IB 
Union Calendar No. 388 
118TH CONGRESS 
2D SESSION 
H. R. 5333 
[Report No. 118–469] 
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 
SEPTEMBER 1, 2023 
Mr. MEUSER (for himself and Ms. SCHOLTEN) introduced the following bill; 
which was referred to the Committee on Small Business 
APRIL 26, 2024 
Additional sponsors: Mr. DAVIS of North Carolina, Mr. ALFORD, Mrs. KIM 
of California, Mr. NUNN of Iowa, Mr. LUETKEMEYER, Ms. DAVIDS of 
Kansas, Mr. GOTTHEIMER, Mr. BARR, Mr. LANDSMAN, Mr. GARBARINO, 
Mrs. HOUCHIN, Mr. DONALDS, Mr. LALOTA, and Mr. FITZPATRICK 
APRIL 26, 2024 
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 September 1, 2023] 
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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 2023’’. 
SEC. 2. SBIC 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 ‘‘,’’; 
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 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) IN GENERAL.—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 ‘‘OR CRITICAL TECH-
NOLOGY
AREAS’’ 
after 
‘‘GEOGRAPHIC 
AREAS’’; 
(B) in clause (i)— 
(i) by striking ‘‘(i) In calculating’’ and 
inserting the following: 
‘‘(i) IN GENERAL.—Except as provided 
in clause (iii), in calculating’’; 
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(ii) by inserting ‘‘or companies’’ after 
‘‘of a company’’; 
(iii) by striking ‘‘subparagraph (A)’’ 
and inserting ‘‘subparagraphs (A) and 
(B)’’; 
(iv) by striking ‘‘equity’’; 
(v) by striking ‘‘the company in a 
smaller enterprise’’ and all that follows and 
inserting the following: ‘‘the company or 
companies in— 
‘‘(I) a smaller enterprise located 
in a low-income geographic area (as 
defined in section 689 of this title) or 
in a rural area; or’’; and 
(vi) by adding at the end the following 
new subclause: 
‘‘(II) a small business concern in 
an area of critical technology (as de-
fined in section 4801 of title 10, 
United States Code) vital to maintain-
ing the national security of the United 
States.’’; 
(C) by amending clause (ii) to read as fol-
lows: 
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‘‘(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 
or companies under clause (i) from the cal-
culation of the outstanding leverage of 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 the Investing 
in All of America Act of 2023.’’; and 
(3) by adding at the end the following new sub-
paragraphs: 
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‘‘(E) ANNUAL ADJUSTMENT.—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 Con-
sumer Price Index (all items; United States 
city average), as published by the Bureau of 
Labor Statistics, increased during the pe-
riod— 
‘‘(I) beginning on December 18, 
2015, and ending on the date of the en-
actment of this subparagraph, for sub-
paragraph (B); and 
‘‘(II) beginning on June 21, 2018, 
and ending on the date of the enact-
ment of this subparagraph, for 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, increased 
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during the one-year period preceding 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 Busi-
ness Administration shall submit to the Committee on 
Small Business and Entrepreneurship of the Senate and 
the Committee on Small Business of the House of Represent-
atives a report on the results of the exclusion under sub-
paragraph (C) of section 303(b)(2) of the Small Business 
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. 
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Union Calendar No. 388 
118TH CONGRESS 
2D SESSION 
H. R. 5333 
[Report No. 118–469] 
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. 
APRIL 26, 2024 
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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