I 
111TH CONGRESS 
2D SESSION 
H. R. 5297 
To create the Small Business Lending Fund Program to direct the Secretary 
of the Treasury to make capital investments in eligible institutions in 
order to increase the availability of credit for small businesses, and 
for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 13, 2010 
Mr. FRANK of Massachusetts (for himself, Ms. WATERS, Mrs. MALONEY, Mr. 
GUTIERREZ, Mr. WATT, Mr. MOORE of Kansas, Mr. HINOJOSA, Mr. 
MEEKS of New York, Mr. MILLER of North Carolina, Mr. SCOTT of 
Georgia, Mr. AL GREEN of Texas, Ms. BEAN, Ms. MOORE of Wisconsin, 
Mr. ELLISON, Mr. KLEIN of Florida, Mr. PERLMUTTER, Mr. PETERS, 
Mr. MAFFEI, and Mrs. DAHLKEMPER) introduced the following bill; 
which was referred to the Committee on Financial Services 
A BILL 
To create the Small Business Lending Fund Program to 
direct the Secretary of the Treasury to make capital 
investments in eligible institutions in order to increase 
the availability of credit for small businesses, 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 ‘‘Small Business Lend-
ing Fund Act of 2010’’. 
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SEC. 2. PURPOSE. 
The purpose of this Act is to address the ongoing 
effects of the financial crisis on small businesses by pro-
viding temporary authority to the Secretary of the Treas-
ury to make capital investments in eligible institutions in 
order to increase the availability of credit for small busi-
nesses. 
SEC. 3. DEFINITIONS. 
For purposes of this Act: 
(1) 
APPROPRIATE
COMMITTEES
OF
CON-
GRESS.—The term ‘‘appropriate committees of Con-
gress’’ means— 
(A) the Committee on Small Business and 
Entrepreneurship, the Committee on Agri-
culture, Nutrition, and Forestry, the Committee 
on Banking, Housing, and Urban Affairs, the 
Committee on Finance, the Committee on the 
Budget, and the Committee on Appropriations 
of the Senate; and 
(B) the Committee on Small Business, the 
Committee on Agriculture, the Committee on 
Financial Services, the Committee on Ways and 
Means, the Committee on the Budget, and the 
Committee on Appropriations of the House of 
Representatives. 
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(2) APPROPRIATE
FEDERAL
BANKING
AGEN-
CY.—The term ‘‘appropriate Federal banking agen-
cy’’ has the meaning given such term under section 
3(q) of the Federal Deposit Insurance Act (12 
U.S.C. 1813(q)). 
(3) BANK
HOLDING
COMPANY.—The term 
‘‘bank holding company’’ has the meaning given 
such term under section 2(a)(1) of the Bank Hold-
ing 
Company 
Act 
of 
1956 
(12 
U.S.C. 
1841(2)(a)(1)). 
(4) CALL
REPORT.—The term ‘‘call report’’ 
means— 
(A) reports of Condition and Income sub-
mitted to the Office of the Comptroller of the 
Currency, the Board of Governors of the Fed-
eral Reserve System, and the Federal Deposit 
Insurance Corporation; 
(B) the Office of Thrift Supervision Thrift 
Financial Report; and 
(C) any report that is designated by the 
Office of the Comptroller of the Currency, the 
Board of Governors of the Federal Reserve Sys-
tem, the Federal Deposit Insurance Corpora-
tion, or the Office of Thrift Supervision, as ap-
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plicable, as a successor to any report referred to 
in subparagraph (A) or (B). 
(5) CDCI.—The term ‘‘CDCI’’ means the Com-
munity Development Capital Investment program 
created by the Secretary under the Troubled Asset 
Relief Program established by the Emergency Eco-
nomic Stabilization Act of 2008. 
(6) CDCI INVESTMENT.—The term ‘‘CDCI in-
vestment’’ means, with respect to any eligible insti-
tution, the principal amount of any investment made 
by the Secretary in such eligible institution under 
the CDCI that has not been repaid. 
(7) CPP.—The term ‘‘CPP’’ means the Capital 
Purchase Program created by the Secretary under 
the Troubled Asset Relief Program established by 
the Emergency Economic Stabilization Act of 2008. 
(8) CPP INVESTMENT.—The term ‘‘CPP in-
vestment’’ means, with respect to any eligible insti-
tution, the principal amount of any investment made 
by the Secretary in such eligible institution under 
the CPP that has not been repaid. 
