A bill to amend the Small Business Investment Act of 1958.
Latest action. Referred to House Committee on Small Business.
Amends the Small Business Act of 1958 to authorize the Small Business Administration to purchase development investments (nonvoting equity interests) in small businesses which are engaged in high growth industries and to finance such small businesses in a manner commensurate with preserving or creating substantial job opportunities. Requires such small businesses to be located in areas of high unemployment or owned by socially and economically disadvantaged individuals. Limits such financial assistance to qualified small business concerns as determined by the Development Investment Committee. Lists determinations the Committee must ascertain in order to qualify a small business concern with respect to any financial assistance including, but not limited to, the maintenance of at least one full-time job for each $15,000 of such assistance received. Stipulates that the amount of development investments purchased by the Administration and outstanding at any one time from any qualified small business concern (including its affiliates) shall not exceed $2,000,000. Defines terms for purposes of this Act. Establishes in the Small Business Administration the Development Investment Committee. Requires that the Committee meet at least once a month to evaluate applications pending before it. Stipulates that each determination made by the Committee shall be a majority vote and be provided in writing to the small business to which such determinations pertain. Authorizes the Administration to provide financial assistance to public or private organizations to pay the cost of feasibility studies, planning or marketing research, as the Committee deems necessary to make determinations. Establishes a revolving fund within the Treasury which shall be available to the Administration, without fiscal year limitation, for financing functions performed pursuant to this Act. Authorizes Administration to make issue notes to the Secretary of the Treasury for the purpose of obtaining funds necessary for discharging obligations under the revolving fund and for authorized expenditures out of the fund. States that all redemptions, purchases, and sales by the Secretary of such notes shall be treated as public debt transactions of the United States. Limits the amount of notes issued by the Administration in fiscal year 1980 to $500,000,000.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on April 4, 1979. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on April 4, 1979: Referred to House Committee on Small Business.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the House
- Passage by the Senate
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 96th Congress (1979-80), 613 of the 12,581 bills and joint resolutions introduced became law, about 4.9 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
JOSEPH ADDABBO (D-NY) introduced it on April 4, 1979. No cosponsors are recorded.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on April 4, 1979, 17373 days ago. The most recent recorded action was 17373 days ago, on April 4, 1979.
Measures do not carry over. Anything the 96th Congress has not finished by January 3, 1981 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseIn committee, no floor vote yet
- SenateAwaits House passage
- PresidentAwaits both chambers