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Microloan Transparency and Accountability Act of 2023
12/15/2023, 3:53 PM
Summary of Bill HR 449
Bill 118 hr 449, also known as the Microloan Transparency and Accountability Act of 2023, aims to increase transparency and accountability in the microloan program administered by the Small Business Administration (SBA).
The bill requires the SBA to publish detailed information on its website about the microloans it administers, including the number of loans issued, the amount of each loan, the interest rates charged, and the repayment terms. This information will be updated regularly to ensure that the public has access to the most current data.
Additionally, the bill requires the SBA to conduct regular audits of the microloan program to ensure that funds are being used appropriately and that borrowers are meeting their repayment obligations. The results of these audits will be made public to further increase transparency and accountability. Overall, the Microloan Transparency and Accountability Act of 2023 seeks to ensure that the SBA's microloan program is operating efficiently and effectively, and that taxpayer dollars are being used responsibly. By increasing transparency and accountability, the bill aims to build trust in the program and help small businesses access the capital they need to grow and succeed.
The bill requires the SBA to publish detailed information on its website about the microloans it administers, including the number of loans issued, the amount of each loan, the interest rates charged, and the repayment terms. This information will be updated regularly to ensure that the public has access to the most current data.
Additionally, the bill requires the SBA to conduct regular audits of the microloan program to ensure that funds are being used appropriately and that borrowers are meeting their repayment obligations. The results of these audits will be made public to further increase transparency and accountability. Overall, the Microloan Transparency and Accountability Act of 2023 seeks to ensure that the SBA's microloan program is operating efficiently and effectively, and that taxpayer dollars are being used responsibly. By increasing transparency and accountability, the bill aims to build trust in the program and help small businesses access the capital they need to grow and succeed.
Congressional Summary of HR 449
Microloan Transparency and Accountability Act of 2023
This bill modifies reporting requirements related to the Small Business Administration's (SBA) disbursement of certain financial assistance.
Specifically, the bill requires the SBA to report certain metrics related to the disbursement of microloans to small businesses, including (1) the number, amount, and percentage of such loans that went into default in the previous year; (2) the extent to which microloans are provided to small businesses in rural areas; and (3) the average size, rate of interest, and amount of fees charged for each microloan.
Read the Full Bill
Current Status of Bill HR 449
Bill HR 449 is currently in the status of Introduced to Senate since January 26, 2023. Bill HR 449 was introduced during Congress 118 and was introduced to the House on January 24, 2023. Bill HR 449's most recent activity was Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship. as of January 26, 2023
Bipartisan Support of Bill HR 449
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
4Democrat Cosponsors
2Republican Cosponsors
2Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 449
Primary Policy Focus
CommercePotential Impact Areas
- Administrative remedies
- Congressional oversight
- Government information and archives
- Government lending and loan guarantees
- Government studies and investigations
- Rural conditions and development
- Small Business Administration
Alternate Title(s) of Bill HR 449
Microloan Transparency and Accountability Act of 2023
Microloan Transparency and Accountability Act of 2023
Microloan Transparency and Accountability Act of 2023
To amend the Small Business Act to increase transparency, and for other purposes.
Comments
Sponsors and Cosponsors of HR 449
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