summary
Introduced
05/04/2017
05/04/2017
In Committee
06/15/2017
06/15/2017
Crossed Over
07/25/2017
07/25/2017
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
Investing in Main Street Act of 2017 (Sec. 2) This bill amends the Small Business Investment Act of 1958 to increase from 5% to 15% of its capital and surplus, the amount a national bank, a member bank of the Federal Reserve System, a nonmember insured bank (to the extent permitted under applicable state law), or a federal savings association may invest in one or more small business investment companies (SBICs), or in any entity established to invest solely in SBICs. The increase is subject to the approval of the appropriate federal banking agency.
AI Summary
This bill amends the Small Business Investment Act of 1958 to increase the maximum amount that national banks, Federal Reserve System member banks, non-member insured banks (where permitted by state law), and federal savings associations can invest in Small Business Investment Companies (SBICs) from 5% to 15% of their capital and surplus, subject to approval by the appropriate federal banking agency. The bill defines the "appropriate federal banking agency" as having the same meaning as under the Federal Deposit Insurance Act.
Committee Categories
Business and Industry, Housing and Urban Affairs
Sponsors (3)
Last Action
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 07/25/2017)
Official Document
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bill summary
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bill summary
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