S.Amdt. 4468

SA 4468. Mr. BENNET (for himself and Ms. Landrieu) submitted an amendment intended to be proposed to amendment SA 4402 proposed by Mr. Reid (for Mr. Baucus (for himself, Ms. Landrieu, and Mr. Reid)) to the bill H.R. 5297, to create the Small Business Lending Fund Program to direct the Secretary of the Treasury to make capital investments in eligible institutions in order to increase the availability of credit for small businesses, to amend the Internal Revenue Code of 1986 to provide tax incentives for small business job creation, and for other purposes; which was ordered to lie on the table; as follows:

On page 41, between lines 3 and 4, insert the following:

SEC. 1137. TARGETED SMALL BUSINESS LENDING PILOT PROGRAM.

(a) In General.--Section 23 of the Small Business Act (15 U.S.C. 650) is amended by adding at the end the following:

“(k) Targeted Small Business Lending Pilot Program.--

“(1) Purpose.--The purpose of the targeted small business lending pilot program is to increase the lending activity of small business lending companies to small business concerns operating in low-income communities.

“(2) Definitions.--In this subsection:

“(A) Low-income community.--The term ‘low-income community' means a low-income community within the meaning of section 45D(e) of the Internal Revenue Code of 1986 (relating to the new markets tax credit).

“(B) Targeted small business lending company.--The term ‘targeted small business lending company' means a business concern--

“(i) described in section 3(r)(1), without regard to whether the business concern was authorized to make loans under section 7(a) before the date on which the Administrator authorizes the business concern to make the loans under this subsection;

“(ii) that has a primary mission of serving or providing investment capital for low-income communities, low-income persons, or businesses located in low-income communities;

“(iii) that maintains accountability to low-income communities through participation of representatives of the communities on a governing or an advisory board to the business concern;

“(iv) that has a demonstrated ability, directly or through a controlling entity, to make loans to businesses in low-income communities; and

“(v) that makes substantially all of the loans made by the business concern to businesses operating in low-income communities.

“(3) Establishment.--There is established a targeted small business lending pilot program, under which the Administrator--

“(A) shall authorize not more than 12 targeted small business lending companies to make loans under section 7(a); and

“(B) may not charge a fee relating to an authorization under subparagraph (A).

“(4) Safety and soundness requirements.--

“(A) Prohibition on sale of authorization.--A targeted small business lending company may not sell the authorization of the targeted small business lending company to make loans under section 7(a).

“(B) GAO review.--During the 2-year period beginning on the date of enactment of this subsection, the Comptroller General of the United States shall--

“(i) review the oversight of targeted small business lending companies by the Administration; and

“(ii) submit periodic reports to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives a report regarding the review under clause (i).”.

(b) Technical and Conforming Amendment.--Section 3(r)(1) of the Small Business Act (15 U.S.C. 632(r)(1)) is amended by inserting “, including a targeted small business lending company authorized under section 23(k)” before the period at the end.