To amend the Small Business Act to include surviving children in the definition of small business concern owned and controlled by service-disabled veterans, and for other purposes.
Responsible Legislating ActThis bill establishes or modifies various federal programs and requirements, including those related to retirement accounts, penalties for certain sex offenses, foreign investment and ownership, and appropriations.The bill makes changes to retirement account contributions and distributions, including increasing the maximum amount that may be contributed to a Roth Individual Retirement Account (IRA) to include certain contributions to a Savings Incentive Match Plan for Employees (SIMPLE IRA) or Simplified Employee Pension (SEP) plan, subject to limitations. The bill establishes an enhanced penalty—an additional prison term of up to five years—for certain interstate human trafficking offenses or coercion of sexual activity that occurs in a school zone or related area.The Department of Commerce must report on efforts to increase foreign direct investment in semiconductor-related manufacturing and production. The Federal Maritime Commission must evaluate the effect of foreign ownership of marine terminals at the 15 largest U.S. container ports on U.S. economic security.The bill provides additional appropriations for the Departments of Health and Human Services, Agriculture, State, Defense, Homeland Security, and Energy.The bill extends mandatory livestock market reporting requirements through FY2025.The bill revises the required frequency of meetings held by a credit union's board of directors by decreasing the frequency for existing credit unions with satisfactory soundness ratings. The National Aeronautics and Space Administration's (NASA's) enhanced-use leasing authority is reauthorized through 2033.The bill requires hearings on the bill's implementation within one year of the date of enactment.
Small Business Regulatory Flexibility Improvements Act This bill modifies the rulemaking requirements and procedures of federal agencies under the Regulatory Flexibility Act of 1980 and the Small Business Regulatory Enforcement Fairness Act of 1996, including how agencies consider economic impact with respect to small entities. Specifically, the bill requires agencies to consider the direct, and the reasonably foreseeable indirect, economic effect of a rule on small entities when determining whether a rule is likely to have a significant economic impact. Further, the regulatory flexibility analysis for rules with a significant economic impact must include a detailed description of alternatives to a proposed rule that minimize any adverse significant economic impact or maximize any beneficial significant economic impact on small entities. The bill also expands the types of agency actions (e.g., revisions to land management plans) that are subject to a regulatory impact analysis. The bill removes the authority for an agency to waive the regulatory flexibility analysis requirements and requires the Office of Advocacy of the Small Business Administration to issue rules for compliance with such requirements. The bill also modifies the procedures for the (1) gathering of comments for a proposed rule, (2) periodic review of agency rules, and (3) judicial review of final rules.
Investing in Main Street Act of 2023 This bill authorizes certain banking entities to invest up to 15% of their capital and surplus in one or more small business investment companies (SBICs) or in any entity established to invest solely in SBICs. The current limit is 5%.
Investing in Rural Manufacturing Act This bill authorizes the Small Business Administration to make loans for certain costs to businesses that manufacture goods essential to critical infrastructure sectors in rural areas. Businesses that meet at least 75% of their job creation goals under such loans may receive partial loan forgiveness.