk. 
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