IB Union Calendar No. 185 119th CONGRESS 1st Session H. R. 2066 [Report No. 119–227] 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 August 15, 2025 Additional sponsors: Mr. Wied , Mr. Fitzpatrick , Ms. King-Hinds , Ms. Davids of Kansas , Mr. Davis of North Carolina , Mr. LaLota , and Mr. Vindman August 15, 2025 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 March 11, 2025 A BILL 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.

1. Short title This Act may be cited as the Investing in All of America Act of 2025 . 2. Small business investment company 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 established prior to October 1, 1987 ; (B) in subclause (II)— (i) by striking or and inserting a comma; and (ii) by inserting , foundation, endowment, or trust of any college or university 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 subparagraph: (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 Administrator 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)— (A) in clause (i), by striking 300 and inserting 200 ; and (B) by amending clause (ii) to read as follows: (ii) (I) with respect to such a company that makes quarterly or semiannual interest payments $250,000,000; or (II) $175,000,000 with respect to any other company licensed under section 301(c). ; (2) in subparagraph (B), by striking may not exceed $350,000,000. and inserting the following “may not exceed— (i) with respect to such companies that are commonly controlled and that make quarterly or semiannual interest payments, $475,000,000; or (ii) $350,000,000 with respect to any other companies licensed under section 301(c) that are commonly controlled. ; and (3) in subparagraph (C)— (A) in the heading— (i) by inserting or rural after low-income ; and (ii) by inserting , critical technology areas, or small manufacturers 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 ; (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 (v) by striking the company in a smaller enterprise and all that follows and inserting the following: the company or companies in— (I) a small business concern located in a low-income geographic area (as defined in section 351 of this title) or in a rural area (as defined in section 343(a)(13) of the Agricultural Act of 1961 ( 7 U.S.C. 1991(a)(13) )); (II) a small business concern operating primarily in a covered technology category (as defined in section 149(e) of title 10, United States Code); or (III) a small manufacturer (as defined in section 501(e)(6) of this Act). ; (C) by amending clause (ii) to read as follows: (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 calculation 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 capital of such company or companies or $125,000,000. ; and (D) by amending clause (iii) to read as follows: (iii) Prospective applicability An investment by a licensee is eligible for exclusion from the calculation of outstanding leverage under clause (i) only if such investment is made by such licensee after the date of enactment of this clause. .

August 15, 2025 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed