H.R. 5969 · 114th Congress
Investing in Main Street Act of 2016
- Stage
- In committee
- Sponsor
- Grace Meng
- Introduced
- 2016-09-08
- Latest action
- 2016-09-08 · Introduced in House
Summary
Investing in Main Street Act of 2016
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.