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H.R. 116 (116th): Investing in Main Street Act of 2019


The text of the bill below is as of Jan 15, 2019 (Referred to Senate Committee). The bill was not enacted into law.


IIB

116th CONGRESS

1st Session

H. R. 116

IN THE SENATE OF THE UNITED STATES

January 15, 2019

Received; read twice and referred to the Committee on Small Business and Entrepreneurship

AN ACT

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.

1.

Short title

This Act may be cited as the Investing in Main Street Act of 2019.

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 inserting before the period the following: or, subject to the approval of the appropriate Federal banking agency, 15 percent of such capital and surplus;

(2)

in paragraph (2), by inserting before the period the following: or, subject to the approval of the appropriate Federal banking agency, 15 percent of such capital and surplus; and

(3)

by adding at the end the following:

(3)

Appropriate federal banking agency defined

For purposes of this subsection, the term appropriate Federal banking agency has the meaning given that term under section 3 of the Federal Deposit Insurance Act.

.

Passed the House of Representatives January 14, 2019.

Karen L. Haas,

Clerk.