Small Business Investment Opportunity Act of 2018

Mr. President, I have 12 requests for committees to meet during today's session of the Senate. They have the approval of the Majority and Minority leaders.

Pursuant to rule XXVI, paragraph 5(a), of the Standing Rules of the Senate, the following committees are authorized to meet during today's session of the Senate:

Committee on Armed Services

The Committee on Armed Services is authorized to meet during the session of the Senate on Wednesday, March 14, 2018, at 9:30 a.m. to conduct a hearing.

The Committee on Commerce, Science, and Transportation

The Committee on Commerce, Science, and Transportation is authorized to meet during the session of the Senate on Wednesday, March 14, 2018, at 10 a.m. to conduct a hearing entitled, ``Rebuilding Infrastructure in America: Investing in Next Generation Broadband.''

Committee on Environment and Public Works

The Committee on Environment and Public Works is authorized to meet during the session of the Senate on Wednesday, March 14, 2018, at 10 a.m. to conduct a hearing entitled, ``The Agriculture Creates Real Employment (ACRE) Act.''

The Committee on Health, Education, Labor, and Pensions

The Committee on Health, Education, Labor, and Pensions is authorized to meet during the session of the Senate on Wednesday, March 14, 2018, at 4:05 p.m. to conduct a hearing on the following nominations: John F. Ring, of the District of Columbia, to be a Member of the National Labor Relations Board, Frank T. Brogan, of Pennsylvania, to be Assistant Secretary for Elementary and Secondary Education, and Mark Schneider, of the District of Columbia, to be Director of the Institute of Education Science, both of the Department of Education, Marco M. Rajkovich, Jr., of Kentucky, to be a Member of the Federal Mine Safety and Health Review Commission, and other pending nominations.

Committee on Indian Affairs

The Committee on Indian Affairs is authorized to meet during the session of the Senate on Wednesday, March 14, 2018, at 2:30 p.m to conduct a hearing entitled, ``Opioids in Indian Country: Beyond the Crisis to Healing the Community.''

Committee on the Judiciary

The Committee on the Judiciary is authorized to meet during the session of the Senate on Wednesday, March 14, 2018, at 9:30 a.m., to conduct a hearing entitled ``See Something, Say Something, Oversight of the Parkland Shooting and Legislative Proposals to Improve School Safety.''

Committee on Small Business and Entrepreneurship

The Committee on Small Business and Entrepreneurship is authorized to meet during the session of the Senate on Wednesday, March 14, 2018, after the first vote to conduct a hearing on S. 526, to amend the Small Business Act to provide for expanded participation in the microloan program, S. 791, to amend the Small Business Act to expand intellectual property education and training for small businesses, S. 1538, to amend the Small Business Act to establish awareness of, and technical assistance for, the creation of employee stock ownership plans, S. 1961, to amend the Small Business Act to temporarily reauthorize certain pilot programs under the Small Business Innovation Research Program and the Small Business Technology Transfer Program, S. 1995, to amend the Small Business Investment Act of 1958 to improve the number of small business investment companies in underlicensed States, S. 2283, to amend the Small Business Act to strengthen the Office of Credit Risk Management within the Small Business Administration, S. 2419, to amend the Small Business Act to improve the technical and business assistance services under the SBIR and STTR programs, S. 2527, to amend the Small Business Investment Act of 1958 to increase the amount of leverage made available to small business investment companies, and the nominations of David Christian Tryon, of Ohio, to be Chief Counsel for Advocacy, and Hannibal Ware, of the Virgin Islands, to be Inspector General, both of the Small Business Administration.

Committee on Veterans' Affairs

The Committee on Veterans' Affairs is authorized to meet during the session of the Senate on Wednesday, March 14, 2018, at 10 a.m. to conduct a joint hearing.

Joint Select Committee on Solvency of Multiemployer Pension Plans

The Joint Select Committee on Solvency of Multiemployer Pension Plans is authorized to meet during the session of the Senate on Wednesday, March 14, 2018, at 10 a.m. to conduct a hearing.

Subcommittee on Strategic Force

The Subcommittee on Strategic Force of the Committee on Armed Services is authorized to meet during the session of the Senate on Wednesday, March 14, 2018, at 2:30 p.m. to conduct a hearing.

Subcommittee on Africa and Global Health Policy

The Subcommittee on Africa and Global Health Policy of the Committee on Foreign Relations is authorized to meet during the session of the Senate on Wednesday, March 14, 2018, at 10 a.m. to conduct a hearing entitled, ``Somalia's Current Security and Stability Status.''

