TASK DEFINITION: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
PROBLEM: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Significant Regulation Oversight Act 
of 2001''.

SEC. 2. FINDING AND PURPOSE.

    (a) Finding.--The Congress finds that oversight of significant 
rules will be enhanced if they are subject to congressional review and 
approval after being proposed by an agency.
    (b) Purpose.--The purpose of this Act is to ensure that before a 
significant rule takes effect--
            (1) Congress is given an adequate opportunity to review the 
        rule and ensure that it is in accordance with the intent of 
        Congress in enacting the law under which the rule is proposed; 
        and
            (2) Congress approves the rule in accordance with the 
        procedures established by this Act.

SEC. 3. REVIEW OF SIGNIFICANT RULES BY CONGRESS.

    (a) Congressional Approval of Significant Rules Required.--A 
significant rule shall not take effect before the date of the enactment 
of a joint resolution described in section 4(a) comprised solely of the 
text of the significant rule.
    (b) Reporting and Review of Significant Rules.--(1) Before a 
proposed significant rule would take effect as a final rule, the agency 
proposing the rule shall submit to each House of Congress a report 
containing the following:
            (A) A copy of the proposed significant rule.
            (B) A concise summary of the proposed significant rule, its 
        purpose, and anticipated effects.
            (C) A complete copy of any cost-benefit analysis report 
        that has been prepared by the agency with respect to the 
        proposed significant rule.
            (D) An explanation of the specific statutory interpretation 
        under which a rule is proposed, including an explanation of--
                    (i) whether the interpretation is expressly 
                required by the text of the statute; or
                    (ii) if the interpretation is not expressly 
                required by the text of the statute, an explanation 
                that the interpretation is within the range of 
                permissible interpretations of the statute as 
                identified by the agency, and an explanation why the 
                interpretation selected by the agency is the agency's 
                preferred interpretation.
            (E) Any other relevant information or requirements under 
        any other Act and any relevant Executive order.
    (2) Upon receipt of a report under paragraph (1), each House of 
Congress shall provide a copy of the report to the Chairman and ranking 
minority party member of each committee with jurisdiction over the 
subject matter of the report.
    (c) No Inference To Be Drawn Where Congress Fails To Approve.--If 
Congress fails to enact a joint resolution approving a proposed 
significant rule, no court or agency may infer any intent of Congress 
from any action or inaction of Congress with regard to such rule or any 
related statute.

SEC. 4. CONGRESSIONAL APPROVAL PROCEDURE FOR SIGNIFICANT RULES.

