H. R. 4256 (117th Congress) — To amend the Small Business Investment Act
Summary
The text of a bill in the 117TH Congress, 1st Session, bill number 4256, 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. It is introduced in the House of Representatives by Chu (for herself and Garbarino), with the short title Investing in Main Street Act of 2021. Section 2 amends Section 302(b) of the Small Business Investment Act of 1958 by inserting, in paragraphs (1) and (2), language for 15 percent of such capital and surplus, subject to that approval. It adds a paragraph defining appropriate Federal banking agency by reference to section 3 of the Federal Deposit Insurance Act.
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“H. R. 4256 (117th Congress) — To amend the Small Business Investment Act.”
Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/3887-h-r-4256-088b762520/
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(Original Signature of Member)
H. R. ll
117TH CONGRESS
1ST SESSION 4256
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.
IN THE HOUSE OF REPRESENTATIVES
Ms. CHU (for herself and Mr. GARBARINO) introduced the following bill; which
was referred to the Committee on lllllllllllllll
A BILL
To amend the Small Business Investment Act of 1958 to
increase the amount that certain banks and savings asso-
ciations may invest in small business investment compa-
nies, subject to the approval of the appropriate Federal
banking agency, 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 Main
5 Street Act of 2021’’.
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2
1 SEC. 2. INVESTMENT IN SMALL BUSINESS INVESTMENT
2 COMPANIES.
3 Section 302(b) of the Small Business Investment Act
4 of 1958 (15 U.S.C. 682(b)) is amended—
5 (1) in paragraph (1), by inserting before the pe-
6 riod the following: ‘‘or, subject to the approval of the
7 appropriate Federal banking agency, 15 percent of
8 such capital and surplus’’;
9 (2) in paragraph (2), by inserting before the pe-
10 riod the following: ‘‘or, subject to the approval of the
11 appropriate Federal banking agency, 15 percent of
12 such capital and surplus’’; and
13 (3) by adding at the end the following:
14 ‘‘(3) APPROPRIATE FEDERAL BANKING AGENCY
15 DEFINED.—For purposes of this subsection, the
16 term ‘appropriate Federal banking agency’ has the
17 meaning given that term under section 3 of the Fed-
18 eral Deposit Insurance Act.’’.
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