(9) ELIGIBLE INSTITUTION.—The term ‘‘eligi-
ble institution’’ means— 
(A) any insured depository institution, 
which— 
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(i) is not controlled by a bank holding 
company or savings and loan holding com-
pany that is also an eligible institution; 
(ii) has total assets of equal to or less 
than $10,000,000,000, as reported in the 
call report as of the end of the fourth 
quarter of calendar year 2009; and 
(iii) is not directly or indirectly con-
trolled by any company or other entity that 
has total assets of equal to or less than 
$10,000,000,000, as so reported; 
(B) any bank holding company, which— 
(i) has total assets of equal to or less 
than $10,000,000,000; and 
(ii) has one or more insured deposi-
tory institution subsidiaries that have com-
bined total assets of equal to or less than 
$10,000,000,000, as reported in the call 
report of each insured depository institu-
tion subsidiary as of the end of the fourth 
quarter of calendar year 2009; and 
(C) any savings and loan holding company, 
which— 
(i) has total assets of equal to or less 
than $10,000,000,000; and 
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(ii) has one or more insured deposi-
tory institution subsidiaries that have total 
assets 
of 
equal 
to 
or 
less 
than 
$10,000,000,000, as reported in the call 
report of each insured depository institu-
tion subsidiary as of the end of the fourth 
quarter of calendar year 2009. 
(10) FUND.—The term ‘‘Fund’’ means the 
Small Business Lending Fund established by section 
4(a)(1) of this Act. 
(11) INSURED DEPOSITORY INSTITUTION.—The 
term ‘‘insured depository institution’’ has the mean-
ing given such term under section 3(c)(2) of the 
Federal 
Deposit 
Insurance 
Act 
(12 
U.S.C. 
1813(c)(2)). 
(12) PROGRAM.—The term ‘‘Program’’ means 
the Small Business Lending Fund Program author-
ized by section 4(a)(2) of this Act. 
(13) SAVINGS AND LOAN HOLDING COMPANY.— 
The term ‘‘savings and loan holding company’’ has 
the meaning given such term under section 
10(a)(1)(D) of the Home Owners’ Loan Act (12 
U.S.C. 1467a(a)(1)(D)). 
(14) 
SECRETARY.—The 
term 
‘‘Secretary’’ 
means the Secretary of the Treasury. 
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(15) SMALL
BUSINESS
LENDING.—The term 
‘‘small business lending’’ means— 
(A) commercial and industrial loans plus 
owner-occupied nonfarm, nonresidential real es-
tate loans; 
(B) loans to finance agricultural produc-
tion and other loans to farmers; and 
(C) loans secured by farmland, as defined 
by and reported in an eligible institution’s quar-
terly call report. 
In the case of eligible institutions that are bank 
holding companies or savings and loan holding com-
panies having one or more insured depository insti-
tution subsidiaries, small business lending shall be 
measured based on the combined small business 
lending reported in the call report of the insured de-
pository institution subsidiaries. 
SEC. 4. SMALL BUSINESS LENDING FUND. 
(a) FUND AND PROGRAM.— 
(1) FUND ESTABLISHED.—There is established 
in the Treasury of the United States a fund to be 
known as the ‘‘Small Business Lending Fund’’, 
which shall be administered by the Secretary. 
(2) PROGRAMS AUTHORIZED.—The Secretary is 
authorized to establish the Small Business Lending 
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Fund Program for using the Fund consistent with 
this Act, and a program for the allocation of Federal 
funds to participating States to expand the avail-
ability of credit to small businesses. 
(b) USE OF FUND.— 
(1) IN GENERAL.—Subject to paragraph (2), 
the Fund shall be available to the Secretary, without 
further appropriation or fiscal year limitation, for 
the costs of purchases (including commitments to 
purchase), and modifications of such purchases, of 
preferred stock and other financial instruments from 
eligible institutions on such terms and conditions as 
are determined by the Secretary in accordance with 
this Act. 
(2) MAXIMUM
PURCHASE
LIMIT.—The aggre-
gate amount of purchases (and commitments to pur-
chase) made pursuant to paragraph (1) may not ex-
ceed $30,000,000,000. 
(c) CREDITS TO THE FUND.—There shall be credited 
to the Fund amounts made available pursuant to section 
9, to the extent provided by appropriations Acts. 
(d) TERMS.— 
(1) APPLICATION.— 
(A) Eligible institutions having total assets 
equal to or less than $1,000,000,000, as re-
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ported in a call report as of the end of the 
fourth quarter of calendar year 2009, may 
apply to receive a capital investment from the 
Fund in an amount not exceeding 5 percent of 
risk-weighted assets, as reported in the call re-
port immediately preceding the date of applica-
tion, less the amount of any CDCI investment 
and any CPP investment. 
(B) Eligible institutions having total assets 
of more than $1,000,000,000 but less than 
$10,000,000,000, as of the end of the fourth 
quarter of calendar year 2009, may apply to re-
ceive a capital investment from the Fund in an 
amount not exceeding 3 percent of risk-weight-
ed assets, as reported in the call report imme-
diately preceding the date of application, less 
the amount of any CDCI investment and any 
CPP investment. 
(C) In the case of an eligible institution 
that is a bank holding company or a savings 
and loan holding company having one or more 
insured depository institution subsidiaries, total 
assets shall be measured based on the combined 
total assets reported in the call report of the in-
sured depository institution subsidiaries as of 
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the end of the fourth quarter of calendar year 
2009 and risk-weighted assets shall be meas-
ured based on the combined risk-weighted as-
sets of the insured depository institution sub-
sidiaries as reported in the call report imme-
diately preceding the date of application. 
(D) If an eligible institution that applies to 
receive a capital investment under the Program 
is under the control of a bank holding company 
or a savings and loan holding company, then 
the Secretary may use the Small Business 
Lending Fund to purchase preferred stock or 
other financial instruments from the top-tier 
bank holding company or savings and loan 
holding company of such eligible institution, as 
applicable. For purposes of this paragraph, the 
term ‘‘control’’ with respect to a bank holding 
company shall have the same meaning as in 
section 2(a)(2) of the Bank Holding Company 
Act of 1956 (12 U.S.C. 1841(2)(a)(2)). For 
purposes of this paragraph, the term ‘‘control’’ 
with respect to a savings and loan holding com-
pany shall have the same meaning as in 
10(a)(2) of the Home Owners’ Loan Act (12 
U.S.C. 1467a(a)(2)). 
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(E) At the time that an applicant submits 
an application to the Secretary for a capital in-
vestment under the Program, the applicant 
shall deliver to the appropriate Federal banking 
agency a small business lending plan describing 
how the applicant’s business strategy and oper-
ating goals will allow it to address the needs of 
small businesses in the areas it serves. This 
plan shall be confidential supervisory informa-
tion. 
(2) CONSULTATION
WITH
REGULATORS.—For 
each eligible institution that applies to receive a cap-
ital investment under the Program, the Secretary 
shall consult with the appropriate Federal banking 
agency for the eligible institution to determine 
whether the eligible institution may receive such cap-
ital investment. 
(3) LIMITATION
ON
DENIAL.—The Secretary 
may not deny an application by an eligible institu-
tion for a capital investment under the Program 
solely on the basis of the composite rating of the eli-
gible institution under the Uniform Financial Insti-
tutions Rating System (or an equivalent rating 
under a comparable rating system). 
(4) INCENTIVES TO LEND.— 
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(A) Any preferred stock or other financial 
instrument issued to Treasury by an eligible in-
stitution receiving a capital investment under 
the Program shall provide that— 
(i) the rate at which dividends or in-
terest are payable shall be 5 percent per 
annum initially; 
(ii) within the first 2 years after the 
date of the capital investment under the 
Program, the rate may be adjusted based 
on the amount of an eligible institution’s 
small business lending. Changes in small 
business lending shall be measured against 
the amount of small business lending re-
ported by the eligible institution in its call 
report for the last quarter in calendar year 
2009 or the average amount of small busi-
ness lending reported by the eligible insti-
tution in all call reports for calendar year 
2009, whichever is lower, minus adjust-
ments from each quarterly balance in re-
spect of— 
(I) net loan charge offs with re-
spect to small business lending; and 
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(II) gains realized by the eligible 
institution resulting from mergers, ac-
quisitions or purchases of loans after 
origination and syndication; which ad-
justments shall be determined in ac-
cordance with guidance promulgated 
by the Secretary; and 
(iii) during any calendar quarter dur-
ing the initial 2-year period referred to in 
clause (ii), an institution’s rate shall be ad-
justed to reflect the following schedule, 
based on that institution’s change in small 
business lending relative to the baseline— 
(I) if small business lending has 
increased by less than 2.5 percent, the 
dividend or interest rate shall be 5 
percent; 
(II) if small business lending has 
increased by 2.5 percent or greater, 
but by less than 5.0 percent, the divi-
dend or interest rate shall be 4 per-
cent; 
(III) if small business lending 
has increased by 5.0 percent or great-
er, but by less than 7.5 percent, the 
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dividend or interest rate shall be 3 
percent; 
(IV) if small business lending has 
increased by 7.5 percent or greater, 
and but by less than 10.0 percent, the 
dividend or interest rate shall be 2 
percent; or 
(V) if small business lending has 
increased by 10 percent or greater, 
the dividend or interest rate shall be 
1 percent. 
