Bill > HR7401

This bill, titled the "Small Business Lending Fraud Prevention Act," requires employees of the Small Business Administration (SBA) who are involved in originating, reviewing, or approving loans to certify in writing that they do not have any prohibited conflicts of interest. A conflict of interest, in this context, refers to situations where an employee's personal interests could improperly influence their official duties, as defined by federal law (specifically, section 208 of title 18, United States Code) and regulations (section 2635.502 of title 5, Code of Federal Regulations). If an employee discovers a conflict of interest after making the certification, they must immediately report it to their supervisor and step away from any involvement with that loan. The bill also mandates that the SBA Administrator issue regulations to implement these requirements within 180 days of the bill's enactment, and these new certification procedures will take effect 270 days after enactment.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/7401/all-info