    [Congressional Record Volume 171, Number 36 (Monday, February 24, 2025)]
    [House]
    [Pages H743-H745]
    From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

                      INVESTING IN MAIN STREET ACT OF 2025

      Mr. WILLIAMS of Texas. Mr. Speaker, I move to suspend the rules and
    pass the bill (H.R. 754) 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. 754

           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 2025''.

         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''.

      The SPEAKER pro tempore. Pursuant to the rule, the gentleman from
    Texas (Mr. Williams) and the gentlewoman from New York (Ms. Velazquez)
    each will control 20 minutes.
      The Chair recognizes the gentleman from Texas.

                                 General Leave

      Mr. WILLIAMS of Texas. Mr. Speaker, I ask unanimous consent that all
    Members may have 5 legislative days in which to revise and extend their
    remarks and include extraneous material on the bill.
      The SPEAKER pro tempore. Is there objection to the request of the
    gentleman from Texas?
      There was no objection.
      Mr. WILLIAMS of Texas. Mr. Speaker, I yield myself such time as I may
    consume.

    [[Page H744]]

      Mr. Speaker, I rise today in support of H.R. 754, the Investing in
    Main Street Act of 2025, led by my colleagues, Representatives Chu,
    Finstad, McIver, and Garbarino.
      As chairman of the Small Business Committee, one of my top priorities
    is expanding access to capital for small businesses. The Small Business
    Investment Company, or the SBIC, program plays a crucial role in this
    effort by attracting private equity investments to help small
    businesses grow, create jobs, and strengthen our economy.
      SBIC has been an invaluable tool for investing in small businesses
    that build critical technologies and support American national
    security.
      H.R. 754 builds on this success by increasing the maximum allowable
    investments by SBICs from 5 percent to 15 percent of their excess
    capital. This change will allow more significant private equity dollars
    to go toward small businesses.
      As we continue working to improve programs that support small
    businesses, this change will immediately impact our Nation's job
    creators. I thank my colleague from California for introducing this
    bipartisan solution to expand successful programs that empower the
    private sector to invest in small businesses.
      Mr. Speaker, I reserve the balance of my time.
      Ms. VELAZQUEZ. Mr. Speaker, I yield myself such time as I may
    consume.
      Mr. Speaker, I rise in support of the bill before us today, H.R. 754,
    the Investing in Main Street Act of 2025.
      SBA's Small Business Investment Company program is a multibillion-
    dollar investment program designed to bridge the gap between a small
    business owner's need for capital and traditional sources of financing.
    It achieves this purpose by partnering private and public investments
    in early-stage startup businesses. It also gives America's small, high-
    growth companies an opportunity to fund and grow their innovative ideas
    and create jobs.
      The success of this program can be seen with companies like Apple,
    Intel, and FedEx, which all receive early-stage financing from SBICs.
    Today, there are 319 SBIC-licensed funds participating in an array of
    private investment and private credit strategies.
      In 2023 alone, SBIC-licensed funds financed approximately $7.2
    billion to 1,142 small businesses and startups across the country,
    creating or sustaining more than 130,000 jobs. Importantly, financing
    provided by SBIC-licensed funds to women-owned, minority-owned, and
    veteran-owned small businesses totaled almost $670 million in 2023, a
    25.7 percent increase from 2022.
      Yet, we must do more to ensure the program continues to meet demand.
    The Investing in Main Street Act of 2025 introduced by my colleagues,
    Representatives Chu, Finstad, and McIver, will strengthen and grow the
    SBIC program by allowing banks and Federal savings associations to
    invest up to 15 percent of their capital and surplus into SBICs.
      This change will correct a discrepancy caused by a historical
    drafting oversight and bring the Small Business Investment Act of 1958
    in line with the Office of the Comptroller of the Currency's national
    bank charter percentage requirements.
      No bank laws or regulations will be changed or affected by this bill.
    It will increase investment capital available to SBICs and allow them
    to invest more in small businesses.
      Mr. Speaker, I applaud Ms. Chu, Mr. Finstad, and Mrs. McIver's work
    on this issue and this bill. I ask my colleagues to support it, and I
    reserve the balance of my time.
      Mr. WILLIAMS of Texas. Mr. Speaker, I yield such time as he may
    consume to the gentleman from the great State of Minnesota (Mr.
    Finstad).
      Mr. FINSTAD. Mr. Speaker, I thank Chairman Williams for yielding.
      Mr. Speaker, I rise today in support of H.R. 754, the Investing in
    Main Street Act of 2025, legislation which I am honored to co-lead with
    my colleague from California.
      The Investing in Main Street Act of 2025 makes critical improvements
    to the Small Business Investment Act of 1958, allowing Small Business
    Investment Companies, or SBICs, to invest more resources in Main Street
    businesses across southern Minnesota and across the country.
      From Winona to Worthington, small business owners across the district
    I have the honor to represent rely on early access to capital to start
    and grow. This legislation will spur further investment in our business
    community and assist businessowners in accessing the capital needed to
    pursue the American Dream of owning and operating a small business.
      Mr. Speaker, I thank Representative Chu for partnering with me on
    this important legislation, and I urge my colleagues to vote in support
    of the Investing in Main Street Act of 2025.
      Ms. VELAZQUEZ. Mr. Speaker, I yield 2 minutes to the gentlewoman from
    California (Ms. Chu).
      Ms. CHU. Mr. Speaker, I rise in strong support of my bill, H.R. 754,
    the Investing in Main Street Act of 2025, which would spur innovation,
    entrepreneurship, and growth in our small businesses nationwide.
      Currently, banking rules allow financial institutions to invest up to
    15 percent of their capital and surplus in SBICs. Small business
    investing rules cap these same investments far lower at just 5 percent
    of capital and surplus.

