H.R.3567 - Small Business Investment Expansion Act of 2007

To amend the Small Business Investment Act of 1958 to expand opportunities for investments in small businesses, and for other purposes. view all titles (4)

All Bill Titles

  • Short: Small Business Investment Expansion Act of 2007 as reported to house.
  • Short: Small Business Investment Expansion Act of 2007 as passed house.
  • Short: Small Business Investment Expansion Act of 2007 as introduced.
  • Official: To amend the Small Business Investment Act of 1958 to expand opportunities for investments in small businesses, and for other purposes. as introduced.

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  • Today: 14
  • Past Seven Days: 38
  • All-Time: 3,351
 
Introduced
 
House
Passed
 
Senate
Passes
 
President
Signs
 

 
09/17/07
 
09/27/07
 
 
 
 
 

 

Latest Vote

Result: Passed - September 27, 2007

Roll call number 923 in the House

Question: On Passage: H R 3567 Small Business Investment Expansion Act

Required percentage of 'Aye' votes: 1/2 (50%)
Percentage of 'aye' votes: 75%

Democrats Voting 'Aye'

Neil Abercrombie
Rep. Gary Ackerman [D, NY-5]
Thomas Allen
Rep. Jason Altmire [D, PA-4]
Rep. Robert Andrews [D, NJ-1]
Rep. Joe Baca [D, CA-43]
Brian Baird
Rep. Tammy Baldwin [D, WI-2]
Rep. John Barrow [D, GA-12]
Melissa Bean
Rep. Xavier Becerra [D, CA-31]
Rep. Shelley Berkley [D, NV-1]
Rep. Howard Berman [D, CA-28]
Robert Berry
Rep. Timothy Bishop [D, NY-1]
Rep. Earl Blumenauer [D, OR-3]
Rep. Dan Boren [D, OK-2]
Rep. Leonard Boswell [D, IA-3]
Frederick Boucher
Nancy Boyda
Rep. Robert Brady [D, PA-1]
Rep. Bruce Braley [D, IA-1]
Rep. George Butterfield [D, NC-1]
Rep. Lois Capps [D, CA-23]
Rep. Michael Capuano [D, MA-8]
Rep. Dennis Cardoza [D, CA-18]
Rep. Russ Carnahan [D, MO-3]
Christopher Carney
Rep. Kathy Castor [D, FL-11]
Rep. Ben Chandler [D, KY-6]
Rep. Yvette Clarke [D, NY-11]
Rep. William Clay [D, MO-1]
Rep. Emanuel Cleaver [D, MO-5]
Rep. James Clyburn [D, SC-6]
Rep. Steve Cohen [D, TN-9]
Rep. Jim Cooper [D, TN-5]
Rep. Jim Costa [D, CA-20]
Rep. Jerry Costello [D, IL-12]
Rep. Joe Courtney [D, CT-2]
Robert Cramer
Rep. Joseph Crowley [D, NY-7]
Rep. Henry Cuellar [D, TX-28]
Rep. Elijah Cummings [D, MD-7]
Rep. Susan Davis [D, CA-53]
Artur Davis
Lincoln Davis
Rep. Danny Davis [D, IL-7]
Rep. Peter DeFazio [D, OR-4]
Rep. Diana DeGette [D, CO-1]
William Delahunt
Rep. Rosa DeLauro [D, CT-3]
Rep. Norman Dicks [D, WA-6]
Rep. Lloyd Doggett [D, TX-25]
Rep. Joe Donnelly [D, IN-2]
Thomas Edwards
Rep. Keith Ellison [D, MN-5]
Brad Ellsworth
Rahm Emanuel
Rep. Eliot Engel [D, NY-17]
Rep. Anna Eshoo [D, CA-14]
Bob Etheridge
Rep. Sam Farr [D, CA-17]
Rep. Chaka Fattah [D, PA-2]
Rep. Bob Filner [D, CA-51]
Rep. Barney Frank [D, MA-4]
Rep. Gabrielle Giffords [D, AZ-8]
Sen. Kirsten Gillibrand [D, NY]
Rep. Charles Gonzalez [D, TX-20]
Barton Gordon
Rep. Raymond Green [D, TX-29]
Rep. Al Green [D, TX-9]
Rep. Raul Grijalva [D, AZ-7]
Rep. Luis Gutiérrez [D, IL-4]
John Hall
Phil Hare
Rep. Jane Harman [D, CA-36]
Rep. Alcee Hastings [D, FL-23]
Stephanie Herseth Sandlin
Rep. Brian Higgins [D, NY-27]
Baron Hill
Rep. Maurice Hinchey [D, NY-22]
Rep. Mazie Hirono [D, HI-2]
Paul Hodes
Rep. Tim Holden [D, PA-17]
