Investing in Main Street Act of 2017

Bill: 115-hr-2364
Sponsor: full_name: Rep. Chu, Judy [D-CA-27]
Introduced: 2017-05-04
Policy area: Commerce
Subjects: Bank accounts, deposits, capital

Banking and financial institutions regulation

Business investment and capital

Small business
Latest action: action_date: 2017-07-25
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2017-05-04
action_desc: Introduced in House
text: <p><b>Investing in Main Street Act of 2017</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>

action_date: 2017-07-12
action_desc: Reported to House without amendment
text: <p>(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)</p> <p><b>Investing in Main Street Act of 2017</b></p> <p>(Sec. 2) 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>

action_date: 2017-07-24
action_desc: Passed House without amendment
text: <p>(This measure has not been amended since it was introduced. The expanded summary of the House reported version is repeated here.)</p> <p><b>Investing in Main Street Act of 2017</b></p> <p>(Sec. 2) 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 115th CONGRESS 1st Session H. R. 2364 IN THE HOUSE OF REPRESENTATIVES May 4, 2017 Ms. Judy Chu of California (for herself, Ms. Meng , 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 2017 . 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. .

tv_txt: IIB 115th CONGRESS 1st Session H. R. 2364 IN THE SENATE OF THE UNITED STATES July 25, 2017 Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs AN ACT 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 2017 . 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. .

Passed the House of Representatives July 24, 2017. Karen L. Haas, Clerk

tv_txt: IB 115th CONGRESS 1st Session H. R. 2364 IN THE HOUSE OF REPRESENTATIVES AN ACT 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 2017 . 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. .

Passed the House of Representatives July 24, 2017. Karen L. Haas, Clerk.

tv_txt: IB Union Calendar No. 152 115th CONGRESS 1st Session H. R. 2364 [Report No. 115–216] IN THE HOUSE OF REPRESENTATIVES May 4, 2017 Ms. Judy Chu of California (for herself, Ms. Meng , and Mr. Knight ) introduced the following bill; which was referred to the Committee on Small Business July 12, 2017 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed 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 2017 . 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. .

July 12, 2017 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed