Investing in Main Street Act of 2023

Bill: 118-hr-400
Sponsor: full_name: Rep. Chu, Judy [D-CA-28]
Introduced: 2023-01-20
Policy area: Commerce
Subjects: Bank accounts, deposits, capital

Banking and financial institutions regulation

Business investment and capital

Small business
Latest action: action_date: 2023-01-26
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2023-01-20
action_desc: Introduced in House
text: <p><b>Investing in Main Street Act of 2023</b></p> <p>This bill authorizes certain banking entities 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. The current limit is 5%.</p>

action_date: 2023-01-25
action_desc: Passed House
text: <p><b>Investing in Main Street Act of 2023</b></p> <p>This bill authorizes certain banking entities 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. The current limit is 5%.</p>

tv_txt: IIB 118th CONGRESS 1st Session H. R. 400 IN THE SENATE OF THE UNITED STATES January 26, 2023 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 may be invested in small business investment companies.

1. Short title This Act may be cited as the Investing in Main Street Act of 2023 . 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 striking 5 percent and inserting 15 percent ; and (2) in paragraph (2), by striking 5 percent and inserting 15 percent .

Passed the House of Representatives January 25, 2023. Cheryl L. Johnson, Clerk.

tv_txt: I 118th CONGRESS 1st Session H. R. 400 IN THE HOUSE OF REPRESENTATIVES AN ACT To amend the Small Business Investment Act of 1958 to increase the amount that may be invested in small business investment companies.

1. Short title This Act may be cited as the Investing in Main Street Act of 2023 . 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 striking 5 percent and inserting 15 percent ; and (2) in paragraph (2), by striking 5 percent and inserting 15 percent .

Passed the House of Representatives January 25, 2023. Cheryl L. Johnson, Clerk.

tv_txt: I 118th CONGRESS 1st Session H. R. 400 IN THE HOUSE OF REPRESENTATIVES January 20, 2023 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 may be invested in small business investment companies.

1. Short title This Act may be cited as the Investing in Main Street Act of 2023 . 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 striking 5 percent and inserting 15 percent ; and (2) in paragraph (2), by striking 5 percent and inserting 15 percent .