(B) The initial dividend or interest rate 
shall be based on call report data published in 
the quarter immediately preceding the date of 
the capital investment under the Program. 
(C) Any rate adjustment shall occur in the 
calendar quarter following the publication of 
call report data, such that the rate based on 
call report data from any one calendar quarter, 
which is published in the first following cal-
endar quarter, shall be adjusted in that first 
following calendar quarter and payable in the 
second following quarter. 
(D) Generally, the rate based on call re-
port data from the eighth calendar quarter 
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after the date of the capital investment under 
the Program shall be payable until the expira-
tion of the 5-year period that begins on the 
date of the investment. In the case where lend-
ing has remained the same or decreased relative 
to the institution’s baseline in the eighth quar-
ter after the date of the capital investment 
under the Program, the rate shall be 7 percent 
until the expiration of the 5-year period that 
begins on the date of the investment. 
(E) The dividend or interest rate paid on 
any preferred stock or other financial instru-
ment issued by an eligible institution that re-
ceives a capital investment under the Program 
shall increase to 9 percent at the end of the 5- 
year period that begins on the date of the cap-
ital investment under the Program. 
(F) The reduction in the dividend or inter-
est rate payable to Treasury by any eligible in-
stitution shall be limited such that the rate re-
duction shall not apply to an amount of the in-
vestment made by Treasury that is greater than 
the increase in lending realized under this pro-
gram. The Secretary may issue guidelines that 
will apply to new capital investments limiting 
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the amount of capital available to eligible insti-
tutions consistent with this limitation. 
(G) Before making a capital investment in 
an eligible institution that is an S corporation 
or a corporation organized on a mutual basis, 
the Secretary may adjust the dividend or inter-
est rate on the financial instrument to be issued 
to the Secretary, from the dividend or interest 
rate that would apply under subparagraphs (A) 
through (F), to take into account any differen-
tial tax treatment of securities issued by such 
eligible institution. For purpose of this subpara-
graph, the term ‘‘S corporation’’ has the same 
meaning as in section 1361(a) of the Internal 
Revenue Code of 1986. 
(5) ADDITIONAL INCENTIVES TO REPAY.—The 
Secretary may, by regulation or guidance issued 
under section 5(9), establish repayment incentives in 
addition to the incentive in paragraph (4)(E) that 
will apply to new capital investments in a manner 
that the Secretary determines to be consistent with 
the purposes of this Act. 
(6) 
CAPITAL
PURCHASE
PROGRAM
REFI-
NANCE.—The Secretary shall, in a manner that the 
Secretary determines to be consistent with the pur-
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poses of this Act, issue regulations and other guid-
ance to permit eligible institutions to refinance secu-
rities issued to Treasury under the CDCI and the 
CPP for securities to be issued under the Program. 
(7) ADDITIONAL TERMS.—The Secretary may, 
by regulation or guidance issued under section 5(9), 
make modifications that will apply to new capital in-
vestments in order to manage risks associated with 
the administration of the Small Business Lending 
Fund in a manner consistent with the purposes of 
this Act. 
SEC. 5. ADDITIONAL AUTHORITIES OF THE SECRETARY. 
The Secretary may take such actions as the Secretary 
deems necessary to carry out the authorities in this Act, 
including, without limitation, the following: 
(1) The Secretary may use the services of any 
agency or instrumentality of the United States or 
component thereof on a reimbursable basis, and any 
such agency or instrumentality or component thereof 
is authorized to provide services as requested by the 
Secretary using all authorities vested in or delegated 
to that agency, instrumentality, or component. 
(2) The Secretary may enter into contracts, in-
cluding contracts for services authorized by section 
3109 of title 5, United States Code. 
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(3) The Secretary may designate any bank, sav-
ings association, trust company, or security broker 
or dealer as a financial agent of the Federal Govern-
ment and such institution shall perform all such rea-
sonable duties related to this Act as financial agent 
of the Federal Government as may be required. The 
Secretary shall have authority to amend existing 
agreements with financial agents, entered into dur-
ing the 2-year period before the date of enactment 
of this Act, to perform reasonable duties related to 
this Act. 
(4) The Secretary may exercise any rights re-
ceived in connection with any preferred stock or 
other financial instruments or assets purchased or 
acquired pursuant to the authorities granted under 
this Act. 
(5) The Secretary may manage any assets pur-
chased under this Act, including revenues and port-
folio risks therefrom. 
