[Congressional Record Volume 171, Number 200 (Monday, December 1, 2025)]
[House]
[Pages H4918-H4919]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
INVESTING IN ALL OF AMERICA ACT OF 2025
Mr. WILLIAMS of Texas. Mr. Speaker, I move to suspend the rules and
pass the bill (H.R. 2066) to amend the Small Business Investment Act of
1958 to exclude from the limit on leverage certain amounts invested in
smaller enterprises located in rural or low-income areas and small
businesses in critical technology areas, and for other purposes, as
amended.
The Clerk read the title of the bill.
The text of the bill is as follows:
H.R. 2066
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 All of America
Act of 2025''.
SEC. 2. SMALL BUSINESS INVESTMENT COMPANY MAXIMUM LEVERAGE
EXCLUSION.
(a) Definitions.--Section 103(9) of the Small Business
Investment Act of 1958 (15 U.S.C. 662(9)) is amended--
(1) in subparagraph (A)(ii), by striking ``and'' at the
end;
(2) in subparagraph (B)(iii)--
(A) in subclause (I), by striking ``established prior to
October 1, 1987'';
(B) in subclause (II)--
(i) by striking ``or'' and inserting a comma; and
(ii) by inserting ``, foundation, endowment, or trust of
any college or university'' after ``pension plan''; and
(C) in subclause (III), by striking the semicolon at the
end and inserting ``; and''; and
(3) by adding at the end the following new subparagraph:
``(C) does not include any funds obtained directly or
indirectly from any Federal, State, or local government or
any government agency or instrumentality, except for funds
described in subclauses (I) through (III) of subparagraph
(B)(iii), for the purpose of approval by the Administrator of
any request for leverage.''.
(b) Maximum Leverage Exclusion.--Section 303(b)(2) of the
Small Business Investment Act of 1958 (15 U.S.C. 683(b)(2))
is amended--
(1) in subparagraph (A)--
(A) in clause (i), by striking ``300'' and inserting
``200''; and
(B) by amending clause (ii) to read as follows:
``(ii)(I) with respect to such a company that makes
quarterly or semiannual interest payments $250,000,000; or
``(II) $175,000,000 with respect to any other company
licensed under section 301(c).'';
(2) in subparagraph (B), by striking ``may not exceed
$350,000,000.'' and inserting the following ``may not
exceed--
``(i) with respect to such companies that are commonly
controlled and that make quarterly or semiannual interest
payments, $475,000,000; or
``(ii) $350,000,000 with respect to any other companies
licensed under section 301(c) that are commonly
controlled.''; and
(3) in subparagraph (C)--
(A) in the heading--
(i) by inserting ``or rural'' after ``low-income''; and
(ii) by inserting ``, critical technology areas, or small
manufacturers'' after ``geographic areas'';
(B) in clause (i)--
(i) by striking ``(i) In calculating'' and inserting the
following:
``(i) In general.--Except as provided in clause (iii), in
calculating'';
(ii) by inserting ``or companies'' after ``of a company'';
(iii) by striking ``subparagraph (A)'' and inserting
``subparagraphs (A) and (B)'';
(iv) by striking ``equity''; and
(v) by striking ``the company in a smaller enterprise'' and
all that follows and inserting the following: ``the company
or companies in--
``(I) a small business concern located in a low-income
geographic area (as defined in section 351 of this title) or
in a rural area (as defined in section 343(a)(13) of the
Agricultural Act of 1961 (7 U.S.C. 1991(a)(13)));
``(II) a small business concern operating primarily in a
covered technology category (as defined in section 149(e) of
title 10, United States Code); or
``(III) a small manufacturer (as defined in section
501(e)(6) of this Act).'';
(C) by amending clause (ii) to read as follows:
``(ii) Limitation.--While maintaining the limitation of
subparagraph (A)(i) and consistent with a leverage
determination ratio issued pursuant to section 301(c), the
aggregate amount excluded for a company or companies under
clause (i) from the calculation of the outstanding leverage
such company or companies for the purposes of subparagraphs
(A) and (B) may not exceed the lesser of 50 percent of the
private capital of such company or companies or
$125,000,000.''; and
(D) by amending clause (iii) to read as follows:
``(iii) Prospective applicability.--An investment by a
licensee is eligible for exclusion from the calculation of
outstanding leverage under clause (i) only if such investment
is made by such licensee after the date of enactment of this
clause.''.
The SPEAKER pro tempore. Pursuant to the rule, the gentleman from
Texas (Mr. Williams) and the gentleman from California (Mr. Cisneros)
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 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.
Mr. Speaker, I rise today in support of H.R. 2066, the Investing in
All of America Act of 2025, introduced by Representative Meuser from
the great State of Pennsylvania and Representative Scholten from the
great State of Michigan.
One of the most significant barriers to economic growth across
America is the lack of access to capital for small businesses,
including investment opportunities. While some regions and industries
are flush with investment, too many small businesses struggle to
attract investment capital that they would need to help them to grow.