Rep. Rush Holt [D, NJ-12]
Rep. Michael Honda [D, CA-15]
Darlene Hooley
Rep. Steny Hoyer [D, MD-5]
Rep. Jay Inslee [D, WA-1]
Rep. Steve Israel [D, NY-2]
Rep. Jesse Jackson [D, IL-2]
William Jefferson
Rep. Henry Johnson [D, GA-4]
Steve Kagen
Paul Kanjorski
Rep. Marcy Kaptur [D, OH-9]
Rep. Dale Kildee [D, MI-5]
Carolyn Kilpatrick
Rep. Ronald Kind [D, WI-3]
Ron Klein
Rep. Dennis Kucinich [D, OH-10]
Nicholas Lampson
Rep. James Langevin [D, RI-2]
Tom Lantos
Rep. Rick Larsen [D, WA-2]
Rep. John Larson [D, CT-1]
Rep. Barbara Lee [D, CA-9]
Rep. Sander Levin [D, MI-12]
Rep. John Lewis [D, GA-5]
Rep. Daniel Lipinski [D, IL-3]
Rep. David Loebsack [D, IA-2]
Rep. Nita Lowey [D, NY-18]
Rep. Stephen Lynch [D, MA-9]
Tim Mahoney
Rep. Carolyn Maloney [D, NY-14]
Rep. Edward Markey [D, MA-7]
James Marshall
Rep. Jim Matheson [D, UT-2]
Rep. Doris Matsui [D, CA-5]
Rep. Carolyn McCarthy [D, NY-4]
Rep. Betty McCollum [D, MN-4]
Rep. James McDermott [D, WA-7]
Rep. James McGovern [D, MA-3]
Rep. Mike McIntyre [D, NC-7]
Rep. Jerry McNerney [D, CA-11]
Michael McNulty
Kendrick Meek
Rep. Gregory Meeks [D, NY-6]
Charles Melancon
Rep. Michael Michaud [D, ME-2]
Rep. George Miller [D, CA-7]
Rep. Bradley Miller [D, NC-13]
Harry Mitchell
Alan Mollohan
Rep. Gwen Moore [D, WI-4]
Dennis Moore
Rep. Christopher Murphy [D, CT-5]
Patrick Murphy
John Murtha
Rep. Jerrold Nadler [D, NY-8]
Rep. Grace Napolitano [D, CA-38]
Rep. Richard Neal [D, MA-2]
James Oberstar
David Obey
Rep. John Olver [D, MA-1]
Solomon Ortiz
Rep. Frank Pallone [D, NJ-6]
Rep. William Pascrell [D, NJ-8]
Rep. Edward Pastor [D, AZ-4]
Rep. Donald Payne [D, NJ-10]
Rep. Collin Peterson [D, MN-7]
Earl Pomeroy
Rep. David Price [D, NC-4]
Rep. Nick Rahall [D, WV-3]
Rep. Charles Rangel [D, NY-15]
Rep. Silvestre Reyes [D, TX-16]
Rep. Laura Richardson [D, CA-37]
Ciro Rodriguez
Rep. Mike Ross [D, AR-4]
Rep. Steven Rothman [D, NJ-9]
Rep. Lucille Roybal-Allard [D, CA-34]
Rep. Dutch Ruppersberger [D, MD-2]
Rep. Bobby Rush [D, IL-1]
Rep. Timothy Ryan [D, OH-17]
John Salazar
Rep. Loretta Sanchez [D, CA-47]
Rep. Linda Sánchez [D, CA-39]
Rep. John Sarbanes [D, MD-3]
Rep. Janice Schakowsky [D, IL-9]
Rep. Adam Schiff [D, CA-29]
Rep. Allyson Schwartz [D, PA-13]
Rep. David Scott [D, GA-13]
Rep. Robert Scott [D, VA-3]
Rep. José Serrano [D, NY-16]
Joe Sestak
Carol Shea-Porter
Rep. Brad Sherman [D, CA-27]
Rep. Heath Shuler [D, NC-11]
Rep. Albio Sires [D, NJ-13]
Ike Skelton
Rep. Louise Slaughter [D, NY-28]
Rep. Adam Smith [D, WA-9]
Victor Snyder
Hilda Solis
Zachary Space
John Spratt
Bart Stupak
Rep. Betty Sutton [D, OH-13]
John Tanner
Ellen Tauscher
Gene Taylor
Rep. Bennie Thompson [D, MS-2]
Rep. Michael Thompson [D, CA-1]
Rep. John Tierney [D, MA-6]
Rep. Edolphus Towns [D, NY-10]
Sen. Mark Udall [D, CO]
Sen. Tom Udall [D, NM]
Rep. Christopher Van Hollen [D, MD-8]
Rep. Nydia Velázquez [D, NY-12]
Rep. Timothy Walz [D, MN-1]
Rep. Debbie Wasserman Schultz [D, FL-20]
Rep. Maxine Waters [D, CA-35]
Diane Watson
Rep. Melvin Watt [D, NC-12]
Rep. Henry Waxman [D, CA-30]
Rep. Anthony Weiner [D, NY-9]
Rep. Peter Welch [D, VT-0]
Robert Wexler
Charles Wilson
Rep. Lynn Woolsey [D, CA-6]
Rep. David Wu [D, OR-1]
Albert Wynn
Rep. John Yarmuth [D, KY-3]

