To amend the Small Business Act to provide the Administrator of the Small Business Administration authority to increase amount for general business loans, and for other purposes.

Bill: 115-hr-1915
Sponsor: full_name: Rep. Velazquez, Nydia M. [D-NY-7]
Introduced: 2017-04-05
Policy area: Commerce
Subjects: Congressional oversight

Government lending and loan guarantees

Small business
Latest action: action_date: 2017-04-05
text: Referred to the House Committee on Small Business.

Summaries:
action_date: 2017-04-05
action_desc: Introduced in House
text: <p>This bill amends the Small Business Act to provide that if the amount of Small Business Administration (SBA) commitments for authorized general business loans for a fiscal year exceeds the limit on the total amount of commitments the SBA may make for such loans under such Act, the SBA may make such commitments for such loans for such fiscal year in a total amount equal to up to 120% of that limit. </p> <p>The SBA may not exercise this authority without prior approval of specified congressional committees. </p>

tv_txt: I 115th CONGRESS 1st Session H. R. 1915 IN THE HOUSE OF REPRESENTATIVES April 5, 2017 Ms. Velázquez introduced the following bill; which was referred to the Committee on Small Business A BILL To amend the Small Business Act to provide the Administrator of the Small Business Administration authority to increase amount for general business loans, and for other purposes.

1. Authority for Administrator to increase amount for general business loans Section 20 of the Small Business Act ( 15 U.S.C. 631 note) is amended— (1) by redesignating subsection (j) as subsection (f); and (2) by adding at the end the following new subsection: (g) Authority To increase amount of general business loans (1) In general For fiscal year 2018 and each fiscal year thereafter, if the Administrator determines that the amount of commitments by the Administrator for general business loans authorized under section 7(a) for a fiscal year exceeds the limit on the total amount of commitments the Administrator may make for such loans under this Act, appropriation Acts, or any other provision of law, the Administrator may make commitments for such loans for such fiscal year in total amount equal to not more than 120 percent of such limit. (2) Approval required before exercising authority (A) In general Not later than 30 days before the date on which the Administrator intends to exercise the authority under paragraph (1), the Administrator shall submit notice of the intent of the Administrator to exercise the authority to— (i) the Committee on Small Business and Entrepreneurship and the Subcommittee on Financial Services and General Government of the Committee on Appropriations of the Senate; and (ii) the Committee on Small Business and the Subcommittee on Financial Services and General Government of the Committee on Appropriations of the House of Representatives. (B) Approval The Administrator may not exercise the authority under paragraph (1) unless the exercise of authority has been approved by the Committee on Appropriations of the Senate and the Committee on Appropriations of the House of Representatives. .