Subcommittee on Multilateral International Development, Multilateral

Institutions, and International Economic, Energy and Environmental

Policy

The Subcommittee on Multilateral International Development, Multilateral Institutions, and International Economic, Energy and Environmental Policy of the Committee on Foreign Relations is authorized to meet during the session of the Senate on Wednesday, March 14, 2018, at 2:30 p.m. to conduct a hearing entitled, ``Why Food Security Matters.''

Mr. President, I rise today to introduce a common sense piece of legislation that will expand the ability of the Small Business Administration (SBA) to nurture innovative and high-growth small businesses in Maryland and across the country.

Let me first say, I recently returned to the Senate Committee on Small Business & Entrepreneurship as the Ranking Member. I look forward to continuing the important work of helping America's 29 million small businesses--the job creating engine of the country--access the essential capital to grow, to earn their fair share of Federal contracts, and to take advantage of SBA's counseling and mentoring programs that help entrepreneurs market and manage their businesses.

The Small Business Investment Opportunity Act is straightforward. It

modifies SBA's Small Business Investment Company (SBIC) program by increasing the amount of capital that SBICs with a single fund can invest in qualifying small businesses.

The SBIC program stimulates investment in America's high-growth small businesses. SBICs are privately-owned and managed investment funds that use their own capital--plus funds borrowed with an SBA guaranty--to capitalize small businesses.

Last year, SBICs made 36 investments totaling $61.3 million in 12 innovative Maryland firms. Over the past five years, the program has channeled more than $21 billion of capital to 6,400 American small businesses across a variety of industries.

The program operates at no expense to taxpayers. Instead, the cost of the program is covered by fees paid by SBICs and their portfolio companies.

Consider this: since the program launched in 1958, SBIC has:

Deployed more than $67 billion of capital;

Made more than 166,000 investments in American small businesses; and

Licensed more than 2,100 investment funds.

Some of America's most iconic brands have received investment capital from SBICs, including Apple, Tesla, Whole Foods, Staples, Intel, FedEx and Costco, among others.

Under current law, SBA can guarantee up to $150 million of an SBIC investment fund. Our legislation increases that cap to $175 million and unlocks additional capital for small businesses with high-growth potential. The cap has not been raised since 2009.

Raising this cap would simply keep up with inflation and maximize the amount of capital SBICs can direct to innovative small businesses that hire our workers, support our communities, drive innovation and help our country maintain its competitive edge.

This bill also builds upon a change that Senator Risch, Senator Shaheen and I passed in 2015 to increase the maximum amount of leverage to SBICs with more than one fund. As some of my colleagues will recall, those types of SBICs are known as ``Family of Funds.''

As with the bill in 2015, the legislation we are introducing today is also bipartisan and bicameral. I am pleased the Small Business Investment Opportunity Act has the support of our Chairman, Senator Risch, as well as Senators Shaheen and Kennedy. An identical bill passed the House last year, and the legislation is endorsed by the Small Business Investor Alliance.

Thank you, I yield the floor.

Mr. President, Senator Hatch and I have introduced the Retirement Enhancement and Savings Act of 2018. This bill makes a number of improvements to our Nation's employer-provided retirement plans and is the result of several years of bipartisan work on the part of the Finance Committee. The Retirement Enhancement and Savings Act was unanimously reported out of the Finance Committee in the prior Congress, and I urge my colleagues to support this bill.

The bill that Senator Hatch and I have introduced is identical to the bill reported by the Finance Committee except for updating effective dates, omitting provisions that already have been enacted into law, and several technical modifications to the provisions impacting the United States Tax Court and to the safe harbor for employers for annuity provider selection.

The safe harbor for annuity provider selection is a critical change to current law that will encourage employers to offer annuities to employees in 401(k) and other defined contribution retirement plans. Many employers are reluctant to offer annuities in these types of plans because of uncertainty about their liability in the event that an insurer becomes insolvent and is unable to pay benefits under the annuity. This safe harbor provides certainty for employers who select insurers who are financially capable of meeting their commitments and are in good standing with State regulators. The technical modification to the safe harbor is a one-word change that clarifies that the safe harbor is solely for the selection of the insurer and the possibility that the insurer may not be able to make payments due under the contract and is not a safe harbor for the selection of the contract. As under existing law, the plan fiduciary remains required to prudently select the type of annuity that is best for participants and beneficiaries.