Republicans Voting 'Aye'

Rep. Todd Akin [R, MO-2]
Rep. Rodney Alexander [R, LA-5]
Rep. Roscoe Bartlett [R, MD-6]
Rep. Judy Biggert [R, IL-13]
Rep. Brian Bilbray [R, CA-50]
Rep. Gus Bilirakis [R, FL-9]
Rep. Mary Bono Mack [R, CA-45]
Sen. John Boozman [R, AR]
Rep. Charles Boustany [R, LA-7]
Henry Brown
Rep. Vern Buchanan [R, FL-13]
Rep. Michael Burgess [R, TX-26]
Stephen Buyer
Rep. David Camp [R, MI-4]
Rep. Shelley Capito [R, WV-2]
Michael Castle
Rep. Steven Chabot [R, OH-1]
Rep. Tom Cole [R, OK-4]
Rep. Michael Conaway [R, TX-11]
Rep. Ander Crenshaw [R, FL-4]
Thomas Davis
David Davis
Rep. Charles Dent [R, PA-15]
Lincoln Diaz-Balart
Rep. Mario Diaz-Balart [R, FL-21]
Thelma Drake
Vernon Ehlers
Rep. Jo Ann Emerson [R, MO-8]
Philip English
Mary Fallin
Michael Ferguson
Rep. Randy Forbes [R, VA-4]
Rep. Jeffrey Fortenberry [R, NE-1]
Vito Fossella
Rep. Rodney Frelinghuysen [R, NJ-11]
Rep. Jim Gerlach [R, PA-6]
Wayne Gilchrest
Rep. Louis Gohmert [R, TX-1]
Rep. Robert Goodlatte [R, VA-6]
Rep. Kay Granger [R, TX-12]
Rep. Samuel Graves [R, MO-6]
Rep. Ralph Hall [R, TX-4]
Rep. Doc Hastings [R, WA-4]
Robin Hayes
David Hobson
Kenny Hulshof
Rep. Timothy Johnson [R, IL-15]
Rep. Jim Jordan [R, OH-4]
Ric Keller
Rep. Peter King [R, NY-3]
Rep. Steve King [R, IA-5]
Sen. Mark Kirk [R, IL]
Rep. John Kline [R, MN-2]
Joseph Knollenberg
John Kuhl
Rep. Thomas Latham [R, IA-4]
Rep. Steven LaTourette [R, OH-14]
Ron Lewis
Rep. Frank LoBiondo [R, NJ-2]
Rep. Frank Lucas [R, OK-3]
Rep. Kevin McCarthy [R, CA-22]
Rep. Thaddeus McCotter [R, MI-11]
John McHugh
Rep. Cathy McMorris Rodgers [R, WA-5]
Rep. Gary Miller [R, CA-42]
Rep. Candice Miller [R, MI-10]
Rep. Tim Murphy [R, PA-18]
Marilyn Musgrave
Rep. Randy Neugebauer [R, TX-19]
Rep. Devin Nunes [R, CA-21]
Rep. Steven Pearce [R, NM-2]
John Peterson
Charles Pickering
Rep. Todd Platts [R, PA-19]
Jon Porter
Deborah Pryce
Adam Putnam
Ralph Regula
Rep. Dennis Rehberg [R, MT-0]
Rep. Dave Reichert [R, WA-8]
Rick Renzi
Thomas Reynolds
Rep. Harold Rogers [R, KY-5]
Rep. Michael Rogers [R, AL-3]
Rep. Michael Rogers [R, MI-8]
Rep. Peter Roskam [R, IL-6]
Rep. Ileana Ros-Lehtinen [R, FL-18]
James Saxton
Rep. Jean Schmidt [R, OH-2]
Christopher Shays
Rep. John Shimkus [R, IL-19]
Rep. William Shuster [R, PA-9]
Rep. Michael Simpson [R, ID-2]
Rep. Adrian Smith [R, NE-3]
Rep. Lamar Smith [R, TX-21]
Rep. Christopher Smith [R, NJ-4]
Mark Souder
Rep. John Sullivan [R, OK-1]
Rep. Lee Terry [R, NE-2]
Todd Tiahrt
Rep. Patrick Tiberi [R, OH-12]
Rep. Michael Turner [R, OH-3]
Rep. Frederick Upton [R, MI-6]
James Walsh
Zach Wamp
Gerald Weller
Rep. Lynn Westmoreland [R, GA-3]
Rep. Edward Whitfield [R, KY-1]
Sen. Roger Wicker [R, MS]
Rep. Frank Wolf [R, VA-10]
Rep. Donald Young [R, AK-0]
Rep. Bill Young [R, FL-10]