    (a) Introduction.--The majority leader of each House of the 
Congress shall introduce (by request) a joint resolution comprised 
solely of the text of a proposed significant rule not later than 3 
session days in the Senate or 3 legislative days in the House of 
Representatives after the date on which an agency submits a report 
under section 3(b) containing the text of the proposed significant 
rule. If the joint resolution is not introduced in either House as 
provided in the preceding sentence, then any Member of that House may 
introduce the joint resolution.
    (b) Referral and Consideration.--(1) The joint resolution shall be 
referred to the appropriate committee of the House in which it is 
introduced. The committee may report the joint resolution without 
substantive revision and with or without recommendation or with an 
adverse recommendation, or the committee may vote not to report the 
joint resolution. If the committee votes to order the joint resolution 
reported, it shall be reported not later than the end of the period 
(not to exceed 45 session days in the Senate or 45 legislative days in 
the House of Representatives) established for consideration of the 
joint resolution by the Speaker of the House of Representatives or the 
majority leader of the Senate, as the case may be. Except in the case 
of a joint resolution which a committee votes not to report, a 
committee failing to report a joint resolution within such period shall 
be automatically discharged from consideration of the joint resolution, 
and it shall be placed on the appropriate calendar.
    (2) A vote on final passage of the joint resolution shall be taken 
in that House on or before the close of the 90th session day in the 
Senate or 90th legislative day in the House of Representatives after 
the date of the introduction of the joint resolution in that House.
    (3)(A) A motion in the House of Representatives to proceed to the 
consideration of a joint resolution under this section shall be highly 
privileged and not debatable. An amendment to the motion shall not be 
in order, nor shall it be in order to move to reconsider the vote by 
which the motion is agreed to or disagreed to.
    (B) Debate in the House of Representatives on a joint resolution 
under this section shall be limited to not more than 4 hours, which 
shall be divided equally between those favoring and those opposing the 
joint resolution. A motion further to limit debate shall not be 
debatable. It shall not be in order to move to recommit a joint 
resolution under this section or to move to reconsider the vote by 
which the joint resolution is agreed to or disagreed to.
    (C) All appeals from the decisions of the chair relating to the 
application of the Rules of the House of Representatives to the 
procedure relating to a joint resolution under this section shall be 
decided without debate.
    (D) Except to the extent specifically provided in the preceding 
provisions of this subsection, consideration of a joint resolution 
under this section shall be governed by the Rules of the House of 
Representatives applicable to other joint resolutions in similar 
circumstances.
    (4)(A) A motion in the Senate to proceed to the consideration of a 
joint resolution under this section shall be privileged and not 
debatable. An amendment to the motion shall not be in order, nor shall 
it be in order to move to reconsider the vote by which the motion is 
agreed to or disagreed to.
    (B) Debate in the Senate on a joint resolution under this section, 
and all debatable motions and appeals in connection therewith, shall be 
limited to not more than 10 hours. The time shall be equally divided 
between, and controlled by, the majority leader and the minority leader 
or their designees.
    (C) Debate in the Senate on any debatable motion or appeal in 
connection with a joint resolution under this section shall be limited 
to not more than 1 hour, to be equally divided between, and controlled 
by, the mover and the manager of the joint resolution, except that in 
the event the manager of the joint resolution is in favor of any such 
motion or appeal, the time in opposition thereto, shall be controlled 
by the minority leader or his designee. Such leaders, or either of 
them, may, from time under their control on the passage of a joint 
resolution, allot additional time to any Senator during the 
consideration of any debatable motion or appeal.
    (D) A motion in the Senate to further limit debate on a joint 
resolution under this section is not debatable. A motion to recommit a 
joint resolution under this section is not in order.
    (c) Amendments Prohibited.--No amendment to a joint resolution 
considered under this section shall be in order in either the House of 
Representatives or the Senate. No motion to suspend the application of 
this subsection shall be in order in either House, nor shall it be in 
order in either House for the presiding officer to entertain a request 
to suspend the application of this subsection by unanimous consent.
    (d) Treatment if the Other House Has Acted.--If, before the passage 
by one House of a joint resolution of that House described in 
subsection (a), that House receives from the other House a joint 
resolution described in subsection (a) comprised of the same text, 
then--
            (1) the procedure in that House shall be the same as if no 
        joint resolution had been received from the other House, and
            (2) the vote on final passage shall be on the joint 
        resolution of the other House.
    (e) Constitutional Authority.--This section is enacted by 
Congress--
            (1) as an exercise of the rulemaking power of the Senate 
        and the House of Representatives, respectively, and as such it 
        is deemed a part of the rules of each House, respectively, but 
        applicable only with respect to the procedure to be followed in 
        that House in the case of a joint resolution described in 
        subsection (a), and it supersedes other rules only to the 
        extent that it is inconsistent with such rules; and
            (2) with full recognition of the constitutional right of 
        either House to change the rules (so far as  relating to the 
procedure of that House) at any time, in the same manner, and to the 
same extent as in the case of any other rule of that House.

SEC. 5. EXISTING RULES.

    (a) In General.--Any existing rule may be revised or revoked in 
accordance with this section if a petition for review so requests.
    (b) Introduction.--If a petition for review is filed with the Clerk 
of the House of Representatives or the Secretary of the Senate, the 
Clerk or the Secretary shall determine whether the petition meets the 
requirements of subsection (d). If the Clerk or the Secretary 
determines that a petition meets those requirements, he or she shall 
notify the majority leader of that House. The majority leader so 
notified shall, within 3 session days in the Senate or 3 legislative 
days in the House of Representatives, introduce a joint resolution (by 
request) that makes the revision or revocation of existing rules 
proposed by the petition upon the enactment of that joint resolution. 
If the joint resolution is not introduced as provided in the preceding 
sentence, then any Member of that House may introduce the joint 
resolution.
    (c) Procedures for Consideration in the House of Representatives 
and the Senate.--Any joint resolution introduced under subsection (b) 
shall be considered in the House of Representatives and the Senate in 
accordance with the procedures respecting a joint resolution set forth 
in section 4.
    (d) Petitions for Review.--A petition for review under subsection 
(a) shall contain the following:
            (1) Any rule affected by the petition and the contents of 
        that rule as it would exist if a joint resolution revising or 
        revoking that rule pursuant to the petition were enacted.
            (2) For a petition in the Senate, the signatures of 30 
        Senators, or for a petition in the House of Representatives, 
        the signatures of 120 Members.

SEC. 6. DEFINITIONS.

    For purposes of this Act:
            (1) Agency.--The term ``agency'' has the meaning given that 
        term in section 551 of title 5, United States Code (relating to 
        administrative procedure).
            (2) Session day and legislative day.--The terms ``session 
        day'' and ``legislative day'' do not include, with respect to a 
        House of the Congress, any day throughout which that House is 
        not in session.
            (3) Rule.--(A) The term ``rule'' has the meaning given such 
        term by section 551 of title 5, United States Code, except that 
        such term does not include--
                    (i) any rule of particular applicability including 
                a rule that approves or prescribes--
                            (I) future rates, wages, prices, services, 
                        or allowances therefor,
                            (II) corporate or financial structures, 
                        reorganizations, mergers, or acquisitions 
                        thereof, or
                            (III) accounting practices or disclosures 
                        bearing on any of the foregoing, or
                    (ii) any rule of agency organization, personnel, 
                procedure, practice, or any routine matter.
            (B) The term ``final rule'' means any final rule or interim 
        final rule.
            (4) Significant rule.--The term ``significant rule'' means 
        any rule proposed by an agency that is specified or described 
        as such in the Act that authorizes the rule.

SEC. 7. EXEMPTION FOR MONETARY POLICY.

    Nothing in this Act applies to any rule concerning monetary policy 
proposed or implemented by the Board of Governors of the Federal 
Reserve System or the Federal Open Market Committee.

SOLUTION: Significant Regulation Oversight Act of 2001 - Prohibits a significant rule from taking effect before the enactment of a joint resolution described in this Act comprising solely of the text of such rule. Calls for congressional reporting and review of significant rules before they take effect as final rules.Provides that, if Congress fails to enact a joint resolution approving the proposed rule, no court or agency may infer any intent of Congress from any action or inaction with regard to such rule or any related statute.Sets forth: (1) the congressional approval procedure for significant rules; and (2) provisions with respect to revising or revoking an existing rule.Exempts from this Act rules concerning monetary policy proposed or implemented by the Board of Governors of the Federal Reserve System or the Federal Open Market Committee.

PROBLEM: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Grandparents Raising Grandchildren 
Assistance Act of 1993''.

SEC. 2. FINDINGS.

    The Congress finds that--
            (1) many grandparents throughout the United States are the 
        primary caregivers to their grandchildren and such grandparents 
        are essentially starting over as parents;
            (2) grandparents are acting as parents for a second time 
        primarily because of problems relating to the natural parents 
        of their grandchildren such as drug and alcohol addiction, 
        abuse, divorce, AIDS and other health problems, and teenage 
        pregnancy;
            (3) grandparents and the grandchildren for whom they 
        provide care often suffer legal, financial, emotional, and 
        bureaucratic hardships; and
            (4) it is desirable to develop national policies that 
        assist grandparents who are serving as the primary caregivers 
        to their grandchildren.

SEC. 3. GRANDCHILD SOCIAL SECURITY BENEFITS BASED ONLY ON DEPENDENCY.

    (a) In General.--Subsection (e) of section 216 of the Social 
Security Act (42 U.S.C. 416) is amended--
            (1) by striking ``, but only if'' in the first sentence and 
        all that follows through ``such individual died''; and
            (2) by striking the last sentence.
    (b) Additional Requirements if Parents Are Alive.--Section 
202(d)(9) of the Social Security Act (42 U.S.C. 402(d)(9)) is amended 
by adding at the end the following new subparagraph:
    ``(C) If--
            ``(i) a child is treated as a child of an individual under 
        clause (3) of the first sentence of section 216(e), and
            ``(ii) a natural or adoptive parent of the child is living 
        at the time specified in paragraph (1)(C) of this subsection,
such child shall not be treated as dependent on such individual as of 
such time unless the period described in subparagraphs (A) and (B) is 
two years, and the natural or adoptive parent, if over the age of 18 
years, is not a dependent for whom a deduction is allowable under 
section 151 of the Internal Revenue Code of 1986 to such individual.''.
    (c) Suspension of Benefits if Child Reunites With Parents.--Section 
202(d)(1) of the Social Security Act (42 U.S.C. 402(d)(1)) is amended--
            (1) by striking ``or'' at the end of subparagraph (F);
            (2) by striking the period at the end of subparagraph (G) 
        and inserting ``; or''; and
            (3) by inserting after subparagraph (G) the following new 
        subparagraph:
            ``(H) in the case of a child described in paragraph (9)(C), 
        the first month during which such child lives with such child's 
        natural or adoptive parent who has attained the age of 18 and 
        who is not a dependent as described in such paragraph.''.
    (d) Effective Date.--The amendments made by this section shall 
apply to benefits payable for months after the date of the enactment of 
this Act, but only on the basis of applications filed after such date.

SEC. 4. DEVELOPMENT OF OPTIONAL MODEL PROCEDURE FOR NOTIFYING RELATIVES 
              PRIOR TO PLACEMENT OF A CHILD IN FOSTER CARE.

    (a) In General.--Part E of title IV of the Social Security Act (42 
U.S.C. 670 et seq.) is amended by inserting after section 477 the 
following new section:

   ``development of model procedure for notifying relatives prior to 
                  placement of a child in foster care

    ``Sec. 478. Not later than 180 days after the date of the enactment 
of this section, the Secretary shall develop a model procedure to be 
used by any State with a plan approved under this part which ensures 
that reasonable efforts will be made prior to the placement of a child 
in foster care to give notice to a relative (including a maternal or 
fraternal grandparent, adult sibling, aunt, or uncle) who might be 
available to care for the child.''.
    (b) State Option to Establish Model Procedure.--Subsection (a) of 
section 471 of the Social Security Act (42 U.S.C. 671) is amended--
            (1) by striking ``and'' at the end of paragraph (16);
            (2) by striking the period at the end of paragraph (17) and 
        inserting ``; and''; and
            (3) by adding at the end the following new paragraph:
            ``(18) at the option of the State, provides that the State 
        agency will establish the procedure developed by the Secretary 
        under section 478 or an alternate procedure for notifying 
        relatives prior to the placement of a child in foster care.''.
    (c) Effective Date.--The amendments made by this section shall be 
effective on the date of the enactment of this Act.

SEC. 5. MODEL STANDARDS FOR INSURANCE COVERAGE OF DEPENDENTS.

    (a) Development of Model Standards.--If, within 1-year after the 
date of the enactment of this section, the National Association of 
Insurance Commissioners has not developed model standards for the 
coverage of dependents under health insurance policies, the Secretary 
of Health and Human Services (hereafter in this section referred to as 
the ``Secretary''), shall develop such standards not later than 180 
days after the end of such 1-year period.
    (b) Distribution of Model Standards.--If the Secretary develops 
model standards under subsection (a), the Secretary shall distribute 
such standards to the commissioner of insurance, or any similar 
official, of each State.

SEC. 6. CENSUS DATA ON GRANDPARENTS AS PRIMARY CAREGIVERS FOR THEIR 
              GRANDCHILDREN.

    (a) In General.--Not later than 90 days after the date of the 
enactment of this section, the Secretary of Commerce (hereafter in this 
section referred to as the ``Secretary''), in carrying out the 
provisions of section 141 of title 13, United States Code, shall expand 
the data collection efforts of the Bureau of the Census (hereafter in 
this section referred to as the ``Bureau'') to enable the Bureau to 
collect statistically significant data, in connection with its 
decennial census and its mid-decade census, concerning the growing 
trend of grandparents who are the primary caregivers for their 
grandchildren.
    (b) Expanded Census Question.--In carrying out the provisions of 
subsection (a), the Secretary shall expand the Bureau's census question 
that details households which include both grandparents and their 
grandchildren. The expanded question shall be formulated to distinguish 
between the following households:
            (1) a household in which a grandparent temporarily provides 
        a home for a grandchild for a period of weeks or months during 
        periods of parental distress; and
            (2) a household in which a grandparent provides a home for 
        a grandchild and serves as the primary caregiver for the 
        grandchild.

SEC. 7. GRANTS FOR THE ESTABLISHMENT AND OPERATION OF A NATIONAL 
              RESOURCE CENTER FOR GRANDPARENTS.

    (a) In General.--Section 202 of the Older Americans Act of 1965 (42 
U.S.C. 3012) is amended by adding at the end the following:
    ``(f)(1) The Commissioner shall make grants to, or enter into 
contracts with, one eligible entity to establish and operate the 
National Resource Center for Grandparents (referred to in this 
subsection as the `Center') to serve as a central source of information 
and assistance to older individuals who--
            ``(A) raise their grandchildren;
            ``(B) encounter problems obtaining access to their 
        grandchildren for purposes of visitation; or
            ``(C) need financial, legal, emotional, or informational 
        assistance regarding their relationship with their 
        grandchildren.
    ``(2) The Center shall--
            ``(A) be staffed by employees and volunteers, including 
        such older individuals;
            ``(B) provide a toll-free telephone number to increase 
        access to the information and assistance available from the 
        Center;
            ``(C) collect and make available to such older individuals 
        information regarding programs, projects, and activities of 
        public and private entities (including governmental entities) 
        relating to the matters described in subparagraphs (A), (B), 
        and (C) of paragraph (1), including information on State law 
        regarding grandparent visitation and Federal assistance 
        available to such older individuals; and
            ``(D) refer individual grandparents to public and private 
        entities that provide information or assistance regarding the 
        rearing of grandchildren, including information regarding the 
        prevention of drug abuse and the promotion of good health and 
        nutrition.
    ``(3) For purposes of this subsection, the term `eligible entity' 
means a nonprofit private organization with a demonstrated record of 
experience in representing the concerns of older individuals with 
respect to their relationship to their grandchildren.''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
take effect on the first day of the first fiscal year beginning after 
the date of the enactment of this Act.

SOLUTION: Grandparents Raising Grandchildren Assistance Act of 1993 - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSA) to qualify grandchildren for social security benefits based only on their dependency on social security recipients. Sets special rules if one of a grandchild's natural or adoptive parents is living.  Provides for suspension of such benefits in the event the grandchild reunites with a natural or adoptive parent. 
Amends part E (Foster Care and Adoption Assistance) of SSA title IV to direct the Secretary of Health and Human Services to develop a model procedure for States to use in notifying relatives before the placement of a child in foster care. 
Directs the Secretary, if the National Association of Insurance Commissioners (NAIC) has not done so by a specified deadline, to develop model standards for the coverage of dependents under health insurance policies. 
Requires the Secretary of Commerce to expand the data collection efforts of the Bureau of the Census to enable it to collect statistically significant data on the growing trend of grandparents who are the primary caregivers for their grandchildren. 
Amends the Older Americans Act of 1965 to direct the Commissioner on Aging to make grants to or enter contracts with one eligible entity to establish and operate the National Resource Center for Grandparents to serve as a central source of information and assistance to older individuals who:  (1) raise their grandchildren; (2) encounter problems obtaining visitation access to their grandchildren; or (3) need financial, legal, emotional, or informational assistance regarding their relationship with their grandchildren.

PROBLEM: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Small Business Venture Capital Act 
of 2009''.

SEC. 2. DEFINITIONS.

    In this Act--
            (1) the terms ``Administration'' and ``Administrator'' mean 
        the Small Business Administration and the Administrator 
        thereof, respectively;
            (2) the term ``New Markets Venture Capital company'' has 
        the meaning given that term in section 351 of the Small 
        Business Investment Act of 1958 (15 U.S.C. 689); and
            (3) the term ``New Markets Venture Capital Program'' means 
        the program under part B of title III of the Small Business 
        Investment Act of 1958 (15 U.S.C. 689 et seq.).

SEC. 3. TABLE OF CONTENTS.

    The table of contents for this Act is as follows:

Sec. 1. Short title.
Sec. 2. Definitions.
Sec. 3. Table of contents.
           TITLE I--SMALL BUSINESS INVESTMENT COMPANY PROGRAM

Sec. 101. Reauthorization.
Sec. 102. Leverage.
Sec. 103. Private capital.
Sec. 104. Maximum investment in a company.
             TITLE II--NEW MARKETS VENTURE CAPITAL PROGRAM

Sec. 201. Diversification of New Markets Venture Capital Program.
Sec. 202. Establishment of Office of New Markets Venture Capital.
Sec. 203. Low-income geographic areas.
Sec. 204. Applications for New Markets Venture Capital Program.
Sec. 205. Operational assistance grants.
Sec. 206. Authorization.

           TITLE I--SMALL BUSINESS INVESTMENT COMPANY PROGRAM

SEC. 101. REAUTHORIZATION.

    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:
    ``(g) Small Business Venture Capital.--For the programs authorized 
under part A of title III of the Small Business Investment Act of 1958 
(15 U.S.C. 681 et seq.), the Administrator is authorized to make--
            ``(1) $500,000,000 in purchases of participating securities 
        for each of fiscal years 2010 through 2013; and
            ``(2)(A) $2,000,000,000 in guarantees of debentures for 
        fiscal year 2010;
            ``(B) $2,250,000,000 in guarantees of debentures for fiscal 
        year 2011;
            ``(C) $2,500,000,000 in guarantees of debentures for fiscal 
        year 2012; and
            ``(D) $2,750,000,000 in guarantees of debentures for fiscal 
        year 2013.''.

SEC. 102. LEVERAGE.

    Section 303(b)(2) of the Small Business Investment Act of 1958 (15 
U.S.C. 683(b)(2)) is amended by adding at the end the following:
                    ``(E) Investments in small business concerns owned 
                and controlled by women and socially and economically 
                disadvantaged small business concerns.--
                            ``(i) In general.--The maximum amount of 
                        outstanding leverage made available to--
                                    ``(I) any 1 small business 
                                investment company described in clause 
                                (ii) may not exceed the lesser of--
                                            ``(aa) 300 percent of 
                                        private capital; or
                                            ``(bb) $175,000,000; and
                                    ``(II) 2 or more small business 
                                investment companies described in 
                                clause (ii) that are commonly 
                                controlled (as determined by the 
                                Administrator) may not exceed 
                                $250,000,000.
                            ``(ii) Applicability.--A small business 
                        investment company described in this clause is 
                        a small business investment company that 
                        certifies in writing that not less than 50 
                        percent of the dollar amount of investments of 
                        the small business investment company are or 
                        will be made in small business concerns owned 
                        and controlled by women, as defined in section 
                        3 of the Small Business Act (15 U.S.C. 632), or 
                        socially and economically disadvantaged small 
                        business concerns, as defined in section 
                        8(a)(4)(A) of the Small Business Act (15 U.S.C. 
                        637(a)(4)(A)).''.

SEC. 103. PRIVATE CAPITAL.

    Section 103(9)(A)(ii) of the Small Business Investment Act of 1958 
(15 U.S.C. 662(9)(A)(ii)) is amended by inserting ``, except for any 
company licensed under section 301(c) on or before September 30, 2004, 
that holds commitments from the Administration for participating 
security leverage,'' before ``leverage shall not be funded based on 
such commitments''.

SEC. 104. MAXIMUM INVESTMENT IN A COMPANY.

    Section 306(a) of the Small Business Investment Act of 1958 (15 
U.S.C. 686(a)) is amended by striking ``10 percent'' and inserting ``30 
percent''.

             TITLE II--NEW MARKETS VENTURE CAPITAL PROGRAM

SEC. 201. DIVERSIFICATION OF NEW MARKETS VENTURE CAPITAL PROGRAM.

    (a) Selection of Companies in Each Geographic Region.--Section 354 
of the Small Business Investment Act of 1958 (15 U.S.C. 689c) is 
amended by adding at the end the following:
    ``(f) Geographic Goal.--In selecting companies to participate as 
New Markets Venture Capital companies in the program established under 
this part, the Administrator shall, to the maximum extent practicable, 
select at least 1 company from each geographic region of the 
Administration.''.
    (b) Participation in New Markets Venture Capital Program.--
            (1) Administration participation required.--Section 353 of 
        the Small Business Investment Act of 1958 (15 U.S.C. 689b) is 
        amended in the matter preceding paragraph (1), by striking 
        ``under which the Administrator may'' and inserting ``under 
        which the Administrator shall''.
            (2) Small manufacturer participation.--Section 353(1) of 
        the Small Business Investment Act of 1958 (15 U.S.C. 689b(1)) 
        is amended by inserting ``, and shall set a goal of entering 
        into at least 1 such agreement each fiscal year with a company 
        that is engaged primarily in development of, and investment in, 
        small manufacturers, as that term is defined in section 
        501(e)(6)'' after ``section 352''.

SEC. 202. ESTABLISHMENT OF OFFICE OF NEW MARKETS VENTURE CAPITAL.

    Title II of the Small Business Investment Act of 1958 (15 U.S.C. 
671) is amended by adding at the end the following:

``SEC. 202. OFFICE OF NEW MARKETS VENTURE CAPITAL.

    ``(a) Establishment.--There is established in the Small Business 
Investment Division of the Administration, the Office of New Markets 
Venture Capital.
    ``(b) Director.--The head of the Office of New Markets Venture 
Capital shall be an individual appointed by the Administrator in the 
competitive service or the excepted service.
    ``(c) Responsibilities of Director.--The head of the Office of New 
Markets Venture Capital shall--
            ``(1) administer the New Markets Venture Capital Program 
        under part B of title III;
            ``(2) assess, not less frequently than once every 2 years, 
        the nature and scope of the New Markets Venture Capital Program 
        and advise the Administrator on recommended changes to the 
        program;
            ``(3) make efforts to expand the number of small-business 
        concerns that participate in the New Markets Venture Capital 
        Program; and
            ``(4) encourage investment in small manufacturers, as that 
        term is defined in section 501(e)(6).''.

SEC. 203. LOW-INCOME GEOGRAPHIC AREAS.

    (a) In General.--Section 351 of the Small Business Investment Act 
of 1958 (15 U.S.C. 689) is amended--
            (1) by striking paragraph (2);
            (2) by redesignating paragraphs (3) through (8) as 
        paragraphs (2) through (7), respectively; and
            (3) in paragraph (2), as so redesignated--
                    (A) in the matter preceding subparagraph (A)--
                            (i) by striking ``the term'' and inserting 
                        ``The term''; and
                            (ii) by striking ``means'';
                    (B) by striking subparagraph (A) and inserting the 
                following:
                    ``(A) means a `low-income community' within the 
                meaning of section 45D(e) of the Internal Revenue Code 
                of 1986 (relating to the new markets tax credit); 
                and''; and
                    (C) in subparagraph (B), in the matter preceding 
                clause (i), by inserting ``includes'' before ``any 
                area''.
    (b) Application of Amended Definition to Capital Requirement.--The 
definition of the term ``low-income geographic area'' under section 351 
of the Small Business Investment Act of 1958, as amended by subsection 
(a), shall apply to capital raised by a New Markets Venture Capital 
company before, on, or after the date of enactment of this Act.

