S. 511Senate113th Congress (2013-2015)In Committee

EXCEL Act

Introduced March 11, 2013

Legislative Activity

Stay on top of the latest movement without scrolling through every action

7 earlier actions
SenateCalendars Latest Action

Placed on Senate Legislative Calendar under General Orders. Calendar No. 168.

September 10, 2013

View full timeline
SenateIntro Referral

Introduced in Senate

March 11, 2013

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S1594)

March 11, 2013

SenateIntro Referral

Read twice and referred to the Committee on Small Business and Entrepreneurship.

March 11, 2013

SenateCommittee

Committee on Small Business and Entrepreneurship. Hearings held. Hearings printed: S.Hrg. 113-309.

March 14, 2013

SenateCommittee

Committee on Small Business and Entrepreneurship. Committee consideration and Mark Up Session held.

June 13, 2013

SenateCommittee

Committee on Small Business and Entrepreneurship. Ordered to be reported with amendments favorably.

June 17, 2013

SenateCommittee

Committee on Small Business and Entrepreneurship. Reported by Senator Landrieu with an amendment. With written report No. 113-90.

September 10, 2013

SenateCalendars

Placed on Senate Legislative Calendar under General Orders. Calendar No. 168.

September 10, 2013

Floor Debate

4 members

What members said about S. 511 on the floor

4 Democrats
Richard J. Durbin
Sen. Richard J. DurbinD-IL · Mar 11, 2013

Mr. President, I want to tell you about a wounded warrior. He was fitted with a prosthetic leg that fit reasonably well and he was able to carry on with his life. But from time to time his leg would…

Mazie K. Hirono
Sen. Mazie K. HironoD-HI · Mar 11, 2013

Mr. President, I rise today to introduce the Providing Resources Early for Kids Act of 2013--the PRE-K Act. Research shows that quality early education is foundational for success in school and in…

Mary L. Landrieu
Sen. Mary L. LandrieuD-LA · Mar 11, 2013

Mr. President, I come to the floor today to introduce the Expanding Access to Capital for Entrepreneurial Leaders Act, or the EXCEL Act. This legislation will enhance the already successful Small…

Mary L. Landrieu
Sen. Mary L. LandrieuD-LA · Mar 11, 2013

Mr. President, I come to the floor today to introduce the Expanding Access to Capital for Entrepreneurial Leaders Act, or the EXCEL Act. This legislation will enhance the already successful Small…

Patrick J. Leahy
Sen. Patrick J. LeahyD-VT · Mar 11, 2013

Mr. President, today I am introducing bipartisan legislation that will help promote competition in the wireless industry and restore consumer choice. From 2006 until last year, an exemption to the…

Bill Text

2 versions available

Reading Mode
Latest
Reported to SenateIssued September 10, 2013

II

Calendar No. 168

113th CONGRESS

1st Session

S. 511

[Report No. 113–90]

IN THE SENATE OF THE UNITED STATES

March 11, 2013

Ms. Landrieu (for herself, Mr. Cardin, and Mr. Cowan) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship

September 10, 2013

Reported by Ms. Landrieu, with an amendment

Omit the part struck through

A BILL

To amend the Small Business Investment Act of 1958 to enhance the Small Business Investment Company Program, and for other purposes.

1.

Short title

This Act may be cited as the Expanding Access to Capital for Entrepreneurial Leaders Act or the EXCEL Act.

2.

Program authorization

Section 303(b) of the Small Business Investment Act of 1958 (15 U.S.C. 683(b)) is amended, in the matter preceding paragraph (1), in the first sentence, by inserting after issued by such companies the following: , in a total amount that does not exceed $4,000,000,000 each fiscal year (adjusted annually to reflect increases in the Consumer Price Index established by the Bureau of Labor Statistics of the Department of Labor).

3.

Family of funds

Section 303(b)(2)(B) of the Small Business Investment Act of 1958 (15 U.S.C. 683(b)(2)(B)) is amended by striking $225,000,000 and inserting $350,000,000.

4.

Adjustment for inflation

Section 303(b)(2) of the Small Business Investment Act of 1958 (15 U.S.C. 683(b)(2)) is amended by adding at the end the following:

(E)

Adjustments

(i)

In general

The dollar amounts in subparagraph (A)(ii), subparagraph (B), and subparagraph (C)(ii)(I) shall be adjusted annually to reflect increases in the Consumer Price Index established by the Bureau of Labor Statistics of the Department of Labor (in this subparagraph referred to as the CPI).

(ii)

Applicability

The adjustments required by clause (i)—

(I)

with respect to dollar amounts in subparagraphs (A)(ii) and (C)(ii)(I) shall initially reflect increases in the CPI during the period beginning on the effective date of section 505 of the American Recovery and Reinvestment Act of 2009 (123 Stat. 156) through the date of enactment of this subparagraph and annually thereafter;

(II)

with respect to dollar amounts in subparagraph (B) shall reflect increases in the CPI annually on and after the date of enactment of this subparagraph.

.

5.

Public availability of information

Section 303 of the Small Business Investment Act of 1958 (15 U.S.C. 683) is amended by adding at the end the following:

(l)

Access to fund information

Annually, the Administrator shall make public on its website the following information with respect to each small business investment company:

(1)

The amount of capital deployed since fund inception.

(2)

The amount of leverage drawn since fund inception.

(3)

The number of investments since fund inception.

(4)

The number of businesses receiving capital since fund inception.

(5)

Industry sectors receiving investment since fund inception.

(6)

The amount of leverage principal repaid by SBIC since fund inception.

(7)

A basic description of investment strategy.

.

6.

Authorized uses of licensing fees

Section 301(e) of the Small Business Investment Act of 1958 (15 U.S.C. 681(e)) is amended—

(1)

by striking (e) and inserting (d); and

(2)

in paragraph (2)(B), by inserting before the period at the end the following: and other small business investment company program needs.

7.

Sense of Congress

It is the sense of Congress that—

(1)

small business investment companies would benefit from partnerships with community banks and other lenders, and should work with community banks and other lenders, to ensure that if community banks and other lenders deny an application by a small business concern for a loan, the community banks or other lenders will refer the small business concern to small business investment companies; and

(2)

the Administrator should—

(A)

increase outreach to community banks and other lenders to encourage community banks and other lenders to invest in small business investment companies;

(B)

use the Internet to make publicly available in a timely manner which small business investment companies are actively soliciting investments and making investments in small business concerns;

(C)

partner with governors, mayors, States, and municipalities to increase outreach by small business investment companies to underserved and rural areas; and

(D)

continue to make changes to the webpage for the small business investment company program, to make the webpage—

(i)

a more prominent part of the website of the Administration; and

(ii)

more user-friendly.

September 10, 2013

Reported with an amendment