[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3170 Referred in Senate (RFS)]
2d Session
H. R. 3170
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
April 29, 2004
Received; read twice and referred to the Committee on Banking, Housing,
and Urban Affairs
_______________________________________________________________________
AN ACT
To amend the Investment Company Act of 1940 to provide incentives for
small business investment, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Increased Capital Access for Growing
Business Act''.
SEC. 2. AMENDMENTS TO THE INVESTMENT COMPANY ACT OF 1940.
(a) Definition of Eligible Portfolio Company.--Section 2(a)(46)(C)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(46)(C)) is
amended--
(1) by striking clause (i) and inserting the following:
``(i) it does not have any class of equity
securities listed for trading on a national
securities exchange or traded through the
facilities of a national securities association
as described in Section 15A of the Securities
Exchange Act of 1934;'';
(2) by striking ``or'' at the end of clause (iii);
(3) by redesignating clause (iv) as clause (v); and
(4) by inserting after clause (iii) the following new
clause:
``(iv) the aggregate value of its
outstanding publicly traded equity securities
is not more than $250,000,000, except that the
Commission may adjust such amounts by rule,
regulation, or order to reflect changes in one
or more generally accepted indices or other
indicators for small business, consistent with
the public interest, the protection of
investors, and the purposes fairly intended by
the policy and provisions of this title; or''.
(b) Assets of Business Development Companies.--Section 55(a)(1) of
the Investment Company Act of 1940 (15 U.S.C. 80a-55(a)(1)) is
amended--
(1) in subparagraph (B), by striking ``securities with
respect to which a member of a national securities exchange,
broker, or dealer may extend or maintain credit to or for a
customer pursuant to rules or regulations adopted by the Board
of Governors of the Federal Reserve System under Section 7 of
the Securities Exchange Act of 1934'' and inserting the
following: ``equity securities listed for trading on a national
securities exchange or traded through the facilities of a
national securities association as described in Section 15A of
the Securities Exchange Act of 1934''; and
(2) by striking ``or'' at the end of subparagraph (A), by
inserting ``or'' after the semicolon at the end of subparagraph
(B), and by inserting after subparagraph (B) the following new
subparagraph:
``(C) from the issuer of such securities, which
issuer is described in section 2(a)(46)(A) and (B) but
is not an eligible portfolio company because the
aggregate value of its outstanding publicly traded
equity securities is more than $250,000,000 but not
more than $500,000,000, if such securities represent
not more than 10 per centum of the total assets of the
business development company invested in securities
described in paragraphs (1) through (6) of this
section;''.
Passed the House of Representatives April 28, 2004.
Attest:
JEFF TRANDAHL,
Clerk.