Providing for consideration of the bill (H.R. 3567) to amend the Small Business Investment Act of 1958 to expand opportunities for investments in small businesses, and for other purposes.

3.0.0 3567 2023-01-11T20:30:31Z 2023-01-11T20:30:31Z House H HR 2007-09-18 110 sssb00 Small Business and Entrepreneurship Committee Senate Standing Referred to 2007-09-28T15:32:53Z hssm00 Small Business Committee House Standing Markup by 2007-09-25T18:17:50Z Reported by 2007-09-25T17:35:31Z Hearings by 2007-09-18T18:17:03Z Referred to 2007-09-18T13:03:50Z H. Rept. 110-347 Providing for consideration of the bill (H.R. 3567) to amend the Small Business Investment Act of 1958 to expand opportunities for investments in small businesses, and for other purposes. 110 682 HRES 2007-09-27 Motion to reconsider laid on the table Agreed to without objection. 12:35:13 Procedurally-related House 2007-09-28 sssb00 Small Business and Entrepreneurship Committee Senate Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship. IntroReferral 2007-09-27 18:19:09 The Clerk was authorized to correct section numbers, punctuation, and cross references, and to make other necessary technical and conforming corrections in the engrossment of H.R. 3567. Floor H38900 2 House floor actions 2007-09-27 18:19:06 On passage Passed by the Yeas and Nays: 325 - 72 (Roll no. 923). Floor H37100 2 House floor actions 923 https://clerk.house.gov/evs/2007/roll923.xml House 110 2007-09-27T22:19:06Z 1 2007-09-27 18:19:06 Motion to reconsider laid on the table Agreed to without objection. Floor H38310 2 House floor actions 2007-09-27 18:19:06 Passed/agreed to in House: On passage Passed by the Yeas and Nays: 325 - 72 (Roll no. 923). Floor 8000 9 Library of Congress 923 https://clerk.house.gov/evs/2007/roll923.xml House 110 2007-09-27T22:19:06Z 1 2007-09-27 18:09:02 On motion to recommit with instructions Failed by the Yeas and Nays: 183 - 213 (Roll no. 922). Floor H36110 2 House floor actions hssm00 Small Business Committee 922 https://clerk.house.gov/evs/2007/roll922.xml House 110 2007-09-27T22:09:02Z 1 2007-09-27 17:44:03 The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H11007) Floor H8A000 2 House floor actions 2007-09-27 17:36:47 DEBATE - The House proceeded with 10 minutes of debate on the Walberg motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with amendments that strike sections 382 and 384 of part C in title III. Floor H8D000 2 House floor actions 2007-09-27 17:36:23 Mr. Walberg moved to recommit with instructions to Small Business. (consideration: CR H11006-11007; text: CR H11006) Floor H36100 2 House floor actions hssm00 Small Business Committee 2007-09-27 17:35:54 The House adopted the amendments en gross as agreed to by the Committee of the Whole House on the state of the Union. Floor H34400 2 House floor actions 2007-09-27 17:35:43 The previous question was ordered pursuant to the rule. (consideration: CR H11006) Floor H35000 2 House floor actions 2007-09-27 17:35:36 The House rose from the Committee of the Whole House on the state of the Union to report H.R. 3567. Floor H32600 2 House floor actions 2007-09-27 17:33:07 DEBATE - Pursuant to the provisions of H. Res. 682, the Committee of the Whole proceeded with 10 minutes of debate on the Inslee amendment. Floor H8D000 2 House floor actions 2007-09-27 17:29:29 DEBATE - Pursuant to the provisions of H. Res. 682, the Committee of the Whole proceeded with 10 minutes of debate on the Inslee amendment. Floor H8D000 2 House floor actions 2007-09-27 17:24:34 DEBATE - Pursuant to the provisions of H. Res. 682, the Committee of the Whole proceeded with 10 minutes of debate on the Chabot amendment. Floor H8D000 2 House floor actions 2007-09-27 16:56:27 GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 3567. Floor H8D000 2 House floor actions 2007-09-27 16:56:17 The Speaker designated the Honorable Ron Kind to act as Chairman of the Committee. Floor H32400 2 House floor actions 2007-09-27 16:56:16 House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 682 and Rule XVIII. Floor H32020 2 House floor actions 2007-09-27 16:55:46 Rule provides for consideration of H.R. 3567 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. All points of order against consideration of the bill are waived except those arising under clause 9 and 10 of rule XXI. The bill shall be considered for amendment under the five- minute rule. Floor H8D000 2 House floor actions 2007-09-27 16:55:41 Considered under the provisions of rule H. Res. 682. (consideration: CR H10994-11008; text of measure as reported in House: CR H11001-11004) Floor H30000 2 House floor actions 2007-09-27 12:35:12 Rule H. Res. 682 passed House. Floor H1L220 2 House floor actions 2007-09-26 18:33:03 Rules Committee Resolution H. Res. 682 Reported to House. Rule provides for consideration of H.R. 3567 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. All points of order against consideration of the bill are waived except those arising under clause 9 and 10 of rule XXI. The bill shall be considered for amendment under the five- minute rule. Floor H1L210 2 House floor actions 2007-09-25 hssm00 Small Business Committee 1 House committee actions Ordered to be Reported by Voice Vote. Committee 2007-09-25 hssm00 Small Business Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2007-09-25 Placed on the Union Calendar, Calendar No. 216. Calendars H12410 2 House floor actions U00216 2007-09-25 Reported by the Committee on Small Business. H. Rept. 110-347. Committee H12200 2 House floor actions hssm00 Small Business Committee 2007-09-25 Reported by the Committee on Small Business. H. Rept. 110-347. Committee 5000 9 Library of Congress hssm00 Small Business Committee 2007-09-18 hssm00 Small Business Committee 1 House committee actions Hearings Held by Committee on Small Business Prior to Introduction and Referrel (September 6, 2007).. Committee 2007-09-18 Referred to the House Committee on Small Business. IntroReferral H11100 2 House floor actions hssm00 Small Business Committee 2007-09-18 Introduced in House IntroReferral Intro-H 9 Library of Congress 2007-09-18 Introduced in House IntroReferral 1000 9 Library of Congress A000362 Rep. Altmire, Jason [D-PA-4] Jason Altmire D PA 4 N G000546 Rep. Graves, Sam [R-MO-6] SAM GRAVES R MO 6 2007-09-18 True V000081 Rep. Velazquez, Nydia M. [D-NY-12] NYDIA VELAZQUEZ D NY M. 12 2007-09-18 True T000326 Rep. Towns, Edolphus [D-NY-10] EDOLPHUS TOWNS D NY 10 2007-09-24 False 2007-09-24T04:00:00Z H.R. 3567, Small Business Investment Expansion Act of 2007 http://www.cbo.gov/publication/19173 <p>Cost estimate for the bill as ordered reported by the House Committee on Small Business on September 20, 2007</p> 2007-09-24T04:00:00Z H.R. 3567, Small Business Investment Expansion Act of 2007 https://www.cbo.gov/publication/19173 Cost estimate for the bill as ordered reported by the House Committee on Small Business on September 20, 2007 Commerce Administrative procedure Affiliated corporations Air pollution control Armed Forces and National Security Armed forces reserves Authorization Bonds Capital Climate change and greenhouse gases Congress Congressional reporting requirements Data banks Depressed areas Economics and Public Finance Electronic government information Energy Energy efficiency Environmental Protection Executive reorganization Federally-guaranteed loans Finance and Financial Sector Government Operations and Politics Government publicity Health Investments Investors Labor and Employment Law Liability (Law) Manufacturing industries Minorities Minority business enterprises National Guard Occupational health and safety Science, Technology, Communications Small Business Administration Small business Surety and fidelity Sustainable development Technological innovations Venture capital Veterans' benefits Waste reduction Commerce

00 2007-09-18 Introduced in House 2007-10-11T19:47:42Z Small Business Investment Expansion Act of 2007 - Amends the Small Business Investment Act of 1958 to, among other things: (1) increase small business investment company investment limits for women-owned and socially disadvantaged small businesses; (2) provide increased capital investment requirements with respect to companies engaged in the development of, and investment in, small manufacturers; (3) require a study on the availability of equity capital in low-income urban and rural areas; (4) require the Administrator of the Small Business Administration (SBA) to make operational assistance grants to conditionally approved companies for investment in small businesses; (5) provide a streamlined application process with respect to the new markets venture capital program; (6) extend the authorization of appropriations for grants and loan guarantees for companies engaged in the development of and investment in small manufacturers; (7) establish within the SBA an Office of Angel Investment to provide financing to angel groups for making investments in local or regional small businesses; (8) require a study of the funding structure of the SBA's surety bond program; and (9) require the Administrator to carry out a preferred surety bond program.

Amends the Small Business Act to revise the standards for determining whether a business is independently owned and operated for purposes of the venture capital investment program. Defines the term "independently owned and operated."

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79 2007-09-25 Reported to House without amendment 2007-10-11T19:43:29Z (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

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) 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 SBA 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.

(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 that has received financing from a venture capital company to be affiliated with either that venture capital company or any other business which that venture capital company has financed. Defines a business as "independently owned and operated" if it is owned in majority by natural persons or venture capital companies meeting specified requirements, including: (1) in the case of a venture capital company, that it is either registered under the Investment Company Act of 1940 or not so registered because it is owned by less than 100 persons; (2) not controlled by any business which is not a small business; and (3) having fewer than 500 employees.

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.

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36 2007-09-27 Passed House amended 2007-10-15T16:38:56Z 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. 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. 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.

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.

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. 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.