      The Investing in Main Street Act of 2025 simply amends this outdated
    law to align these caps by allowing banks to invest a full 15 percent
    in SBICs. Raising this cap would dramatically increase the amount of
    investment capital available to our country's small businesses for whom
    even small investments can mean so much.
      Already SBICs have helped marquee American companies like Costco,
    Apple, and Intel get off the ground, back when they were just starting
    out. SBICs fill a gap in the investment ecosystem and level the playing
    field for the smallest businesses which often face the highest barriers
    to securing investments from traditional private investors.
      The nearly 319 certified SBICs in operation today have invested or
    committed over $38 billion in small businesses nationwide. In 2023
    alone, SBICs provided $7.2 billion in funding to 1,142 small businesses
    and startups.
      By raising the investment cap from 5 percent to 15 percent, we could
    potentially triple those numbers in the years to come and drive
    revitalization in communities across the country.
      I thank Representatives Finstad, McIver, and Garbarino for their
    partnership in this legislation and Chairman Williams and Ranking
    Member Velazquez for their strong support.
      Mr. Speaker, I urge my colleagues to vote ``yes'' on this bill and
    for the Senate to expeditiously take it up so we can unlock more of the
    potential of American entrepreneurs.
      Mr. WILLIAMS of Texas. Mr. Speaker, I reserve the balance of my time.
      Ms. VELAZQUEZ. Mr. Speaker, I yield 2 minutes to the gentlewoman from
    New Jersey (Mrs. McIver).
      Mrs. McIVER. Mr. Speaker, small businesses are the backbone of our
    local economy. COVID-19 shuttered the doors of many beloved local
    businesses, and many more are still continuing on a path of financial
    recovery. Now, with sky-high prices and rising inflation, small
    businesses need our support more than ever.
      Today, I join Representative Chu to reintroduce the Investing in Main
    Street Act of 2025 to increase access to capital for small businesses
    who need it. This bill amends the Small Business Investment Act of 1958
    by increasing the amount that certain banks and savings associations
    may invest in small business investment companies from 5 percent to 15
    percent.
      As the ranking member on the Small Business Subcommittee on Economic
    Growth, Tax, and Capital Access, I know firsthand the challenges
    businessowners face. Small businesses contribute so much to our
    communities. In fact, they make up over 40 percent of our Nation's GDP,
    and it is time we give back to our hardworking businessowners.
      These additional investments will create more jobs, allow existing
    businesses to expand and thrive, and reduce barriers to entry for small
    businesses looking to get off the ground. I am grateful to
    Representative Chu for leading the charge on this essential improvement
    to SBIC funding, and I am proud to co-lead this crucial bill.
      Mr. Speaker, I thank Chairman Williams and my ranking member,
    Representative Velazquez. I urge my colleagues to support this bill.

    [[Page H745]]

      Mr. WILLIAMS of Texas. Mr. Speaker, I reserve the balance of my time.
      Ms. VELAZQUEZ. Mr. Speaker, I applaud Representatives Chu, Finstad,
    and McIver for their bipartisan work on this bill. I encourage all my
    colleagues to vote ``yes,'' and I yield back the balance of my time.
      Mr. WILLIAMS of Texas. Mr. Speaker, I urge my colleagues to support
    this commonsense legislation, and I yield back the balance of my time.
      The SPEAKER pro tempore. The question is on the motion offered by the
    gentleman from Texas (Mr. Williams) that the House suspend the rules
    and pass the bill, H.R. 754.
      The question was taken; and (two-thirds being in the affirmative) the
    rules were suspended and the bill was passed.
      A motion to reconsider was laid on the table.

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