[Pages H743-H745]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                  INVESTING IN MAIN STREET ACT OF 2025

  Mr. WILLIAMS of Texas. Mr. Speaker, I move to suspend the rules and 
pass the bill (H.R. 754) to amend the Small Business Investment Act of 
1958 to increase the amount that may be invested in small business 
investment companies.
  The Clerk read the title of the bill.
  The text of the bill is as follows:

                                H.R. 754

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``Investing in Main Street Act 
     of 2025''.

     SEC. 2. INVESTMENT IN SMALL BUSINESS INVESTMENT COMPANIES.

       Section 302(b) of the Small Business Investment Act of 1958 
     (15 U.S.C. 682(b)) is amended--
       (1) in paragraph (1), by striking ``5 percent'' and 
     inserting ``15 percent''; and
       (2) in paragraph (2), by striking ``5 percent'' and 
     inserting ``15 percent''.

  The SPEAKER pro tempore. Pursuant to the rule, the gentleman from 
Texas (Mr. Williams) and the gentlewoman from New York (Ms. Velazquez) 
each will control 20 minutes.
  The Chair recognizes the gentleman from Texas.


                             General Leave

  Mr. WILLIAMS of Texas. Mr. Speaker, I ask unanimous consent that all 
Members may have 5 legislative days in which to revise and extend their 
remarks and include extraneous material on the bill.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentleman from Texas?
  There was no objection.
  Mr. WILLIAMS of Texas. Mr. Speaker, I yield myself such time as I may 
consume.

[[Page H744]]

  Mr. Speaker, I rise today in support of H.R. 754, the Investing in 
Main Street Act of 2025, led by my colleagues, Representatives Chu, 
Finstad, McIver, and Garbarino.
  As chairman of the Small Business Committee, one of my top priorities 
is expanding access to capital for small businesses. The Small Business 
Investment Company, or the SBIC, program plays a crucial role in this 
effort by attracting private equity investments to help small 
businesses grow, create jobs, and strengthen our economy.
  SBIC has been an invaluable tool for investing in small businesses 
that build critical technologies and support American national 
security.
  H.R. 754 builds on this success by increasing the maximum allowable 
investments by SBICs from 5 percent to 15 percent of their excess 
capital. This change will allow more significant private equity dollars 
to go toward small businesses.
  As we continue working to improve programs that support small 
businesses, this change will immediately impact our Nation's job 
creators. I thank my colleague from California for introducing this 
bipartisan solution to expand successful programs that empower the 
private sector to invest in small businesses.
  Mr. Speaker, I reserve the balance of my time.
  Ms. VELAZQUEZ. Mr. Speaker, I yield myself such time as I may 
consume.
  Mr. Speaker, I rise in support of the bill before us today, H.R. 754, 
the Investing in Main Street Act of 2025.
  SBA's Small Business Investment Company program is a multibillion-
dollar investment program designed to bridge the gap between a small 
business owner's need for capital and traditional sources of financing. 
It achieves this purpose by partnering private and public investments 
in early-stage startup businesses. It also gives America's small, high-
growth companies an opportunity to fund and grow their innovative ideas 
and create jobs.
  The success of this program can be seen with companies like Apple, 
Intel, and FedEx, which all receive early-stage financing from SBICs. 
Today, there are 319 SBIC-licensed funds participating in an array of 
private investment and private credit strategies.
  In 2023 alone, SBIC-licensed funds financed approximately $7.2 
billion to 1,142 small businesses and startups across the country, 
creating or sustaining more than 130,000 jobs. Importantly, financing 
provided by SBIC-licensed funds to women-owned, minority-owned, and 
veteran-owned small businesses totaled almost $670 million in 2023, a 
25.7 percent increase from 2022.
  Yet, we must do more to ensure the program continues to meet demand. 
The Investing in Main Street Act of 2025 introduced by my colleagues, 
Representatives Chu, Finstad, and McIver, will strengthen and grow the 
SBIC program by allowing banks and Federal savings associations to 
invest up to 15 percent of their capital and surplus into SBICs.
  This change will correct a discrepancy caused by a historical 
drafting oversight and bring the Small Business Investment Act of 1958 
in line with the Office of the Comptroller of the Currency's national 
bank charter percentage requirements.
  No bank laws or regulations will be changed or affected by this bill. 
It will increase investment capital available to SBICs and allow them 
to invest more in small businesses.
  Mr. Speaker, I applaud Ms. Chu, Mr. Finstad, and Mrs. McIver's work 
on this issue and this bill. I ask my colleagues to support it, and I 
reserve the balance of my time.
  Mr. WILLIAMS of Texas. Mr. Speaker, I yield such time as he may 
consume to the gentleman from the great State of Minnesota (Mr. 
Finstad).
  Mr. FINSTAD. Mr. Speaker, I thank Chairman Williams for yielding.
  Mr. Speaker, I rise today in support of H.R. 754, the Investing in 
Main Street Act of 2025, legislation which I am honored to co-lead with 
my colleague from California.
  The Investing in Main Street Act of 2025 makes critical improvements 
to the Small Business Investment Act of 1958, allowing Small Business 
Investment Companies, or SBICs, to invest more resources in Main Street 
businesses across southern Minnesota and across the country.
  From Winona to Worthington, small business owners across the district 
I have the honor to represent rely on early access to capital to start 
and grow. This legislation will spur further investment in our business 
community and assist businessowners in accessing the capital needed to 
pursue the American Dream of owning and operating a small business.
  Mr. Speaker, I thank Representative Chu for partnering with me on 
this important legislation, and I urge my colleagues to vote in support 
of the Investing in Main Street Act of 2025.
  Ms. VELAZQUEZ. Mr. Speaker, I yield 2 minutes to the gentlewoman from 
California (Ms. Chu).
  Ms. CHU. Mr. Speaker, I rise in strong support of my bill, H.R. 754, 
the Investing in Main Street Act of 2025, which would spur innovation, 
entrepreneurship, and growth in our small businesses nationwide.
  Currently, banking rules allow financial institutions to invest up to 
15 percent of their capital and surplus in SBICs. Small business 
investing rules cap these same investments far lower at just 5 percent 
of capital and surplus.

  The Investing in Main Street Act of 2025 simply amends this outdated 
law to align these caps by allowing banks to invest a full 15 percent 
in SBICs. Raising this cap would dramatically increase the amount of 
investment capital available to our country's small businesses for whom 
even small investments can mean so much.
  Already SBICs have helped marquee American companies like Costco, 
Apple, and Intel get off the ground, back when they were just starting 
out. SBICs fill a gap in the investment ecosystem and level the playing 
field for the smallest businesses which often face the highest barriers 
to securing investments from traditional private investors.
  The nearly 319 certified SBICs in operation today have invested or 
committed over $38 billion in small businesses nationwide. In 2023 
alone, SBICs provided $7.2 billion in funding to 1,142 small businesses 
and startups.
  By raising the investment cap from 5 percent to 15 percent, we could 
potentially triple those numbers in the years to come and drive 
revitalization in communities across the country.
  I thank Representatives Finstad, McIver, and Garbarino for their 
partnership in this legislation and Chairman Williams and Ranking 
Member Velazquez for their strong support.
  Mr. Speaker, I urge my colleagues to vote ``yes'' on this bill and 
for the Senate to expeditiously take it up so we can unlock more of the 
potential of American entrepreneurs.
  Mr. WILLIAMS of Texas. Mr. Speaker, I reserve the balance of my time.
  Ms. VELAZQUEZ. Mr. Speaker, I yield 2 minutes to the gentlewoman from 
New Jersey (Mrs. McIver).
  Mrs. McIVER. Mr. Speaker, small businesses are the backbone of our 
local economy. COVID-19 shuttered the doors of many beloved local 
businesses, and many more are still continuing on a path of financial 
recovery. Now, with sky-high prices and rising inflation, small 
businesses need our support more than ever.
  Today, I join Representative Chu to reintroduce the Investing in Main 
Street Act of 2025 to increase access to capital for small businesses 
who need it. This bill amends the Small Business Investment Act of 1958 
by increasing the amount that certain banks and savings associations 
may invest in small business investment companies from 5 percent to 15 
percent.
  As the ranking member on the Small Business Subcommittee on Economic 
Growth, Tax, and Capital Access, I know firsthand the challenges 
businessowners face. Small businesses contribute so much to our 
communities. In fact, they make up over 40 percent of our Nation's GDP, 
and it is time we give back to our hardworking businessowners.
  These additional investments will create more jobs, allow existing 
businesses to expand and thrive, and reduce barriers to entry for small 
businesses looking to get off the ground. I am grateful to 
Representative Chu for leading the charge on this essential improvement 
to SBIC funding, and I am proud to co-lead this crucial bill.
  Mr. Speaker, I thank Chairman Williams and my ranking member, 
Representative Velazquez. I urge my colleagues to support this bill.

[[Page H745]]

  

  Mr. WILLIAMS of Texas. Mr. Speaker, I reserve the balance of my time.
  Ms. VELAZQUEZ. Mr. Speaker, I applaud Representatives Chu, Finstad, 
and McIver for their bipartisan work on this bill. I encourage all my 
colleagues to vote ``yes,'' and I yield back the balance of my time.
  Mr. WILLIAMS of Texas. Mr. Speaker, I urge my colleagues to support 
this commonsense legislation, and I yield back the balance of my time.
  The SPEAKER pro tempore. The question is on the motion offered by the 
gentleman from Texas (Mr. Williams) that the House suspend the rules 
and pass the bill, H.R. 754.
  The question was taken; and (two-thirds being in the affirmative) the 
rules were suspended and the bill was passed.
  A motion to reconsider was laid on the table.

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