Investing in Main Street Act of 2019

Bill: 116-hr-116
Sponsor: full_name: Rep. Chu, Judy [D-CA-27]
Introduced: 2019-01-03
Policy area: Commerce
Subjects: Administrative law and regulatory procedures

Banking and financial institutions regulation

Business investment and capital

Small business
Latest action: action_date: 2019-01-15
text: Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.

Summaries:
action_date: 2019-01-03
action_desc: Introduced in House
text: <p><b>Investing in Main Street Act of 2019</b></p> <p>This bill amends the Small Business Investment Act of 1958 to permit certain banking entities, subject to the approval of the appropriate federal banking agency, to invest up to 15% of their capital and surplus in one or more small business investment companies (SBICs), or in any entity established to invest solely in SBICs,</p>

action_date: 2019-01-14
action_desc: Passed House
text: <p><b>Investing in Main Street Act of 2019</b></p> <p>This bill amends the Small Business Investment Act of 1958 to permit certain banking entities, subject to the approval of the appropriate federal banking agency, to invest up to 15% of their capital and surplus in one or more small business investment companies (SBICs), or in any entity established to invest solely in SBICs.</p>

tv_txt: I 116th CONGRESS 1st Session H. R. 116 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 2019 . 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 January 14, 2019. Karen L. Haas, Clerk.

tv_txt: I 116th CONGRESS 1st Session H. R. 116 IN THE HOUSE OF REPRESENTATIVES January 3, 2019 Ms. Judy Chu of California (for herself and Mr. Norman ) 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 2019 . 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 116th CONGRESS 1st Session H. R. 116 IN THE SENATE OF THE UNITED STATES January 15, 2019 Received; read twice and referred to the Committee on Small Business and Entrepreneurship 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 2019 . 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 January 14, 2019. Karen L. Haas, Clerk.