S.Amdt. 2073

SA 2073. Mrs. FEINSTEIN submitted an amendment intended to be
proposed by her to the bill S. 2155, to promote economic growth,
provide tailored regulatory relief, and enhance consumer protections,
and for other purposes; which was ordered to lie on the table; as
follows:

At the appropriate place, insert the following:

SEC. __. COMMUNITY ADVANTAGE PROGRAM.

(a) In General.--Section 7(a) of the Small Business Act (15
U.S.C. 636(a)) is amended by adding at the end the following:
``(35) Community advantage program.--
``(A) Definitions.--In this paragraph--
``(i) the term `covered institution' means--

``(I) a development company (as defined in section 103 of
the Small Business Investment Act of 1958 (15 U.S.C. 662))
that is eligible to participate in the program established
under title V of such Act (15 U.S.C. 695 et seq.);
``(II) a nonprofit intermediary (as defined in subsection
(m)(11));
``(III) a non-Federally regulated entity certified as a
community development financial institution by the Community
Development Financial Institutions Fund established under
section 104(a) of the Riegle Community Development and
Regulatory Improvement Act of 1994 (12 U.S.C. 4703(a)); or
``(IV) any other nonprofit organization approved by the
Small Business Administration;

``(ii) the term `program' means the Community Advantage
Program established under subparagraph (B);
``(iii) the term `Reservist' means a member of a reserve
component of the Armed Forces named in section 10101 of title
10, United States Code;
``(iv) the term `service-connected' has the meaning given
the term in section 101(16) of title 38, United States Code;
and
``(v) the term `small business concern in an underserved
market' means a small business concern--

``(I) that is located in--

``(aa) a low- or moderate-income community;
``(bb) a HUBZone; or
``(cc) a community that has been designated as an
empowerment zone or an enterprise community under section
1391 of the Internal Revenue Code of 1986;

``(II) that has more than 50 percent of employees residing
in a low- or moderate-income community;
``(III) that has been in existence for not more than 2
years on the date on which a loan is made to the small
business concern under the Community Advantage Program
established under subparagraph (B);
``(IV) owned and controlled by veterans;
``(V) owned and controlled by service-disabled veterans; or
``(VI) not less than 51 percent of which is owned and
controlled by 1 or more--

``(aa) members of the Armed Forces participating in the
Transition Assistance Program of the Department of Defense;
``(bb) Reservists;
``(cc) spouses of veterans, members of the Armed Forces, or
Reservists; or

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``(dd) surviving spouses of veterans who died on active
duty or as a result of a service-connected disability.
``(B) Establishment.--There is established a Community
Advantage Program under which the Administration may
guarantee loans made by covered institutions under this
subsection, including loans made to small business concerns
in underserved markets.
``(C) Requirements.--Not less than 60 percent of loans made
by a covered institution under the program shall consist of
loans made to small business concerns in underserved markets.
``(D) Maximum loan amount.--The maximum loan amount under
the program is $350,000.
``(E) Regulations.--
``(i) In general.--Not later than 1 year after the date of
enactment of this paragraph, the Administrator shall
promulgate regulations to carry out the program, which shall
be substantially similar to the Community Advantage Pilot
Program of the Administration, as in effect on the day before
the date of enactment of this paragraph.
``(ii) Pilot program.--Beginning on the date on which the
regulations promulgated by the Administrator under clause (i)
take effect, the Administrator may not carry out the
Community Advantage Pilot Program of the Administration.''.
(b) Technical and Conforming Amendment.--Section 3(r) of
the Small Business Act (15 U.S.C. 632(r)) is amended--
(1) in paragraph (1), by inserting before the period at the
end the following: ``, but does not include a covered
institution, as defined in section 7(a)(35)(A)''; and
(2) in paragraph (2)--
(A) in the matter preceding subparagraph (A), by striking
``The term `non-Federally regulated SBA lender' means a
business concern if--'' and inserting the following: ``The
term `non-Federally regulated SBA lender'--
``(A) means a business concern if--'';
(B) by redesignating subparagraphs (A), (B), and (C) as
clauses (i), (ii), and (iii), respectively, and adjusting the
margins accordingly;
(C) in subparagraph (A)(iii), as so redesignated, by
striking the period at the end and inserting ``; and''; and
(D) by adding at the end the following:
``(B) does not include a covered institution, as defined in
section 7(a)(35)(A).''.
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