A bill to amend the Investment Company Act of 1940 to change certain requirements relating to the capital structure of business development companies, to direct the Securities and Exchange Commission to revise certain rules relating to business development companies, and for other purposes.
USA115th CongressS-2324| Senate
| Updated: 1/18/2018
Dean Heller
Republican Senator
Nevada
Cosponsors (17)
Jeanne Shaheen (Democratic)Thomas Tillis (Republican)James E. Risch (Republican)Joe Donnelly (Democratic)Heidi Heitkamp (Democratic)Robert P. Casey (Democratic)Joe Manchin (Independent)Mike Rounds (Republican)Tim Scott (Republican)Jon Tester (Democratic)Debbie Stabenow (Democratic)Bill Nelson (Democratic)Michael F. Bennet (Democratic)Benjamin L. Cardin (Democratic)Robert Menendez (Democratic)Gary C. Peters (Democratic)Patrick Toomey (Republican)
Banking, Housing, and Urban Affairs Committee
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
Small Business Credit Availability Act This bill amends the Investment Company Act of 1940 to reduce the required asset-coverage ratio applicable to a Business Development Company (BDC) from 200% to 150% if: (1) the BDC makes specified disclosures on its website and to the Securities and Exchange Commission (SEC); and (2) the modified asset-coverage ratio is approved by the required majority of the BDC's directors, general partners, or shareholders (as applicable). The SEC must allow BDCs to use securities offering and proxy rules that are available to other issuers.
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Timeline
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Finance and Financial Sector
A bill to amend the Investment Company Act of 1940 to change certain requirements relating to the capital structure of business development companies, to direct the Securities and Exchange Commission to revise certain rules relating to business development companies, and for other purposes.
USA115th CongressS-2324| Senate
| Updated: 1/18/2018
Small Business Credit Availability Act This bill amends the Investment Company Act of 1940 to reduce the required asset-coverage ratio applicable to a Business Development Company (BDC) from 200% to 150% if: (1) the BDC makes specified disclosures on its website and to the Securities and Exchange Commission (SEC); and (2) the modified asset-coverage ratio is approved by the required majority of the BDC's directors, general partners, or shareholders (as applicable). The SEC must allow BDCs to use securities offering and proxy rules that are available to other issuers.
View Full TextSuggested Questions
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Timeline
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Dean Heller
Republican Senator
Nevada
Cosponsors (17)
Jeanne Shaheen (Democratic)Thomas Tillis (Republican)James E. Risch (Republican)Joe Donnelly (Democratic)Heidi Heitkamp (Democratic)Robert P. Casey (Democratic)Joe Manchin (Independent)Mike Rounds (Republican)Tim Scott (Republican)Jon Tester (Democratic)Debbie Stabenow (Democratic)Bill Nelson (Democratic)Michael F. Bennet (Democratic)Benjamin L. Cardin (Democratic)Robert Menendez (Democratic)Gary C. Peters (Democratic)Patrick Toomey (Republican)
Banking, Housing, and Urban Affairs Committee
Finance and Financial Sector
Related Bills
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted