Investing in Main Street Act of 2016

Bill: 114-hr-5969
Sponsor: full_name: Rep. Meng, Grace [D-NY-6]
Introduced: 2016-09-08
Policy area: Commerce
Subjects: Bank accounts, deposits, capital

Banking and financial institutions regulation

Business investment and capital

Small business
Latest action: action_date: 2016-09-08
text: Referred to the House Committee on Small Business.

Summaries:
action_date: 2016-09-08
action_desc: Introduced in House
text: <p><b>Investing in Main Street Act of 2016</b></p> <p>This bill amends the Small Business Investment Act of 1958 to increase from 5% to 15% of its capital and surplus, the amount a national bank, a member bank of the Federal Reserve System, a nonmember insured bank (to the extent permitted under applicable state law), or a federal savings association may invest in one or more small business investment companies (SBICs), or in any entity established to invest solely in SBICs. The increase is subject to the approval of the appropriate federal banking agency.</p>

tv_txt: I 114th CONGRESS 2d Session H. R. 5969 IN THE HOUSE OF REPRESENTATIVES September 8, 2016 Ms. Meng (for herself, Mr. Curbelo of Florida , and Mr. Knight ) introduced the following bill; which was referred to the Committee on Small Business A BILL To amend the Small Business Investment Act of 1958 to increase the amount that certain banks and savings associations may invest in small business investment companies, subject to the approval of the appropriate Federal banking agency, and for other purposes.

1. Short title This Act may be cited as the Investing in Main Street Act of 2016 . 2. Investment in small business investment companies Section 302(b) of the Small Business Investment Act of 1958 ( 15 U.S.C. 682(b) ) is amended— (1) in paragraph (1), by inserting before the period the following: or, subject to the approval of the appropriate Federal banking agency, 15 percent of such capital and surplus ; (2) in paragraph (2), by inserting before the period the following: or, subject to the approval of the appropriate Federal banking agency, 15 percent of such capital and surplus ; and (3) by adding at the end the following: (3) Appropriate Federal banking agency defined For purposes of this subsection, the term appropriate Federal banking agency has the meaning given that term under section 3 of the Federal Deposit Insurance Act. .