H.R. 2066, Investing in All of America Act of 2025
Summary
H.R. 2066, the Investing in All of America Act of 2025, was introduced on March 11, 2025 by Mr. Meuser for himself and Ms. Scholten and referred to the Committee on Small Business. It would amend the Small Business Investment Act of 1958 to exclude from the limit on leverage certain amounts that small business investment companies invest in smaller enterprises in rural or low-income areas and in small businesses in critical technology areas. It revises the definition of private capital, including adding foundations, endowments or trusts of a college or university, and excludes government funds from private capital when the Administrator approves leverage requests. It also changes a figure in section 303(b)(2) from 300 to 200 and extends the leverage exclusion to companies investing in rural areas, critical technology areas and small manufacturers.
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- Issuer
- Congressional materials
- Document type
- 407288 2025 07 21 Committee On Small Business Activity The Week Of J Att0
- Date
- 2025-07-21
- Case
- 407288 2025 07 21 Committee On Small Business Activity The Week Of J Att0
Cite this document
“H.R. 2066, Investing in All of America Act of 2025.”
Dated 2025-07-21. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2025-07-21-407288-2025-07-21-committee-on-small-business-activity-the-week-of-j-att0/
, SHA-256 4dff5412ba1d48d0e4921ca46c06ae2e36bc6d291306791ce884b6e6c598bfe6.Full text
I
119TH CONGRESS
1ST SESSION
H. R. 2066
To amend the Small Business Investment Act of 1958 to exclude from
the limit on leverage certain amounts invested in smaller enterprises
located in rural or low-income areas and small businesses in critical
technology areas, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
MARCH 11, 2025
Mr. MEUSER (for himself and Ms. SCHOLTEN) 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
exclude from the limit on leverage certain amounts in-
vested in smaller enterprises located in rural or low-
income areas and small businesses in critical technology
areas, and for other purposes.
1 Be it enacted by the Senate and House of Representa-
2 tives of the United States of America in Congress assembled,
3 SECTION 1. SHORT TITLE.
4 This Act may be cited as the ‘‘Investing in All of
5 America Act of 2025’’.
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1 SEC. 2. SMALL BUSINESS INVESTMENT COMPANY MAX-
2 IMUM LEVERAGE EXCLUSION.
3 (a) DEFINITIONS.—Section 103(9) of the Small
4 Business Investment Act of 1958 (15 U.S.C. 662(9)) is
5 amended—
6 (1) in subparagraph (A)(ii), by striking ‘‘and’’
7 at the end;
8 (2) in subparagraph (B)(iii)—
9 (A) in subclause (I), by striking ‘‘estab-
10 lished prior to October 1, 1987’’;
11 (B) in subclause (II)—
12 (i) by striking ‘‘or’’ and inserting ‘‘,’’;
13 and
14 (ii) by inserting ‘‘, or a foundation,
15 endowment, or trust of a college or univer-
16 sity’’ after ‘‘pension plan’’; and
17 (C) in subclause (III), by striking the
18 semicolon at the end and inserting ‘‘; and’’; and
19 (3) by adding at the end the following new sub-
20 paragraph:
21 ‘‘(C) does not include any funds obtained
22 directly or indirectly from any Federal, State or
23 local government or any government agency or
24 instrumentality, except for funds described in
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25 subclauses (I) through (III) of subparagraph
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1 (B)(iii), for the purpose of approval by the Ad-
2 ministrator of any request for leverage.’’.
