Investing in Main Street Act of 2019

Bill: 116-s-1994
Sponsor: full_name: Sen. Young, Todd [R-IN]
Introduced: 2019-06-26
Policy area: Commerce
Subjects: Administrative law and regulatory procedures

Banking and financial institutions regulation

Business investment and capital

Small business
Latest action: action_date: 2019-06-26
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2019-06-26
action_desc: Introduced in Senate
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: II 116th CONGRESS 1st Session S. 1994 IN THE SENATE OF THE UNITED STATES June 26, 2019 Mr. Young (for himself, Ms. Duckworth , and Mr. Risch ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 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 at the end 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 at the end 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 In this subsection, the term appropriate Federal banking agency has the meaning given the term in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 ). .