Others Voting 'Aye'

Others Voting 'Abstain'

 

Official Summary

9/27/2007--Passed House amended. Small Business Investment Expansion Act of 2007 - Title I: Small Business Investment Company Program - (Sec. 101) Amends the Small Business Investment Act of 1958 to increase the maximum amounts of outstanding leverage made available by the Small Business A

Official Summary

9/27/2007--Passed House amended. Small Business Investment Expansion Act of 2007 - Title I: Small Business Investment Company Program -

(Sec. 101)

Amends the Small Business Investment Act of 1958 to increase the maximum amounts of outstanding leverage made available by the Small Business Administration (SBA) to:
(1) any one small business investment company (SBIC) which provides loans to small businesses; and
(2) two or more SBICs that are commonly controlled.

(Sec. 102)

Increases the total amount of debentures and participating securities issued by an SBIC that may be guaranteed by the SBA in the case of an SBIC that certifies that not less than 50% of its aggregate investments will be made in small businesses that are either:
(1) majority owned by socially or economically disadvantaged individuals, veterans, or current or former members of the National Guard or reserves; or
(2) located in a low-income geographic area.

(Sec. 103)

Requires each SBIC, as a condition of an application for leverage, to certify that not less than 25% of the aggregate dollar amount of its financings will be provided to smaller enterprises.

(Sec. 104)

Requires the SBA Administrator to give consideration to investments in small businesses that are creating new technologies, manufactured goods, or materials, or providing services to reduce carbon emissions, reduce the use of non-renewable resources, minimize environmental impact, and relate people with the natural environment.

(Sec. 105)

Revises the aggregate SBA investment limits with respect to SBICs. Title II: New Markets Venture Capital Program -

(Sec. 201)

Requires (under current law, authorizes) the Administrator to participate in the new markets venture capital program (a program under which investment companies provide capital financing to small businesses). Requires a report from the Administrator to Congress evaluating the success of the new markets venture capital program (program, for purposes of this title).

(Sec. 202)

Requires the Administrator, in selecting companies for program participation, to approve at least one company from each SBA geographic region.

(Sec. 203)

Requires each conditionally approved company engaged primarily in development of and investment in small manufacturers to raise at least $3 million in capital for such purposes from private investors.

(Sec. 204)

Makes the SBA definition of "low-income geographic area" the same as the definition of "low-income community" under the Internal Revenue Code.

(Sec. 205)

Directs the SBA's Chief Counsel for Advocacy to study and report to Congress on the availability of equity capital in low-income urban and rural areas.

(Sec. 206)

Authorizes the Administrator to make grants to conditionally-approved companies for participation in the program. Includes within authorized SBA operational assistance under the program assistance on how to implement energy efficiency and sustainable practices that reduce the use of non-renewable resources or minimize environmental impact and reduce overall costs and increase health of employees.

(Sec. 207)

Requires the Administrator to prescribe standard documents for companies applying for final new markets venture capital company approval.

(Sec. 208)

Eliminates the 30% minimum amount of matching commitments for operational assistance that a program company must raise before receiving final approval.

