Investing in Main Street Act of 2023

Floor Speech

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Mr. WILLIAMS of Texas. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 400) 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. 400

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 2023''. 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''.
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Mr. WILLIAMS of Texas.

Small businesses are the engines of our economy. Over half of the country's payroll is made from small businesses, and when we work to find solutions to help these entities, we are strengthening the economic foundation of our country.

So before we start debating these bills, I thank our leadership team for recognizing the importance of small businesses and bringing these bills to the floor quickly so we can help build up Main Street America.

Mr. Speaker, I rise in support of H.R. 400, better known as the Investing in Main Street Act.

Last Congress, the Subcommittee on Capital Access held a hearing on the small business investment company program, otherwise known as the SBIC program. During this hearing, our members heard from witnesses about how this program attracts private equity investments to small businesses to hire more people and expand their operations.

This is a self-sustaining program that supports our Nation's job creators without costing taxpayers any money. In order to expand on this success, H.R. 400 looks to increase the maximum allowable investments by SBICs from 5 percent to 15 percent of their excess capital to small businesses.

This change will allow for greater amounts of private equity dollars to go toward small businesses. Additionally, this will align the SBIC program to other financial regulations coming out of the OCC and will help jumpstart growth of small businesses across this country.

As we look for ways to continually improve on this program, this change will have an immediate impact for our jobs and our Nation's job creators.

I thank my colleagues from California and New York for, once again, introducing this bipartisan solution to expand successful programs that empower the private sector to invest in small businesses.
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Mr. WILLIAMS of Texas. Mr. Speaker, I have no further speakers, and I am prepared to close.

Mr. Speaker, the SBIC program has delivered for small businesses for many years. It is time we update the program to match other Federal rules and ensure the program continues to serve our communities in the future. This is a commonsense step to increase the amount of investment that an SBIC can receive.

Mr. Speaker, I urge my colleagues to support H.R. 400, and I yield back the balance of my time.

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Mr. WILLIAMS of Texas. Mr. Speaker, on that I demand the yeas and nays.

The yeas and nays were ordered.

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