[Congressional Record Volume 164, Number 40 (Wednesday, March 7, 2018)]
[Senate]
[Pages S1462-S1463]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2073. Mrs. FEINSTEIN submitted an amendment intended to be 
proposed by her to the bill S. 2155, to promote economic growth, 
provide tailored regulatory relief, and enhance consumer protections, 
and for other purposes; which was ordered to lie on the table; as 
follows:

       At the appropriate place, insert the following:

     SEC. __. COMMUNITY ADVANTAGE PROGRAM.

       (a) In General.--Section 7(a) of the Small Business Act (15 
     U.S.C. 636(a)) is amended by adding at the end the following:
       ``(35) Community advantage program.--
       ``(A) Definitions.--In this paragraph--
       ``(i) the term `covered institution' means--

       ``(I) a development company (as defined in section 103 of 
     the Small Business Investment Act of 1958 (15 U.S.C. 662)) 
     that is eligible to participate in the program established 
     under title V of such Act (15 U.S.C. 695 et seq.);
       ``(II) a nonprofit intermediary (as defined in subsection 
     (m)(11));
       ``(III) a non-Federally regulated entity certified as a 
     community development financial institution by the Community 
     Development Financial Institutions Fund established under 
     section 104(a) of the Riegle Community Development and 
     Regulatory Improvement Act of 1994 (12 U.S.C. 4703(a)); or
       ``(IV) any other nonprofit organization approved by the 
     Small Business Administration;

       ``(ii) the term `program' means the Community Advantage 
     Program established under subparagraph (B);
       ``(iii) the term `Reservist' means a member of a reserve 
     component of the Armed Forces named in section 10101 of title 
     10, United States Code;
       ``(iv) the term `service-connected' has the meaning given 
     the term in section 101(16) of title 38, United States Code; 
     and
       ``(v) the term `small business concern in an underserved 
     market' means a small business concern--

       ``(I) that is located in--

       ``(aa) a low- or moderate-income community;
       ``(bb) a HUBZone; or
       ``(cc) a community that has been designated as an 
     empowerment zone or an enterprise community under section 
     1391 of the Internal Revenue Code of 1986;

       ``(II) that has more than 50 percent of employees residing 
     in a low- or moderate-income community;
       ``(III) that has been in existence for not more than 2 
     years on the date on which a loan is made to the small 
     business concern under the Community Advantage Program 
     established under subparagraph (B);
       ``(IV) owned and controlled by veterans;
       ``(V) owned and controlled by service-disabled veterans; or
       ``(VI) not less than 51 percent of which is owned and 
     controlled by 1 or more--

       ``(aa) members of the Armed Forces participating in the 
     Transition Assistance Program of the Department of Defense;
       ``(bb) Reservists;
       ``(cc) spouses of veterans, members of the Armed Forces, or 
     Reservists; or

[[Page S1463]]

       ``(dd) surviving spouses of veterans who died on active 
     duty or as a result of a service-connected disability.
       ``(B) Establishment.--There is established a Community 
     Advantage Program under which the Administration may 
     guarantee loans made by covered institutions under this 
     subsection, including loans made to small business concerns 
     in underserved markets.
       ``(C) Requirements.--Not less than 60 percent of loans made 
     by a covered institution under the program shall consist of 
     loans made to small business concerns in underserved markets.
       ``(D) Maximum loan amount.--The maximum loan amount under 
     the program is $350,000.
       ``(E) Regulations.--
       ``(i) In general.--Not later than 1 year after the date of 
     enactment of this paragraph, the Administrator shall 
     promulgate regulations to carry out the program, which shall 
     be substantially similar to the Community Advantage Pilot 
     Program of the Administration, as in effect on the day before 
     the date of enactment of this paragraph.
       ``(ii) Pilot program.--Beginning on the date on which the 
     regulations promulgated by the Administrator under clause (i) 
     take effect, the Administrator may not carry out the 
     Community Advantage Pilot Program of the Administration.''.
       (b) Technical and Conforming Amendment.--Section 3(r) of 
     the Small Business Act (15 U.S.C. 632(r)) is amended--
       (1) in paragraph (1), by inserting before the period at the 
     end the following: ``, but does not include a covered 
     institution, as defined in section 7(a)(35)(A)''; and
       (2) in paragraph (2)--
       (A) in the matter preceding subparagraph (A), by striking 
     ``The term `non-Federally regulated SBA lender' means a 
     business concern if--'' and inserting the following: ``The 
     term `non-Federally regulated SBA lender'--
       ``(A) means a business concern if--'';
       (B) by redesignating subparagraphs (A), (B), and (C) as 
     clauses (i), (ii), and (iii), respectively, and adjusting the 
     margins accordingly;
       (C) in subparagraph (A)(iii), as so redesignated, by 
     striking the period at the end and inserting ``; and''; and
       (D) by adding at the end the following:
       ``(B) does not include a covered institution, as defined in 
     section 7(a)(35)(A).''.
                                 ______