Us Congress 2023-2024 Regular Session

Us Congress House Bill HB449 Compare Versions

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Old	New		Differences
	1	+	I
1	2		118THCONGRESS
2	3		1
3	4		STSESSION H. R. 449
4		-	AN ACT
	5	+	To amend the Small Business Act to increase transparency, and for other
	6	+	purposes.
	7	+	IN THE HOUSE OF REPRESENTATIVES
	8	+	JANUARY24, 2023
	9	+	Mr. B
	10	+	URCHETT(for himself, Mr. KIMof New Jersey, and Mr. FITZGERALD)
	11	+	introduced the following bill; which was referred to the Committee on
	12	+	Small Business
	13	+	A BILL
5	14		To amend the Small Business Act to increase transparency,
6	15		and for other purposes.
7	16		Be it enacted by the Senate and House of Representa-1
8		-	tives of the United States of America in Congress assembled, 2 2
9		-	•HR 449 EH
10		-	SECTION 1. SHORT TITLE. 1
11		-	This Act may be cited as the ‘‘Microloan Trans-2
12		-	parency and Accountability Act of 2023’’. 3
13		-	SEC. 2. PORTFOLIO RISK ANALYSIS OF MICROLOANS. 4
14		-	Section 7(m)(10) of the Small Business Act (15 5
15		-	U.S.C. 636(m)(10)) is amended— 6
16		-	(1) by redesignating subparagraphs (A) through 7
17		-	(F) as clauses (i) through (vi), respectively, and ad-8
18		-	justing the margins accordingly; 9
19		-	(2) by amending clause (iv), as so redesignated, 10
20		-	to read as follows: 11
21		-	‘‘(vi) the number, amount, and per-12
22		-	centage of microloans made by inter-13
23		-	mediaries to small business concerns— 14
24		-	‘‘(I) that went into default in the 15
25		-	previous year; and 16
26		-	‘‘(II) that were charged off in the 17
27		-	previous year by such inter-18
28		-	mediaries;’’; 19
29		-	(3) in clause (vi), as so redesignated, by strik-20
30		-	ing ‘‘and’’ at the end; 21
31		-	(4) by redesignating subparagraph (G) as 22
32		-	clause (xviii), and adjusting the margin accordingly; 23
33		-	(5) by striking ‘‘On November 1, 1995,’’ and all 24
34		-	that follows through ‘‘the following:’’ and inserting 25
35		-	the following: 26 3
36		-	•HR 449 EH
37		-	‘‘(A) IN GENERAL.—Beginning on Feb-1
38		-	ruary 1, 2023, and annually thereafter, the Ad-2
39		-	ministrator shall submit to the Committee on 3
40		-	Small Business and Entrepreneurship of the 4
41		-	Senate and the Committee on Small Business 5
42		-	of the House of Representatives, and make 6
43		-	available to the public on the website of the Ad-7
44		-	ministration, a report on the effectiveness of 8
45		-	the microloan program during the fiscal year 9
46		-	preceding the date of the report. Such report 10
47		-	shall include—’’; 11
48		-	(6) in subparagraph (A), as so designated, by 12
49		-	inserting after clause (vi) the following new clauses: 13
50		-	‘‘(vii) the number and type of enforce-14
51		-	ment actions taken by the Administrator 15
52		-	against noncompliant intermediaries; 16
53		-	‘‘(viii) an analysis of compliance by 17
54		-	intermediaries with the credit availability 18
55		-	requirements of paragraph (3)(E) for loans 19
56		-	in an amount greater than $20,000; 20
57		-	‘‘(ix) the extent to which microloans 21
58		-	are provided to small business concerns in 22
59		-	rural areas; 23 4
60		-	•HR 449 EH
61		-	‘‘(x) the number of underserved bor-1
62		-	rowers, as defined by the Administration, 2
63		-	participating in the microloan program; 3
64		-	‘‘(xi) the average rate of interest for 4
65		-	each microloan; 5
66		-	‘‘(xii) the average amount of fees 6
67		-	charged for each microloan; 7
68		-	‘‘(xiii) the average size of each 8
69		-	microloan, including— 9
70		-	‘‘(I) the number of loans made in 10
71		-	an amount greater than $20,000; and 11
72		-	‘‘(II) the average size and 12
73		-	charge-off rate of such loans; 13
74		-	‘‘(xiv) the subsidy cost to the Admin-14
75		-	istration; 15
76		-	‘‘(xv) the number and percentage of 16
77		-	microloans that were made to refinance 17
78		-	other loans; 18
79		-	‘‘(xvi) the number and percentage of 19
80		-	microloans made to new program partici-20
81		-	pants and the number and percentage of 21
82		-	microloans made to previous program par-22
83		-	ticipants; 23 5
84		-	•HR 449 EH
85		-	‘‘(xvii) the average amount of tech-1
86		-	nical assistance grant monies spent on 2
87		-	each loan; and’’; and 3
88		-	(7) by adding at the end the following: 4
	17	+	tives of the United States of America in Congress assembled, 2
	18	+	SECTION 1. SHORT TITLE. 3
	19	+	This Act may be cited as the ‘‘Microloan Trans-4
	20	+	parency and Accountability Act of 2023’’. 5
	21	+	SEC. 2. PORTFOLIO RISK ANALYSIS OF MICROLOANS. 6