3 (b) MAXIMUM LEVERAGE EXCLUSION.—Section
4 303(b)(2) of the Small Business Investment Act of 1958
5 (15 U.S.C. 683(b)(2)) is amended—
6 (1) in subparagraph (A)(i), by striking ‘‘300’’
7 and inserting ‘‘200’’;
8 (2) in subparagraph (C)—
9 (A) in the heading—
10 (i) by inserting ‘‘OR RURAL’’ after
11 ‘‘LOW-INCOME’’; and
12 (ii) by inserting ‘‘, CRITICAL TECH-
13 NOLOGY AREAS, OR SMALL MANUFACTUR-
14 ERS’’ after ‘‘GEOGRAPHIC AREAS’’;
15 (B) in clause (i)—
16 (i) by striking ‘‘(i) In calculating’’ and
17 inserting the following:
18 ‘‘(i) IN GENERAL.—Except as pro-
19 vided in clause (iii), in calculating’’;
20 (ii) by inserting ‘‘or companies’’ after
21 ‘‘of a company’’;
22 (iii) by striking ‘‘subparagraph (A)’’
23 and inserting ‘‘subparagraphs (A) and
24 (B)’’;
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25 (iv) by striking ‘‘equity’’; and
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1 (v) by striking ‘‘the company in a
2 smaller enterprise’’ and all that follows
3 and inserting the following: ‘‘the company
4 or companies in—
5 ‘‘(I) a small business concern lo-
6 cated in a low-income geographic area
7 (as defined in section 351 of this title)
8 or in a rural area (as defined in sec-
9 tion 343(a)(13) of the Agricultural
10 Act of 1961 (7 U.S.C. 1991(a)(13)));
11 ‘‘(II) a small business concern
12 operating primarily in a covered tech-
13 nology category (as defined in section
14 149(e) of title 10, United States
15 Code); or
16 ‘‘(III) a small manufacturer (as
17 defined in section 501(e)(6) of this
18 Act).’’; and
19 (C) by amending clause (ii) to read as fol-
20 lows:
21 ‘‘(ii) LIMITATION.—While maintaining
22 the limitation of subparagraph (A)(i) and
23 consistent with a leverage determination
24 ratio issued pursuant to section 301(c), the
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25 aggregate amount excluded for a company
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1 or companies under clause (i) from the cal-
2 culation of the outstanding leverage such
3 company or companies for the purposes of
4 subparagraphs (A) and (B) may not exceed
5 the lesser of 50 percent of the private cap-
6 ital of such company or companies or
7 $125,000,000’’; and
8 (D) by amending clause (iii) to read as fol-
9 lows:
10 ‘‘(iii) PROSPECTIVE APPLICABILITY.—
11 An investment by a licensee is eligible for
12 exclusion from the calculation of out-
13 standing leverage under clause (i) only if
14 such investment is made by such licensee
15 after the date of enactment of this
16 clause.’’; and
17 (3) by adding at the end the following new sub-
18 paragraphs:
19 ‘‘(E) ANNUAL ADJUSTMENT.—Except as
20 provided in subparagraph (F), the Adminis-
21 trator shall adjust the dollar amounts described
22 in subparagraphs (A) and (B)—
23 ‘‘(i) on the date of the enactment of
24 this subparagraph, by a percentage equal
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25 to the percentage (if any) by which the
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1 Consumer Price Index (all items; United
2 States city average), as published by the
3 Bureau of Labor Statistics, increased dur-
4 ing the period—
5 ‘‘(I) beginning on December 18,
6 2015, and ending on the date of the
7 enactment of this subparagraph, with
8 respect to a dollar amount under sub-
9 paragraph (B); and
10 ‘‘(II) beginning on June 21,
11 2018, and ending on the date of the
12 enactment of this subparagraph, with
13 respect to a dollar amount under sub-
14 paragraph (A); and
15 ‘‘(ii) on the date that is one year after
16 the date of the enactment of this subpara-
17 graph, and annually thereafter, by a per-
18 centage equal to the percentage (if any) by
19 which the Consumer Price Index (all items;
20 United States city average), as published
21 by the Bureau of Labor Statistics, in-
22 creased during the one-year period pre-
23 ceding the date of the adjustment under
24 this clause.
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1 ‘‘(F) EXCLUSION.—Subparagraph (E)
2 shall not apply with respect to a small business
3 investment company authorized to issue accrual
4 debentures (as defined in section 107.50 of title
5 13, Code of Federal Regulations).’’.
Æ
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