The Investing in All of America Act strengthens one of the most
effective public-private partnerships the SBA has to offer: the Small
Business Investment Company, or SBIC, program. This program has a
proven track record of turning promising small businesses into
household names, all without spending any taxpayer dollars.
By unleashing nearly $20 billion in private capital, this bipartisan
bill would expand opportunities for small manufacturers, rural
communities, and businesses critical to our national security. It means
more jobs, greater innovation, and a stronger economy.
This commonsense solution rewards hard work and fuels private
investment into small businesses across America without new spending or
more red tape.
I ask my colleagues to support this bill for Main Street America,
driving capital back into the hands of small business owners where it
belongs.
Mr. Speaker, I reserve the balance of my time.
Mr. CISNEROS. Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, I rise today in support of H.R. 2066, the Investing in
All of America Act. Small Business Investment Companies, or SBICs, are
an essential part of the small business lending ecosystem. Under this
program, SBA works with and licenses private institutions to provide
financing to small, high-growth companies.
Unfortunately, due to statutory constraints, investors are often
limited in their ability to participate in the program when focusing on
rural and underserved communities, small manufacturers, or small
businesses critical to national security.
Due to their capital-intensive nature and early revenue profile,
these small businesses operating in the critical technology sector need
institutional investors with longer term time horizons to raise
capital.
That is why this bill makes statutory improvements to provide SBICs
with access to additional leverage when they invest in these
businesses.
Providing SBICs with additional leverage flexibility will ensure the
capital needs of small businesses in our critical technology sector are
met by the SBIC program. This will enable the SBA and DOD to
successfully implement their joint Small Business Investment Company
Critical Technology Initiative.
In addition, this bill provides another avenue to extend private
investment to small businesses in rural and underserved communities,
something that lenders and policymakers have repeatedly fallen short
on. This additional bonus leverage will encourage more investment in
communities that need it most.
I applaud Representatives Meuser and Scholten for leading this
bipartisan effort, and I thank Chairman Williams and his team for their
collaboration on this bill.
Mr. Speaker, I encourage my colleagues to vote ``yes'', and I reserve
the balance of my time.
{time} 1450
Mr. WILLIAMS of Texas. Mr. Speaker, I yield such time as he may
consume to the gentleman from Pennsylvania (Mr. Meuser).
Mr. MEUSER. Mr. Speaker, I thank our chairman very much for yielding
and for his leadership.
[[Page H4919]]
Mr. Speaker, I rise in support of my legislation, H.R. 2066, the
Investing in All of America Act of 2025. This legislation will
incentivize greater investment from small business investment
companies, SBICs, to small businesses located in rural or low-income
areas, as well as small businesses in the manufacturing and national
security technology sectors.
SBICs are privately owned and managed investment funds that are
licensed and regulated by the SBA. These companies raise private
capital, which is then matched with additional leverage by the SBA,
capped at $175 million.
SBICs then invest both their private capital and SBA leverage into
small businesses in communities across the country. Importantly, the
SBIC program operates at zero subsidy cost to the American taxpayer.
Over the last 5 years, SBICs have invested over $130 billion in small
businesses across America, including $1.3 billion in my home State of
Pennsylvania's small businesses.
Though the SBIC program is successful, recent studies have shown that
less than 20 percent of SBIC investment reaches low- to middle-income
communities, especially rural communities.
The Investing in All of America Act encourages additional private
capital investments in parts of America that are often overlooked by
not counting dollars invested in these areas against an individual
SBIC's $175 million leverage cap. By creating this incentive, my bill
will increase investment for these currently underserved communities.
It is important to note that the bonus leverage included in this
legislation does not change the costs or risks of the SBIC program. The
existing model operates at no cost to the taxpayer and will remain the
same.
The Trump administration and SBA Administrator Kelly Loeffler are
focused on fueling small business growth and reinvigorating domestic
manufacturing throughout the United States. This legislation supports
that effort by encouraging increased private investment in the
manufacturing sector.
By expanding access to capital and reducing barriers to entry, this
legislation helps manufacturers scale operations and create high-
quality American jobs.
I thank Representative Scholten for her continued partnership, as
well as the support from the Democratic leadership, on this legislation
and the bipartisan group of all Members, Republican and Democrat, who
have cosponsored it. This legislation will have tangible, positive
impacts on our communities.
Mr. Speaker, I encourage my colleagues to support passage of this
important piece of legislation.
Mr. CISNEROS. Mr. Speaker, I would like to close by once again
thanking Mr. Meuser and Ms. Scholten for their leadership on this bill
and their efforts to extend additional capital to rural and underserved
entrepreneurs, as well as the critical technology industry.
Mr. Speaker, I am pleased to support this bill and encourage all of
my colleagues to do the same. I yield back the balance of my time.
Mr. WILLIAMS of Texas. Mr. Speaker, I urge my colleagues to support
this commonsense legislation to increase access to capital for
America's small businesses. 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. 2066, as amended.
The question was taken; and (two-thirds being in the affirmative) the
rules were suspended and the bill, as amended, was passed.
A motion to reconsider was laid on the table.
____________________