summary
Introduced
11/03/2017
11/03/2017
In Committee
11/15/2017
11/15/2017
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
Small Business Credit Availability Act This bill amends the Investment Company Act of 1940 to reduce the required asset-coverage ratio applicable to a Business Development Company (BDC) from 200% to 150% if: (1) the BDC makes specified disclosures on its website and to the Securities and Exchange Commission (SEC); and (2) the modified asset-coverage ratio is approved by the required majority of the BDC's directors, general partners, or shareholders (as applicable). The SEC must allow BDCs to use securities offering and proxy rules that are available to other issuers.
AI Summary
This bill amends the Investment Company Act of 1940 to reduce the required asset-coverage ratio for Business Development Companies (BDCs) from 200% to 150% if certain disclosures are made and the change is approved by the BDC's directors, partners, or shareholders. The bill also requires the Securities and Exchange Commission (SEC) to revise its rules to allow BDCs to use the same securities offering and proxy rules as other public companies.
Committee Categories
Business and Industry
Sponsors (23)
Steve Stivers (R)*,
Joyce Beatty (D),
Ted Budd (R),
Lacy Clay (D),
Tom Emmer (R),
Brian Fitzpatrick (R),
Bill Foster (D),
Josh Gottheimer (D),
Tom Graves (R),
Denny Heck (D),
Jim Himes (D),
Randy Hultgren (R),
Patrick McHenry (R),
Gregory Meeks (D),
Luke Messer (R),
Gwen Moore (D),
Ed Perlmutter (D),
Edward Royce (R),
David Scott (D),
Brad Sherman (D),
Claudia Tenney (R),
Ann Wagner (R),
Roger Williams (R),
Last Action
Placed on the Union Calendar, Calendar No. 495. (on 04/24/2018)
Official Document
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