SBIC Advisory Committee Act of 2023

Hozzl · 2024-03-12T17:14:09Z

Explore the details of Senate Bill 2212 SBIC Advisory Committee Act of 2023 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Commerce. Stay informed on legislative developments.

3/12/2024, 5:14 PM

Summary of Bill S 2212

Bill 118 s 2212, also known as the SBIC Advisory Committee Act of 2023, is a piece of legislation introduced in the US Congress. The purpose of this bill is to establish an advisory committee within the Small Business Investment Company (SBIC) program. The SBIC program is a government initiative that provides funding to small businesses through private investment funds.

The advisory committee created by this bill would be responsible for providing advice and recommendations to the Small Business Administration (SBA) on issues related to the SBIC program. This includes evaluating the effectiveness of the program, identifying areas for improvement, and making recommendations for legislative or regulatory changes.

The advisory committee would be composed of members appointed by the SBA Administrator, with representation from various sectors including small business owners, investors, and financial experts. The committee would meet regularly to discuss issues related to the SBIC program and provide feedback to the SBA. Overall, the SBIC Advisory Committee Act of 2023 aims to improve the effectiveness and efficiency of the SBIC program by creating a dedicated advisory committee to provide expert advice and recommendations to the SBA. This bill is currently under consideration in Congress and has the potential to impact small businesses and investors across the country.

Congressional Summary of S 2212

SBIC Advisory Committee Act of 2023

This bill requires the Small Business Administration (SBA) to establish an advisory committee to develop recommendations for expanding SBA assistance provided through Small Business Investment Companies (SBICs). SBICs are privately owned companies, licensed and regulated by the SBA, which invest in small businesses through debt and equity.

Composed in part of representatives of and partners with small businesses in low-income communities and rural areas, the advisory committee must make recommendations for SBICs to invest in (1) underlicensed and underfinanced states; and (2) small businesses owned by socially or economically disadvantaged individuals, veterans, and women.

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Current Status of Bill S 2212

Bill S 2212 is currently in the status of Bill Introduced since June 22, 2023. Bill S 2212 was introduced during Congress 118 and was introduced to the Senate on June 22, 2023. Bill S 2212's most recent activity was Placed on Senate Legislative Calendar under General Orders. Calendar No. 171. as of July 25, 2023