cent to cover the cost of packaging, processing and other
nonlegal staff functions.
SEC. 503. MODIFICATION OF SMALL BUSINESS INVEST-
MENT 
COMPANY 
DEBENTURE 
INTEREST
RATES.
(a) IN GENERAL.—Upon the request of the issuer,
the Small Business Administration is authorized to trans-
fer to the Federal Financing Bank such sums as may be
necessary to carry out the provisions of this section in
order to reduce the interest rate on a debenture issued
by a Small Business Investment Company under the provi-
sions of title III of the Small Business Investment Act
of 1958. The reduction shall be effective January 2, 1995
and shall apply for the remainder of the term of the deben-
ture.
(b) INTEREST RATE MODIFICATION.—Upon receipt
of such payment, the Federal Financing Bank shall mod-
ify the interest rate of each debenture for which the pay-
ment is made. No other change shall be made in the terms
and conditions of the debenture, and the modification in
the interest rate shall not be construed as new budget au-
thority nor require any additional appropriation for credit
subsidy on account of the modification.
(c) DEFINITIONS.—For the purposes of this section,
the term ‘‘issuer’’ means the issuer of a debenture pursu-
ant to section 303 of the Small Business Investment Act
of 1958 which has been purchased by the Federal Financ-
ing Bank if the debenture is outstanding on the date of
enactment of this Act, and is not in default on such date.
(d) OTHER RIGHTS.—A modification of the interest
rate on a debenture as authorized in this section shall not
affect any rights or options of the issuer which are other-
wise authorized by contract or by law.
SEC. 504. MODIFICATION OF SPECIALIZED SMALL BUSI-
NESS INVESTMENT COMPANY DEBENTURE
INTEREST RATES.
(a) INTEREST RATE MODIFICATION.—Upon the re-
quest of the issuer, the Small Business Administration is
authorized to modify the interest rate on a debenture is-
sued by a Small Business Investment Company licensed
under the provisions of section 301(d) of the Small Busi-
ness Investment Act of 1958 and which is held by the Ad-
ministration. No debenture which has been sold to a third
party shall be eligible for modification under this section.
The reduction shall be effective January 2, 1995 and shall
apply for the remainder of the term of the debenture. No
other change shall be made in the terms and conditions
of the debenture, and the modification in the interest rate
shall not be construed as new budget authority nor require
any additional appropriation for credit subsidy on account
of the modification.
(b) DEFINITIONS.—For the purposes of this section,
the term ‘‘issuer’’ means a Specialized Small Business In-
vestment Company licensed under the provisions of section
301(d) of the Small Business Investment Act of 1958
which has issued a debenture which has been funded by
the Small Business Administration, providing the deben-
ture is outstanding on the date of enactment of this Act
and is not in default on such date.
(c) OTHER RIGHTS.—A modification of the interest
rate on a debenture as authorized in this section shall not
affect any rights or options of the issuer which are other-
wise authorized by contract or by law.
SEC. 505. INTEREST RATE REDUCTIONS.
(a) IN GENERAL.—Upon enactment of an Appropria-
tions Act providing funds to carry out the provisions of
this Act and limited to amounts specifically provided in
advance in Appropriations Acts, the Small Business Ad-
ministration shall evaluate the outstanding portfolio of de-
bentures which are eligible for interest rate relief under
this Act. The Administration shall apply the funds appro-
priated to carry out this Act in order to reduce the highest
interest rate on all eligible debentures to a uniform rate.
(b) AUTHORIZATION.—There are authorized to be ap-
propriated $30 million to carry out the provisions of this
Act in fiscal year 1995.
TITLE VI—DEVELOPMENT OF
WOMEN-OWNED BUSINESSES
SEC. 601. STATUS OF COUNCIL.
Section 401 of the Women’s Business Ownership Act
of 1988 (15 U.S.C. 631 note) is redesignated as section
405 of such Act and, as redesignated, is amended—
(1) in the heading by inserting ‘‘OF
THE
COUNCIL’’ after ‘‘ESTABLISHMENT’’; and
(2) by striking the period at the end and insert-
ing the following: ‘‘which shall serve as an independ-
ent advisory council to the Interagency Committee
on Women’s Business Enterprise, to the Adminis-
trator of the Small Business Administration, and to
the Congress of the United States. The Council, in
order to carry out its function as an independent ad-
visory council to the Congress, is authorized and di-
rected to report independently of the Interagency
Committee directly to the Congress at such times
and on such matters as it, in its discretion, deems
appropriate.’’.
SEC. 602. DUTIES OF NATIONAL WOMEN’S BUSINESS COUN-
CIL.
Section 402 of the Women’s Business Ownership Act
of 1988 (15 U.S.C. 631 note) is redesignated as section
406 of such Act and, as redesignated, is amended to read
as follows:
‘‘SEC. 406. DUTIES OF THE COUNCIL.
‘‘The Council shall meet at such times as it deter-
mines necessary in order to advise and consult with the
Interagency Committee on Women’s Business Enterprise
on matters relating to the activities, functions, and policies
of such Committee as provided in this title. The Council
shall make annual recommendations for consideration by
the Committee. The Council also shall provide reports and
make such other recommendations as it deems appropriate
to the Committee, to the Administrator of the Small Busi-
ness Administration, and to the Small Business Commit-
tee of the United States Senate and to the Small Business
Committee of the United States House of Representa-
tives.’’.
SEC. 603. MEMBERSHIP OF THE COUNCIL.
Section 403 of the Women’s Business Ownership Act
of 1988 (15 U.S.C. 631 note) is redesignated as section
407 of such Act, and, as redesignated, is amended to read
as follows:
‘‘SEC. 407. MEMBERSHIP OF THE COUNCIL.
‘‘(a) The Council shall be composed of 15 members
who shall be appointed by the Administrator of the Small
Business Administration and who shall serve at the Ad-
ministrator’s discretion. In making the appointments, the
Administrator shall include racial, geographic and eco-
nomic diversity, and representation from diverse sectors
of the economy, including manufacturing, high technology,
services and credit institutions, and shall give priority to
include representation of major women’s business organi-
zations.
‘‘(b) Only the owner, operator or employee of a
woman-owned business shall be eligible for appointment,
and not more than eight appointees shall be members of
the same political party. If any member of the Council
subsequently becomes an officer or employee of the Fed-
eral Government or of the Congress, such individual may
continue as a member of the Council for not longer than
the thirty-day period beginning on the date such individual
becomes such an officer or employee.
‘‘(c) The Council annually shall select one member
to serve as its Chairperson. The Chairperson of the Coun-
cil, or her designee, shall be the representative of the
Council to all meetings of the Interagency Committee on
Women’s Business Enterprise.