GovTrack’s Bill Summary
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H.R. 6504 (112th): Small Business Investment Company Modernization Act of 2012
- Introduced:
- Sep 21, 2012 (112th Congress, 2011–2013)
- Sponsor:
- Rep. Steve Chabot [R-OH1]
- Status:
- Died (Passed House)
- See Instead:
- This bill was re-introduced as H.R. 1106 on Mar 13, 2013. See H.R. 1106 for current action on this subject.
The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.
- Full Title
To amend the Small Business Investment Act of 1958 to provide for increased limitations on leverage for multiple licenses under common control, and for other purposes.
- Summary
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No summaries available.
- Text
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Last updated Dec 19, 2012.
2 pages
- Primary Source
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View on THOMAS (The Library of Congress)
GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here.
- Citation
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Click a format for a citation suggestion:
Library of Congress Summary
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
12/18/2012--Passed House without amendment.
(This measure has not been amended since it was introduced.
The summary of that version is repeated here.) Small Business Investment Company Modernization Act of 2012 - Amends the Small Business Investment Act of 1958 to increase from $225 million to $350 million the maximum amount of outstanding leverage to be made available by the Small Business Administration (SBA) to two or more commonly controlled small business investment companies not under capital impairment.
House Republican Conference Summary
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
This summary can be found at http://www.gop.gov/bill/112/2/hr6504.
Background
According to the Committee on Small Business, the current authorization level for the Small Business Investment Company (SBIC) program is $3.5 billion dollars, i.e., the SBA is entitled to ensure that leverage of up to $3.5 billion is made available to SBICs. The bill would not affect the overall authorization level.
Summary
H.R. 6504 would amend the Small Business Investment Act of 1958 to increase from $225 million to $350 million the maximum amount of outstanding leverage to be made available by the Small Business Administration (SBA) to two or more commonly controlled small business investment companies not under capital impairment.
Cost
There was no Congressional Budget Office (CBO) cost estimate for this legislation. However, according to the Committee on Small Business, the SBIC program operates under a zero subsidy as the term subsidy is used in the Federal Credit Reform Act. The cost of the program is covered by fees paid by SBICs and profits on investment to ensure that the SBA’s leverage is paid back by the SBIC. As a result, the modification will have no cost.
House Democratic Caucus Summary
The House Democratic Caucus does not provide summaries of bills.
So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.
We’ll be looking for a source of summaries from the other side in the meanwhile.
The bill contains the following citations to other parts of U.S. law:
United States Code
The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)
- Title 15: COMMERCE AND TRADE
- Chapter 14B: SMALL BUSINESS INVESTMENT PROGRAM
- Subchapter III: INVESTMENT DIVISION PROGRAMS
- Part A: Small Business Investment Companies
- Section 683: Borrowing operations