Investing in Main Street Act of 2021

Bill: 117-hr-4256
Sponsor: full_name: Rep. Chu, Judy [D-CA-27]
Introduced: 2021-06-30
Policy area: Commerce
Subjects: Administrative law and regulatory procedures

Bank accounts, deposits, capital

Banking and financial institutions regulation

Business investment and capital

Small business
Latest action: action_date: 2021-11-03
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2021-06-30
action_desc: Introduced in House
text: <p><b>Investing in Main Street Act of 2021</b></p> <p>This bill authorizes 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: 2021-10-12
action_desc: Reported to House
text: <p><b>Investing in Main Street Act of 2021</b></p> <p>This bill authorizes 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: 2021-11-02
action_desc: Passed House
text: <p><b>Investing in Main Street Act of 2021</b></p> <p>This bill authorizes 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 117th CONGRESS 1st Session H. R. 4256 IN THE HOUSE OF REPRESENTATIVES June 30, 2021 Ms. Chu (for herself and Mr. Garbarino ) 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 2021 . 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: IB Union Calendar No. 100 117th CONGRESS 1st Session H. R. 4256 [Report No. 117–140] IN THE HOUSE OF REPRESENTATIVES June 30, 2021 Ms. Chu (for herself and Mr. Garbarino ) introduced the following bill; which was referred to the Committee on Small Business October 12, 2021 Reported from the Committee on Small Business ; 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 2021 . 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. .

October 12, 2021 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed

tv_txt: I 117th CONGRESS 1st Session H. R. 4256 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 2021 . 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. . 3. Determination of Budgetary Effects The budgetary effects of this Act, for the purpose of complying with the Statutory Pay-As-You-Go Act of 2010, shall be determined by reference to the latest statement titled Budgetary Effects of PAYGO Legislation for this Act, submitted for printing in the Congressional Record by the Chairman of the House Budget Committee, provided that such statement has been submitted prior to the vote on passage.

Passed the House of Representatives November 2, 2021. Cheryl L. Johnson, Clerk.

tv_txt: IIB 117th CONGRESS 1st Session H. R. 4256 IN THE SENATE OF THE UNITED STATES November 3, 2021 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 2021 . 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. . 3. Determination of Budgetary Effects The budgetary effects of this Act, for the purpose of complying with the Statutory Pay-As-You-Go Act of 2010, shall be determined by reference to the latest statement titled Budgetary Effects of PAYGO Legislation for this Act, submitted for printing in the Congressional Record by the Chairman of the House Budget Committee, provided that such statement has been submitted prior to the vote on passage.

Passed the House of Representatives November 2, 2021. Cheryl L. Johnson, Clerk