[Congressional Record Volume 157, Number 44 (Wednesday, March 30, 2011)]
[Senate]
[Pages S1990-S1992]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Ms. SNOWE:
  S. 681. A bill to provide greater accountability in the Small 
Business Lending Fund; to the Committee on Small Business and 
Entrepreneurship.
  Ms. SNOWE. Mr. President, I ask unanimous consent that the text of 
the bill be printed in the Record.
  There being no objection, the text of the bill was ordered to be 
printed in the Record, as follows:

                                 S. 681

       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 ``Greater Accountability in 
     the Lending Fund Act of 2011''.

     SEC. 2. REPAYMENT DEADLINE UNDER THE SMALL BUSINESS LENDING 
                   FUND PROGRAM.

       (a) In General.--Section 4103(d)(5)(H) of the Small 
     Business Jobs Act of 2010 (12 U.S.C. 4741 note) is amended--
       (1) in clause (i)--
       (A) in subclause (I), by striking ``; or'' and inserting a 
     period;
       (B) by striking subclause (II); and
       (C) by striking ``will--'' and all that follows through 
     ``be repaid'' and inserting ``will be repaid'';
       (2) by striking clause (ii); and
       (3) by striking ``that--'' and all that follows through 
     ``includes,'' and inserting ``that includes,''.
       (b) Effective Date; Applicability; Savings Clause.--
       (1) Effective date; applicability.--The amendments made by 
     this section shall--
       (A) take effect on the date of enactment of this Act; and
       (B) apply to any investment made by the Secretary of the 
     Treasury under the Small Business Lending Fund Program 
     established under section 4103(a)(2) of the Small Business 
     Jobs Act of 2010 (12 U.S.C. 4741 note) (in this subsection 
     referred to as the ``Program'') on or after the date of 
     enactment of this Act.
       (2) Savings clause.--Notwithstanding the amendments made by 
     this section, an investment made by the Secretary of the 
     Treasury under the Program before the date of enactment of 
     this Act shall remain in full force and effect under the 
     terms and conditions under the investment.

     SEC. 3. SMALL BUSINESS LENDING FUND SUNSET.

       Section 4109 of the Small Business Jobs Act of 2010 (12 
     U.S.C. 4741 note) is amended--
       (1) in subsection (b), by inserting ``and shall be limited 
     by the termination date in subsection (c)'' before the period 
     at the end; and
       (2) by adding at the end the following:
       ``(c) Termination of Program.--
       ``(1) Investments.--On and after the date that is 15 years 
     after the date of enactment of this Act, the Federal 
     Government may not own any preferred stock or other financial 
     instrument purchased under this subtitle or otherwise 
     maintain any capital investment in an eligible institution 
     made under this subtitle.
       ``(2) Authorities.--Except as provided in subsection (a), 
     all the authorities provided under this subtitle shall 
     terminate 15 years after the date of enactment of this 
     Act.''.

     SEC. 4. SMALL BUSINESS LENDING FUND TRIGGER.

       Section 4109 of the Small Business Jobs Act of 2010 (12 
     U.S.C. 4741 note), as amended by section 3, is amended by 
     adding at the end the following:
       ``(d) FDIC Receivership.--The Secretary may not make any 
     purchases, including commitments to purchase, under this 
     subtitle if the Federal Deposit Insurance Corporation is 
     appointed receiver of 5 percent or more of the number of 
     eligible institutions that receive a capital investment under 
     the Program.''.

     SEC. 5. SMALL BUSINESS LENDING FUND LIMITATION.

       (a) In General.--Section 4103(d) of the Small Business Jobs 
     Act of 2010 (12 U.S.C. 4741 note) is amended--
       (1) by striking ``, less the amount of any CDCI investment 
     and any CPP investment'' each place it appears;
       (2) by striking paragraph (7);
       (3) by redesignating paragraphs (8), (9), and (10) as 
     paragraphs (7), (8), and (9), respectively; and
       (4) by adding at the end the following:
       ``(10) Prohibition on tarp participants participating in 
     the program.--An institution in which the Secretary made a 
     investment under the CPP, the CDCI, or any other program 
     established by the Secretary under the Troubled Asset Relief 
     Program established under the Emergency Economic 
     Stabilization Act of 2008 (12 U.S.C. 5201 et seq.) shall not 
     be eligible to participate in the Program.''.
       (b) Effective Date; Applicability; Savings Clause.--
       (1) Effective date; applicability.--The amendments made by 
     this section shall--
       (A) take effect on the date of enactment of this Act; and
       (B) apply to any investment made by the Secretary of the 
     Treasury under the Small Business Lending Fund Program 
     established under section 4103(a)(2) of the Small Business 
     Jobs Act of 2010 (12 U.S.C. 4741 note) (in this subsection 
     referred to as the ``Program'') on or after the date of 
     enactment of this Act.
       (2) Savings clause.--Notwithstanding the amendments made by 
     this section, an investment made by the Secretary of the 
     Treasury under the Program before the date of enactment of 
     this Act shall remain in full force and effect under the 
     terms and conditions under the investment.

     SEC. 6. PRIVATE INVESTMENTS UNDER THE SMALL BUSINESS LENDING 
                   FUND PROGRAM.

       Section 4103(d)(3) of the Small Business Jobs Act of 2010 
     (12 U.S.C. 4741 note) is amended--
       (1) in the paragraph heading, by striking ``matched''; and
       (2) in subparagraph (B)(i), by striking ``both under the 
     Program and''.

     SEC. 7. APPROVAL OF REGULATORS.

       (a) In General.--Section 4103(d)(2) of the Small Business 
     Jobs Act of 2010 (12 U.S.C. 4741 note) is amended--
       (1) in the paragraph heading, by striking ``Consultation 
     with'' and inserting ``Approval of'';
       (2) in the matter preceding subparagraph (A), by striking 
     ``the Secretary shall'' and inserting ``the Secretary may not 
     make a purchase under this subtitle unless'';
       (3) in subparagraph (A)--
       (A) by striking ``consult with''; and
       (B) by striking ``to determine whether the eligible 
     institution may receive'' and inserting ``determines that, 
     based on the financial condition of the eligible institution, 
     the eligible institution should receive'';
       (4) in subparagraph (B)--
       (A) by striking ``consider any views received from''; and
       (B) by striking ``regarding the financial condition of the 
     eligible institution'' and inserting ``determines that, based 
     on the financial condition of the eligible institution, the 
     eligible institution should receive such capital 
     investment''; and
       (5) in subparagraph (C)--
       (A) by striking ``consult with''; and

[[Page S1992]]

       (B) by inserting ``determines that, based on the financial 
     condition of the eligible institution, the eligible 
     institution should receive such capital investment'' before 
     the period at the end.
       (b) Conforming Amendments.--Section 4103(d)(3)(A) of the 
     Small Business Jobs Act of 2010 (12 U.S.C. 4741 note) is 
     amended--
       (1) by striking ``to be consulted under paragraph (2) would 
     not otherwise recommend'' and inserting ``required to make a 
     determination under paragraph (2) does not approve'';
       (2) by striking ``to be so consulted''; and
       (3) by striking ``to be consulted would recommend'' and 
     insert ``would approve''.

     SEC. 8. BENCHMARK FOR SMALL BUSINESS LENDING.

       Section 4103(d)(5)(A)(ii) of the Small Business Jobs Act of 
     2010 (12 U.S.C. 4741 note) is amended by striking ``for the 4 
     full quarters immediately preceding the date of enactment of 
     this Act'' and inserting ``during calendar year 2007''.
                                 ______