(6) The Secretary may sell, dispose of, transfer, 
exchange or enter into securities loans, repurchase 
transactions, or other financial transactions in re-
gard to, any preferred stock or other financial in-
strument or asset purchased or acquired under this 
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Act, upon terms and conditions and at a price deter-
mined by the Secretary. 
(7) The Secretary may manage or prohibit con-
flicts of interest that may arise in connection with 
the administration and execution of the authorities 
provided under this Act. 
(8) The Secretary may establish and use vehi-
cles, subject to supervision by the Secretary, to pur-
chase, hold, and sell preferred stock or other finan-
cial instruments and issue obligations. 
(9) The Secretary may, in consultation with the 
Administrator of the Small Business Administration, 
issue such regulations and other guidance as may be 
necessary or appropriate to define terms or carry 
out the authorities or purposes of this Act. 
SEC. 6. CONSIDERATIONS. 
In exercising the authorities granted in this Act, the 
Secretary shall take into consideration— 
(1) increasing the availability of credit for small 
businesses; 
(2) providing funding to eligible institutions 
that serve small businesses in low- and moderate-in-
come, minority and other underserved communities; 
(3) protecting and increasing American jobs; 
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(4) ensuring that all eligible institutions may 
apply to participate in the program established 
under this Act, without discrimination based on ge-
ography; 
(5) providing transparency with respect to use 
of funds provided under this Act; and 
(6) minimizing the cost to taxpayers of exer-
cising the authorities. 
SEC. 7. REPORTS. 
The Secretary shall provide to the appropriate com-
mittees of Congress— 
(1) within 7 days of the end of each month 
commencing with the first month in which trans-
actions are made under the Program, a written re-
port describing all of the transactions made during 
the reporting period pursuant to the authorities 
granted under this Act; and 
(2) after the end of March and the end of Sep-
tember, commencing September 30, 2010, a written 
report on all projected costs and liabilities, all oper-
ating expenses, including compensation for financial 
agents, and all transactions made by the Fund. 
SEC. 8. OVERSIGHT AND AUDITS. 
(a) INSPECTOR GENERAL OVERSIGHT.—The Inspec-
tor General of the Department of the Treasury shall con-
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duct, supervise, and coordinate audits and investigations 
of the purchase (and commitments to purchase) of pre-
ferred stock and other financial instruments under the 
Program. 
(b) GAO AUDIT.—The Comptroller General of the 
United States shall perform an annual audit of the Pro-
gram and issue a report to the appropriate committees 
of Congress containing the results of such audit. 
SEC. 9. CREDIT REFORM; FUNDING. 
(a) CREDIT REFORM.—The cost of purchases of pre-
ferred stock and other financial instruments made as cap-
ital investments under this Act shall be determined as pro-
vided under the Federal Credit Reform Act of 1990 (2 
U.S.C. 661 et seq.). 
(b) FUNDS MADE AVAILABLE.—There are hereby au-
thorized to be appropriated, out of funds in the Treasury 
not otherwise appropriated, such sums as may be nec-
essary to pay the costs of $30,000,000,000 of capital in-
vestments in eligible institutions, including the costs of 
modifying such investments, and reasonable costs of ad-
ministering the program of making, holding, managing, 
and selling the capital investments. 
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SEC. 10. TERMINATION AND CONTINUATION OF AUTHORI-
TIES. 
(a) TERMINATION OF INVESTMENT AUTHORITY.— 
The authority to make capital investments in eligible insti-
tutions, including commitments to purchase preferred 
stock or other instruments, provided under this Act shall 
terminate 1 year after the date of enactment of this Act. 
(b) CONTINUATION OF OTHER AUTHORITIES.—The 
authorities of the Secretary in section 5 shall not be lim-
ited by the termination date in subsection (a). 
SEC. 11. PRESERVATION OF AUTHORITY. 
Nothing in this Act may be construed to limit the 
authority of the Secretary under any other provision of 
law. 
SEC. 12. ASSURANCES. 
(a) SMALL BUSINESS LENDING FUND SEPARATE 
FROM TARP.—The Small Business Lending Fund Pro-
gram is established as separate and distinct from the 
Troubled Asset Relief Program established by the Emer-
gency Economic Stabilization Act of 2008. An institution 
shall not, by virtue of a capital investment under the Small 
Business Lending Fund Program, be considered a recipi-
ent of the Troubled Asset Relief Program. 
(b) CHANGE IN LAW.—If, after a capital investment 
has been made in an eligible institution under the Pro-
gram, there is a change in law that modifies the terms 
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of the investment or program in a materially adverse re-
spect for the eligible institution, the eligible institution 
may, after consultation with the appropriate Federal 
banking agency for the eligible institution, repay the in-
vestment without impediment. 
Æ 
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