US HR6348

Bill

US HR6348

To fully implement the Initiative to Build Growth Equity Funds for Minority Businesses, and for other purposes.

Introduced
03/23/2020

In Committee
03/23/2020

Crossed Over

Passed

Dead
12/31/2020

Introduced Session

116th Congress

Bill Summary

To fully implement the Initiative to Build Growth Equity Funds for Minority Businesses, and for other purposes. This bill requires the Minority Business Development Agency to award a grant to fully implement the Initiative to Build Growth Equity Funds for Minority Businesses, which provides equity capital to invest in minority- and women-owned businesses. Interest earned on grant funds deposited into an interest-bearing account may be obligated and expended to carry out the grant's purposes. The Government Accountability Office shall carry out a biennial audit of the initiative and issue a report to Congress and the Minority Business Development Agency.

AI Summary

This bill requires the Minority Business Development Agency to award a $3 billion grant to fully implement the Initiative to Build Growth Equity Funds for Minority Businesses. The initiative provides equity capital to invest in minority- and women-owned businesses. The grant recipient can use up to 2.25% of the funds for administrative expenses, including investment management fees and fund administration activities. The bill also allows the grant funds to be deposited in interest-bearing accounts, and any interest earned can be used for the initiative's purposes. The bill mandates reporting requirements, including a biennial audit by the Government Accountability Office, to monitor the implementation of the initiative.

Committee Categories

Business and Industry

Sponsors (2)

Sylvia Garcia (D)*, Maxine Waters (D),

Last Action

Referred to the Committee on Financial Services, and in addition to the Committee on Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. (on 03/23/2020)

Official Document

https://www.congress.gov/bill/116th-congress/house-bill/6348/all-info

(2 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.congress.gov/bill/116th-congress/house-bill/6348/all-info
BillText	https://www.congress.gov/116/bills/hr6348/BILLS-116hr6348ih.pdf
Bill	https://www.congress.gov/116/bills/hr6348/BILLS-116hr6348ih.pdf.pdf

Bill	Bill Name	Last Action	Type
HR6321	Financial Protections and Assistance for America’s Consumers, States, Businesses, and Vulnerable Populations Act	Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, Education and Labor, Small Business, the Judiciary, and Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.	Related
HR6379	Take Responsibility for Workers and Families Act Workforce Emergency Response Act of 2020	Referred to the Committee on Appropriations, and in addition to the Committees on the Budget, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.	Related

Bill > HR6348

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (2)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary