[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4875 Introduced in House (IH)]

103d CONGRESS
  2d Session
                                H. R. 4875

To amend the Small Business Act to modify requirements relating to the 
 personal net worth of individuals who may be considered economically 
   disadvantaged for the purpose of receiving contract awards under 
                       section 8(a) of that Act.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             August 1, 1994

  Mr. McHale introduced the following bill; which was referred to the 
                      Committee on Small Business

_______________________________________________________________________

                                 A BILL


 
To amend the Small Business Act to modify requirements relating to the 
 personal net worth of individuals who may be considered economically 
   disadvantaged for the purpose of receiving contract awards under 
                       section 8(a) of that Act.

    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 ``Minority Business Development Act of 
1994''.

SEC. 2. ECONOMICALLY DISADVANTAGED INDIVIDUALS.

    (a) In General.--Section 8(a)(6) of the Small Business Act (15 
U.S.C. 637(a)(6)) is amended by adding at the end the following:
    ``(F) The Administration shall not prohibit the owner of a small 
business concern from qualifying as an economically disadvantaged 
individual for the purpose of participation in the program established 
under this subsection solely on the basis of the personal net worth of 
the owner unless such personal net worth, as computed pursuant to 
subparagraph (E), exceeds $350,000.''.
    (b) Regulations.--The Administrator of the Small Business 
Administration shall modify regulations issued pursuant to section 8(a) 
of the Small Business Act to carry out the amendment made by subsection 
(a) of this section.
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