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Small Business Investment Expansion Act of 2007 Official Title as Introduced To amend the Small Business Investment Act of 1958 to expand opportunities for investments in small businesses, and for other purposes. Introduced in House IH Display Title Small Business Investment Expansion Act of 2007 Short Titles as Introduced Small Business Investment Expansion Act of 2007 Short Titles as Reported to House Small Business Investment Expansion Act of 2007 H House Short Titles as Passed House Small Business Investment Expansion Act of 2007 H House 830 110 HAMDT Amendment directs the SBA Administrator to give consideration to investments for small businesses that are creating new technologies, manufactured goods, or materials, or providing services to reduce carbon emissions in the United States, reduce the use of non-renewable resources; minimize environmental impact and relate people with the natural environment. An amendment numbered 3 printed in House Report 110-350 to direct the SBA Administrator to give consideration to investments for small businesses that are creating new technologies, manufactured goods, or materials, or providing services to reduce carbon emissions in the US; reduce the use of non-renewable resources; minimize environmental impact and relate people with the natural environment. 2022-02-03T05:23:02Z 2007-09-27 On agreeing to the Inslee amendment (A003) Agreed to by voice vote. 17:34:44 I000026 Rep. Inslee, Jay [D-WA-1] JAY INSLEE D WA 1 2007-09-27T04:00:00Z House of Representatives 110 HR House H 3567 Small Business Investment Expansion Act of 2007 2023-01-11T20:30:31Z House Report 110-350 https://www.congress.gov/congressional-report/110th-congress/house-report/350 7 2007-09-27 17:34:44 On agreeing to the Inslee amendment (A003) Agreed to by voice vote. Floor H32111 2 House floor actions 2007-09-27 17:32:48 Amendment (A003) offered by Mr. Inslee. (consideration: CR H11005-11006; text: CR H11005) Floor H3A100 2 House floor actions 2007-09-27 17:32:48 House amendment offered/reported by : Amendment (A003) offered by Mr. Inslee.(consideration: CR H11005-11006; text: CR H11005) NotUsed 71500 9 Library of Congress 2007-09-27 17:34:44 Amendment agreed to Committee of the Whole NotUsed 76000 9 Library of Congress 2007-09-27 17:34:44 House amendment agreed to: On agreeing to the Inslee amendment (A003) Agreed to by voice vote. Floor 72000 9 Library of Congress 2007-09-27 House amendment offered Floor 71000 9 Library of Congress 829 110 HAMDT Amendment provides an expanded definition of operational assistance to ensure that small business investment companies give consideration to innovators that create clean energy technologies and services. An amendment numbered 2 printed in House Report 110-350 to expand the definition of operational assistance in Section 351 of the Small Business Investment Act; to include assistance to help small businesses achieve energy efficiency and implement sustainable practices that reduce the use of non-renewable resources or minimize environmental impact and reduce overall costs and increase health of employees. 2022-02-03T05:23:02Z 2007-09-27 On agreeing to the Inslee amendment (A002) Agreed to by voice vote. 17:32:39 I000026 Rep. Inslee, Jay [D-WA-1] JAY INSLEE D WA 1 2007-09-27T04:00:00Z House of Representatives 110 HR House H 3567 Small Business Investment Expansion Act of 2007 2023-01-11T20:30:31Z House Report 110-350 https://www.congress.gov/congressional-report/110th-congress/house-report/350 7 2007-09-27 17:32:39 On agreeing to the Inslee amendment (A002) Agreed to by voice vote. Floor H32111 2 House floor actions 2007-09-27 17:29:06 Amendment (A002) offered by Mr. Inslee. (consideration: CR H11005; text: CR H11005) Floor H3A100 2 House floor actions 2007-09-27 17:29:06 House amendment offered/reported by : Amendment (A002) offered by Mr. Inslee.(consideration: CR H11005; text: CR H11005) NotUsed 71500 9 Library of Congress 2007-09-27 17:32:39 Amendment agreed to Committee of the Whole NotUsed 76000 9 Library of Congress 2007-09-27 17:32:39 House amendment agreed to: On agreeing to the Inslee amendment (A002) Agreed to by voice vote. Floor 72000 9 Library of Congress 2007-09-27 House amendment offered Floor 71000 9 Library of Congress 828 110 HAMDT Amendment establishes a bright-line standard of majority stock ownership for determining whether a venture capital company is affiliated with the companies in which it invests. An amendment numbered 1 printed in House Report 110-350 to establish a bright line standard of majority stock ownership for determining whether a venture capital company is affiliated with the companies in which it invests. 2022-02-03T05:23:02Z 2007-09-27 On agreeing to the Chabot amendment (A001) Agreed to by voice vote. 17:28:40 C000266 Rep. Chabot, Steve [R-OH-1] STEVE CHABOT R OH 1 2007-09-27T04:00:00Z House of Representatives 110 HR House H 3567 Small Business Investment Expansion Act of 2007 2023-01-11T20:30:31Z House Report 110-350 https://www.congress.gov/congressional-report/110th-congress/house-report/350 7 2007-09-27 17:28:40 On agreeing to the Chabot amendment (A001) Agreed to by voice vote. Floor H32111 2 House floor actions 2007-09-27 17:24:15 Amendment (A001) offered by Mr. Chabot. (consideration: CR H11004-11005; text: CR H11004) Floor H3A100 2 House floor actions 2007-09-27 17:24:15 House amendment offered/reported by : Amendment (A001) offered by Mr. Chabot.(consideration: CR H11004-11005; text: CR H11004) NotUsed 71500 9 Library of Congress 2007-09-27 17:28:40 House amendment agreed to: On agreeing to the Chabot amendment (A001) Agreed to by voice vote. Floor 72000 9 Library of Congress 2007-09-27 17:28:40 Amendment agreed to Committee of the Whole NotUsed 76000 9 Library of Congress 2007-09-27 House amendment offered Floor 71000 9 Library of Congress Referred in Senate 2007-09-28T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr3567rfs/xml/BILLS-110hr3567rfs.xml Engrossed in House 2007-09-27T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr3567eh/xml/BILLS-110hr3567eh.xml Reported in House 2007-09-25T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr3567rh/xml/BILLS-110hr3567rh.xml Introduced in House 2007-09-18T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr3567ih/xml/BILLS-110hr3567ih.xml 2007-09-28 Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.