United States 116th Congress Status: Passed House 1 D cosponsors

HR 116 — Investing in Main Street Act of 2019

Last action — Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 116th Congress. It reached “Passed House” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Investing in Main Street Act of 2019 This bill amends the Small Business Investment Act of 1958 to permit certain banking entities, subject to the approval of the appropriate federal banking agency, to invest up to 15% of their capital and surplus in one or more small business investment companies (SBICs), or in any entity established to invest solely in SBICs,

Bill Text

What changed in the latest version

6 added · 1 removed

Plain-language change summary

The text indicates that the bill has been referred to the Senate Committee on Small Business and Entrepreneurship as of January 15, 2019. Additionally, the previous reference to the bill as "Engrossed in House" has been removed. This change signifies a transition in the legislative process, moving the bill from the House to the Senate for further consideration.

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116 Engrossed in House (EH)] <DOC> 116th CONGRESS 1st Session H.
116 Referred in Senate (RFS)] <DOC> 116th CONGRESS 1st Session H.
116 _______________________________________________________________________ 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.
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.
Clerk.
KAREN L.
116th CONGRESS 1st Session H.
HAAS, Clerk.
R.
116 _______________________________________________________________________ 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.
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How this bill changes current law

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Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill increases the investment limits for certain banks and savings associations in small business investment companies from 5 percent to 15 percent, subject to federal banking agency approval.

  • 15 U.S.C. § 682(b)(1)

    in no event shall the total amount of such investments of any such bank exceed 5 percent of the capital and surplus of the bank. → or, subject to the approval of the appropriate Federal banking agency, 15 percent of such capital and surplus.

    Banks can now invest up to 15 percent of their capital and surplus in small business investment companies with approval.

  • 15 U.S.C. § 682(b)(2)

    in no event may the total amount of such investments by any such Federal savings association exceed 5 percent of the capital and surplus of the Federal savings association. → or, subject to the approval of the appropriate Federal banking agency, 15 percent of such capital and surplus.

    Federal savings associations can now invest up to 15 percent of their capital and surplus in small business investment companies with approval.

  • 15 U.S.C. § 682(b)

    (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.

    The bill clarifies the definition of 'appropriate Federal banking agency' for investment purposes.

Action History

  1. Introduced in House

  2. Introduced in House

  3. Referred to the House Committee on Small Business.

  4. Ms. Velazquez moved to suspend the rules and pass the bill.

  5. Considered under suspension of the rules. (consideration: CR H522-524)

  6. DEBATE - The House proceeded with forty minutes of debate on H.R. 116.

  7. At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.

  8. Considered as unfinished business. (consideration: CR H534)

  9. Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 403 - 2 (Roll no. 30).(text: CR H522)

  10. On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 403 - 2 (Roll no. 30). (text: CR H522)

  11. Motion to reconsider laid on the table Agreed to without objection.

  12. Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance labor transportation
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does HR 116 do?
Investing in Main Street Act of 2019 This bill amends the Small Business Investment Act of 1958 to permit certain banking entities, subject to the approval of the appropriate federal banking agency, to invest up to 15% of their capital and surplus in one or more small business investment companies (SBICs), or in any entity established to invest solely in SBICs,
Who sponsors HR 116?
HR 116 is sponsored by Chu, Judy (Democratic).
What is the current status of HR 116?
This bill died with 116th Congress. It reached “Passed House” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 116?
Track HR 116 free on One Click Politics — get push/email alerts when it moves.

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