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S. 1994 (116th): Investing in Main Street Act of 2019

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The text of the bill below is as of Jun 26, 2019 (Introduced). The bill was not enacted into law.

II

116th CONGRESS

1st Session

S. 1994

IN THE SENATE OF THE UNITED STATES

June 26, 2019

(for himself, Ms. Duckworth, and Mr. Risch) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

A BILL

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 at the end 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 at the end 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

In this subsection, the term appropriate Federal banking agency has the meaning given the term in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813).

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