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H.R. 4256: Investing in Main Street Act of 2021


The text of the bill below is as of Nov 3, 2021 (Referred to Senate Committee).


IIB

117th CONGRESS

1st Session

H. R. 4256

IN THE SENATE OF THE UNITED STATES

November 3, 2021

Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs

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 2021.

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.

.

3.

Determination of Budgetary Effects

The budgetary effects of this Act, for the purpose of complying with the Statutory Pay-As-You-Go Act of 2010, shall be determined by reference to the latest statement titled Budgetary Effects of PAYGO Legislation for this Act, submitted for printing in the Congressional Record by the Chairman of the House Budget Committee, provided that such statement has been submitted prior to the vote on passage.

Passed the House of Representatives November 2, 2021.

Cheryl L. Johnson,

Clerk