Investing in America's Small Businesses Act of 2016
Latest action · Apr 28, 2016 Referred to the House Committee on Financial Services.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedApr 28, 2016
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Investing in America's Small Businesses Act of 2016
This bill amends the Community Development Banking and Financial Institutions Act of 1994 to require the Community Development Financial Institutions Fund to make grants to community development financial institutions to enable such institutions to establish a loan-loss reserve fund to defray the costs of a small business loan program.
The bill defines "small business loan program" as a program in which a community development financial institution offers loans to small businesses that: (1) are made in amounts up to $50,000, (2) have no prepayment penalty, and (3) meet any affordability requirements established by Administrator of the Fund.
A community development financial institution must provide non-federal matching funds equal to 50% of the amount of any grant received.
The bill prohibits the use of such grants to make direct loans to small businesses.
A community development financial institution may use such a grant to: (1) help recapture a portion or all of a defaulted loan made under its small business loan program, and (2) designate and utilize a fiscal agent for services the agent normally provides.
The Fund shall make technical assistance grants to community development financial institutions to create, support, or maintain such a program.
Cosponsors 16
Members who signed on, in the order they did. Signatures ran from Apr 28, 2016 to Sep 22, 2016; 11 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-LA | Cedric L. Richmond | Original | Apr 28, 2016 |
| D-NY | Charles B. Rangel | Original | Apr 28, 2016 |
| D-DC | Eleanor Holmes Norton | Original | Apr 28, 2016 |
| D-WI | Gwen Moore | Original | Apr 28, 2016 |
| D-GA | Henry C. "Hank" Johnson, Jr. | Original | Apr 28, 2016 |
| D-CA | Janice Hahn | Original | Apr 28, 2016 |
| D-CA | Juan Vargas | Original | Apr 28, 2016 |
| D-CA | Michael M. Honda | Original | Apr 28, 2016 |
| D-NY | Nydia M. Velázquez | Original | Apr 28, 2016 |
| D-TX | Ruben Hinojosa | Original | Apr 28, 2016 |
| D-NY | Yvette D. Clarke | Original | Apr 28, 2016 |
| D-MN | Keith Ellison | May 3, 2016 | |
| D-MO | Wm. Lacy Clay | May 3, 2016 | |
| D-NC | G. K. Butterfield | May 10, 2016 | |
| D-MI | Sander M. Levin | Jun 7, 2016 | |
| D-NY | Jose E. Serrano | Sep 22, 2016 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Apr 28, 2016 |
Actions 3
Everything that happened, newest first.
- Apr 28, 2016Introduced in House
- Apr 28, 2016Sponsor introductory remarks on measure. (CR E619-620)
- Apr 28, 2016Referred to the House Committee on Financial Services.
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| Extensions | Debate and remarks E619 | Carolyn B. Maloney D-NY | Apr 28, 2016 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 162, no. 66, April 28, 2016, page H2110.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 1833 | Investing in America's Small Businesses Act of 2017 | Reintroduced Bill | Mar 30, 2017 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To encourage initiatives for financial products and services that are appropriate and accessible for millions of American small businesses that do not have access to the financial mainstream.
- Short Titles as Introduced
- Investing in America's Small Businesses Act of 2016
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Apr 28, 2016Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