(Sec. 209)

Revises the program's operational assistance grant formula.

(Sec. 210)

Reauthorizes appropriations of $30 million (under current law, $150 million) to fund debenture guarantees and $5 million (under current law, $30 million) for operational assistance grants for FY2008-FY2010. Title III: Angel Investment Program -

(Sec. 301)

Establishes within the Investment Division of the SBA the Office of Angel Investment, headed by a Director, to provide support for the development of angel investment opportunities for small businesses. Requires the Director to establish and carry out a program, to be known as the Angel Investment Program, to provide financing to approved angel groups. Limits to $2 million the financing to an angel group. Provides a matching funds requirement. Establishes an Angel Investment Fund. Authorizes appropriations. Requires the Director to establish and maintain a searchable database, to be known as the Federal Angel Network, to assist small businesses in identifying angel investors. Authorizes appropriations. Requires:
(1) the Director to establish and carry out a program to make grants for the development of new or existing angel groups and to increase awareness and education about angel investing; and
(2) each grant recipient to report to the Administrator describing the use of grant funds. Authorizes appropriations. Title IV: Surety Bond Program -

(Sec. 401)

Directs the Administrator to study and report to Congress on the current funding structure of the SBA's surety bond program.

(Sec. 402)

Directs the Administrator to carry out the Preferred Surety Bond Program, under which the SBA delegates to the surety complete authority to issue, monitor, and service bonds subject to SBA guaranty without obtaining specific approval from the SBA. Limits the delegation authority term to two years (but allows continual renewals).

(Sec. 403)

Provides that, for surety bonds made or executed with prior SBA approval, the Administrator shall not deny liability based upon information that was provided as part of the guaranty application.

(Sec. 404)

Increases from $2 million to $3 million the bond guaranty threshold.

(Sec. 405)

Provides authorized uses of bond guaranty fee contributions. Title V: Venture Capital Investment Standards -

(Sec. 501)

Amends the Small Business Act to provide that, for purposes of determining whether a small business is independently owned and operated or meets specified small business size standards, the Administrator shall not consider a business to be affiliated with a venture capital operating company (or with any other business that the venture capital operating company has financed) if:
(1) the venture capital operating company does not own 50% or more of the business; and
(2) employees of the venture capital operating company do not constitute a majority of the board of directors of the business. Defines a business as "independently owned and operated" if it is owned in majority by natural persons or venture capital operating companies meeting specified requirements, including that there is no single venture capital operating company:
(1) that owns 50% or more of the business; and
(2) the employees of which constitute a majority of the board of directors of the business. Title VI: Regulations -

(Sec. 601)

Directs the Administrator to issue revisions to all existing regulations as necessary to ensure their conformity with the amendments made by this Act.


...Read the Rest

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Recent News Coverage

View All (12)  |  View Top Rated

10/14/07
Small Business Groups United in Opposition to Anti-Small Business ...

Several national small business groups have come out in opposition to a new House bill, HR 3567, the Small Business Investment Expansion Act of 2007, ...

Source: Earthtimes, UK
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10/14/07
Small Business Groups United in Opposition to Anti-Small Business ...

Several national small business groups have come out in opposition to a new House bill, HR 3567, the Small Business Investment Expansion Act of 2007, ...

Source: Web Services Journal, NJ
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10/12/07
Big-business boondoggle

The House just passed HR 3567, the Small Business Investment Expansion Act. Members of the House backed by the National Venture Capital Association and ...

Source: Rocky Mountain News, CO
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Recent Blog Coverage

View All (89)  |  View Top Rated

09/14/09
H.R.3567: Respect for Marriage Act of 2009 - U.S. Congress ...

All Bill Titles. Short: Respect for Marriage Act of 2009 as introduced. Official: To repeal the Defense of Marriage Act and ensure respect for State regulation of marriage. as introduced. .... OpenCongress Summary. Repeals provisions of the Defense of Marr

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01/01/09
Changing Guard Bodes Well for Small Business -- So Far | Business ...

And House Speaker Nancy Pelosi, D-Calif., has been a champion of the bill, H.R. 3567, also known as the Small Business Investment Expansion Act. Lloyd Chapman, founder and president of the American Small Business League, who was highly ...

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12/19/08
Obama back-tracks on small business policies | Daily Estimate

The ASBL predicts President-elect Obama will support H.R. 3567, the Small Business Investment Expansion Act of 2007, which will create a new loophole in federal contracting law that will allow our nation's wealthiest investors to ...

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