SEC. 204. APPLICATIONS FOR NEW MARKETS VENTURE CAPITAL PROGRAM.

    Not later than 1 year after the date of enactment of this Act, the 
Administrator shall prescribe standard documents for an application by 
a New Markets Venture Capital company for final approval under section 
354(e) of the Small Business Investment Act of 1958 (15 U.S.C. 
689c(e)). The Administrator shall ensure that such documents are 
designed to substantially reduce the cost of the application process 
for a company making such an application.

SEC. 205. OPERATIONAL ASSISTANCE GRANTS.

    (a) In General.--Section 358(a)(4)(A) of the Small Business 
Investment Act of 1958 (15 U.S.C. 689g(a)(4)(A)) is amended to read as 
follows:
                    ``(A) New markets venture capital companies.--
                Notwithstanding section 354(d), the amount of a grant 
                made under this subsection to a New Markets Venture 
                Capital company shall be equal to the lesser of--
                            ``(i) 10 percent of the private capital 
                        raised by the company; or
                            ``(ii) $1,000,000.''.
    (b) Requirements To Be Met for Final Approval.--Section 354(d) of 
the Small Business Investment Act of 1958 (15 U.S.C. 689c(d)) is 
amended to read as follows:
    ``(d) Requirements To Be Met for Final Approval.--Not later than 2 
years after the date on which a company is conditionally approved by 
the Administrator under subsection (c)(1), the company shall raise not 
less than $5,000,000 of private capital, or binding capital 
commitments, from 1 or more investors that--
            ``(1) are not agencies or departments of the Federal 
        Government; and
            ``(2) meet criteria established by the Administrator.''.
    (c) Technical and Conforming Amendments.--Section 358(a)(4) of the 
Small Business Investment Act of 1958 (15 U.S.C. 689g(a)(4)) is amended 
by striking ``section 354(d)(2)'' each place it appears and inserting 
``section 354(d)''.

SEC. 206. AUTHORIZATION.

    Section 368(a) of the Small Business Investment Act of 1958 (15 
U.S.C. 689q(a)) is amended--
            (1) in the matter preceding paragraph (1), by striking 
        ``fiscal years 2001 through 2006'' and inserting ``fiscal years 
        2010 through 2013''; and
            (2) in paragraph (2), by striking ``$30,000,000'' and 
        inserting ``$20,000,000''.

SOLUTION:
Small Business Venture Capital Act of 2009 - Amends the Small Business Act to reauthorize for FY2010-FY2013 the venture capital program under the Small Business Investment Act of 1958 (a program under which small business investment companies (SBICs) provide capital financing to small businesses).

 Increases the maximum amounts of outstanding leverage made available to SBICs that invest in women-owned or minority businesses.

 Allows SBICs who were licensed as participating securities SBICs prior to October 1, 2004, to obtain leverage based on Small Business Administration (SBA)-approved commitments rather than paid-in capital.

Increases from 20% to 30% of total available private capital the maximum authorized SBIC investment in a single business (absent specific SBA approval).

 Requires the SBA Administrator, in selecting investment companies to participate in the New Markets Venture Capital program (NMVC program) (investment in small businesses in low-income areas), to select at least one company from each SBA geographic region.

Requires the Administrator to have as a goal to enter into at least one NMVC program agreement with a company engaged primarily in the development of and investment in small manufacturers.

 Establishes in the Investment Division of the SBA the Office of New Markets Venture Capital.

 Modifies the definition of low-income geographic area to reflect the new markets tax credit under the Internal Revenue Code.

 Requires the Administrator to prescribe standard documents for an application for final approval of a company under the NMVC program.

 Allows NMVC companies to receive operational assistance grants. Requires the Administrator to grant each conditionally-approved NMVC company up to two years to raise the $5 million in private capital required for participation.

 Reauthorizes the NMVC program for FY2010-FY2013. Reduces the authorization for operational assistance grants.