	22	+	Section 7(m)(10) of the Small Business Act (15 7
	23	+	U.S.C. 636(m)(10)) is amended— 8
	24	+	VerDate Sep 11 2014 02:26 Jan 25, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H449.IH H449
	25	+	pbinns on DSKJLVW7X2PROD with $$_JOB 2
	26	+	•HR 449 IH
	27	+	(1) by redesignating subparagraphs (A) through 1
	28	+	(F) as clauses (i) through (vi), respectively, and ad-2
	29	+	justing the margins accordingly; 3
	30	+	(2) by amending clause (iv), as so redesignated, 4
	31	+	to read as follows: 5
	32	+	‘‘(vi) the number, amount, and per-6
	33	+	centage of microloans made by inter-7
	34	+	mediaries to small business concerns— 8
	35	+	‘‘(I) that went into default in the 9
	36	+	previous year; and 10
	37	+	‘‘(II) that were charged off in the 11
	38	+	previous year by such inter-12
	39	+	mediaries;’’; 13
	40	+	(3) in clause (vi), as so redesignated, by strik-14
	41	+	ing ‘‘and’’ at the end; 15
	42	+	(4) by redesignating subparagraph (G) as 16
	43	+	clause (xviii), and adjusting the margin accordingly; 17
	44	+	(5) by striking ‘‘On November 1, 1995,’’ and all 18
	45	+	that follows through ‘‘the following:’’ and inserting 19
	46	+	the following: 20
	47	+	‘‘(A) I
	48	+	N GENERAL.—Beginning on Feb-21
	49	+	ruary 1, 2023, and annually thereafter, the Ad-22
	50	+	ministrator shall submit to the Committee on 23
	51	+	Small Business and Entrepreneurship of the 24
	52	+	Senate and the Committee on Small Business 25
	53	+	VerDate Sep 11 2014 02:26 Jan 25, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H449.IH H449
	54	+	pbinns on DSKJLVW7X2PROD with $$_JOB 3
	55	+	•HR 449 IH
	56	+	of the House of Representatives, and make 1
	57	+	available to the public on the website of the Ad-2
	58	+	ministration, a report on the effectiveness of 3
	59	+	the microloan program during the fiscal year 4
	60	+	preceding the date of the report. Such report 5
	61	+	shall include—’’; 6
	62	+	(6) in subparagraph (A), as so designated, by 7
	63	+	inserting after clause (vi) the following new clauses: 8
	64	+	‘‘(vii) the number and type of enforce-9
	65	+	ment actions taken by the Administrator 10
	66	+	against noncompliant intermediaries; 11
	67	+	‘‘(viii) an analysis of compliance by 12
	68	+	intermediaries with the credit availability 13
	69	+	requirements of paragraph (3)(E) for loans 14
	70	+	in an amount greater than $20,000; 15
	71	+	‘‘(ix) the extent to which microloans 16
	72	+	are provided to small business concerns in 17
	73	+	rural areas; 18
	74	+	‘‘(x) the number of underserved bor-19
	75	+	rowers, as defined by the Administration, 20
	76	+	participating in the microloan program; 21
	77	+	‘‘(xi) the average rate of interest for 22
	78	+	each microloan; 23
	79	+	‘‘(xii) the average amount of fees 24
	80	+	charged for each microloan; 25
	81	+	VerDate Sep 11 2014 02:26 Jan 25, 2023 Jkt 039200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H449.IH H449
	82	+	pbinns on DSKJLVW7X2PROD with $$_JOB 4
	83	+	•HR 449 IH
	84	+	‘‘(xiii) the average size of each 1
	85	+	microloan, including— 2
	86	+	‘‘(I) the number of loans made in 3
	87	+	an amount greater than $20,000; and 4
	88	+	‘‘(II) the average size and 5
	89	+	charge-off rate of such loans; 6
	90	+	‘‘(xiv) the subsidy cost to the Admin-7
	91	+	istration; 8
	92	+	‘‘(xv) the number and percentage of 9
	93	+	microloans that were made to refinance 10
	94	+	other loans; 11
	95	+	‘‘(xvi) the number and percentage of 12
	96	+	microloans made to new program partici-13
	97	+	pants and the number and percentage of 14
	98	+	microloans made to previous program par-15
	99	+	ticipants; 16
	100	+	‘‘(xvii) the average amount of tech-17
	101	+	nical assistance grant monies spent on 18
	102	+	each loan; and’’; and 19
	103	+	(7) by adding at the end the following: 20
89	104		‘‘(B) P
90		-	RIVACY.—Each report submitted 5
91		-	under subparagraph (A) shall not contain any 6
92		-	personally identifiable information of any bor-7
93		-	rower.’’. 8
94		-	Passed the House of Representatives January 25,
95		-	2023.
96		-	Attest:
97		-	Clerk. 118
98		-	TH
99		-	CONGRESS
100		-	1
101		-	ST
102		-	S
103		-	ESSION
104		-
105		-	H. R. 449
106		-	AN ACT
107		-	To amend the Small Business Act to increase
108		-	transparency, and for other purposes.
	105	+	RIVACY.—Each report submitted 21
	106	+	under subparagraph (A) shall not contain any 22
	107	+	personally identifiable information of any bor-23
	108	+	rower.’’. 24
	109	+	Æ
	110	+	VerDate Sep 11 2014 02:26 Jan 25, 2023 Jkt 039200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\H449.IH H449
	111	+	pbinns on DSKJLVW7X2PROD with $$_JOB