Made in America Manufacturing Finance Act

Madam Speaker, I rise today in strong support of H.R. 5788, the 504 Program Risk Oversight Act, bipartisan legislation that strengthens one of SBA's most successful financing programs.

For decades, the SBA's 504 loan program has been a cornerstone of economic development in communities across America. Through public and private partnership with certified development companies, the 504 program helps small businesses to grow, create jobs, and invest in their communities.

Since its inception in 1986, the program has provided approximately $400 billion in total project financing and created over 3.3 million jobs. In California alone, that translates to $95 billion in total capital and the creation of over 715,000 good-paying jobs.

For entrepreneurs in California's 45th District and across the Nation, the 504 loan program's unique model provides them with access to long-term, fixed-rate financing to help them to expand operations, purchase property, and make lasting investments in their local economy.

In Orange County and Los Angeles County alone, the 504 program has injected more than $27 billion into local businesses and helped to create over 175,000 jobs over the last 25 years.

My bipartisan bill, the 504 Program Risk Oversight Act, builds on that success by ensuring that all partners--the SBA, Congress, and industry--have access to clear, consistent, and transparent data about the health of the program.

Currently, SBA is not required to conduct an annual risk analysis of the 504 loan program and provide Congress with any performance data. My bill addresses this problem and requires the SBA to conduct an annual risk assessment of the 504 program and provide Congress with detailed insights into overall health of the program and information needed to strengthen program performance.

Madam Speaker, transparent data is the cornerstone of a productive partnership between the SBA, Congress, and industry and the work that we do collectively to keep the 504 program healthy for future generations of entrepreneurs. Now more than ever, small businesses need what the 504 loan program provides: certainty and affordable patient capital.

Madam Speaker, I am proud to lead this bill, and I thank my colleague, Representative Jimmy Patronis, for his partnership in co- leading this important piece of legislation with me. Of course, this bill would not be possible without the leadership of Ranking Member Velazquez and Chair Williams.

Madam Speaker, I urge my colleagues to support this bill.

Mr. Speaker, I thank my colleague Mr. Davidson for his broad work in the capital market space and for leading us here on the floor today.

I rise to urge my colleagues to support the Expanding WKSI Eligibility Act. I thank my co-leads, Mr. Fields, as well as Chairman Hill and Ranking Member Waters, for their support.

We have far too many regulations in the United States, and this bill is about rightsizing our regulations in support of investments and jobs.

This commonsense bill will help more well-run companies responsibly raise money in the public markets. It rightsizes regulatory burdens and frees up more resources for companies to invest in American jobs and American innovation.

The well-known seasoned issuer--also known as WKSI--status was first implemented around 20 years ago. It allows qualified public companies in good standing to use automatic shelf registration. This reduces the cost and complexity of a public offering and allows companies to be more responsive to market conditions.

The WKSI construct has a track record of success in expanding access to public markets while protecting investors.

According to Joel Trotter, one of the authors of the JOBS Act, ``Decades of successful experience show that the well-known seasoned issuer category is long overdue for expansion.''

I couldn't agree more, and this bill does exactly that. It lowers the size threshold for WKSI qualification while maintaining all the existing good governance requirements.

In other words, more small and midsized American public companies will be able to benefit from the privileges that already exist for larger businesses with similar compliance records.

The Expanding WKSI Eligibility Act also includes a helpful reporting requirement for the Securities and Exchange Commission. This report will provide Congress and the public with a better understanding of how many previously ineligible companies are trying to regain their WKSI status. Doing so will gain the insight needed to make future legislative adjustments.

The Expanding WKSI Eligibility Act is a tailored, regulatory improvement

that will support small and midsized businesses, job creators, and investments.

Mr. Speaker, I ask my colleagues to support this legislation.

Mr. Speaker, I yield myself such time as I may consume.

Mr. Speaker, I rise today in support of H.R. 4430, which expands the number of public companies that can qualify as a well-known seasoned issuer, or WKSI. This designation is a special status conferred on companies that frequently raise money by issuing securities from the public.

Think of WKSI status like having frequent-flyer privileges. It allows companies that are well known to regulators and the public to raise money without needing permission. These companies are widely followed in the markets, so there are a lot of eyes, so to speak, watching what they are doing. The main requirement for a company to meet WKSI status is that it has previously issued $700 million or more in securities.

The current bill would lower that threshold to $400 million. By reducing the current WKSI threshold, the bill allows an additional 400 companies to qualify on top of the 2,000 or so companies that qualify today.

One final thing this bill does is provide transparency around companies that have been disqualified from operating as WKSIs. Notably, a company can lose its WKSI status if it has been convicted of a securities-related felony or a misdemeanor or has violated the antifraud provisions of the securities laws. Notable examples include UBS and Bank of America, which each previously lost their WKSI status due to fraud violations.

However, even if a company loses their status through such a violation, it can ask the SEC for a waiver to continue operating as a WKSI. UBS and Bank of America both sought and received such waivers.

Importantly, though, waivers are rarely formally denied because SEC staff normally gives a company a heads-up that their waiver is likely to be denied, so many companies simply withdraw their waiver requests. The final provision of this bill provides investors on an annual basis a view into the number of waiver requests that have been withdrawn.

Mr. Speaker, I support this bill and urge all Members to do the same.

Mr. Speaker, I reserve the balance of my time.

Mr. Speaker, I yield myself the balance of my time.

Mr. Speaker, I support this bill, and I yield back the balance of my time.

Madam Speaker, I yield myself such time as I may consume.

Madam Speaker, I rise in support of the bill before us today, H.R. 5788, the 504 Program Risk Oversight Act.

Madam Speaker, transparency is key to ensuring the proper operation and functioning of the SBA lending programs, including the 504/CDC program. This bill will give the Committee on Small Business the necessary information to carry out our oversight authority.

Federal law requires the SBA Office of Credit Risk Management to conduct an annual portfolio risk analysis of the SBA flagship 7(a) loan program and provide Congress with a detailed report of their results. This report has been crucial in Committee on Small Business Democrats' investigation into the rising default levels in the 7(a) program and has helped us to respond accordingly.

Unfortunately, no statutory reporting requirement exists for the 504/ CDC loan program. H.R. 5788 will fix that by adding a requirement that the SBA conduct an annual risk analysis of the 504/CDC program and provide Congress with their results. Tailored to the 504/CDC program's unique features, the report will provide Congress with many of the same data points it currently provides on the 7(a) program, but the bill also requires several new data points to improve our stewardship of the program.

While loan defaults aren't currently a concern for the 504 program, this bill will provide Congress with valuable information needed to monitor the program's operation, guard against future risk, and ensure that the program's zero-subsidy requirement is maintained.

Madam Speaker, I applaud Representatives Tran and Patronis for their work on this bill, which is supported by the National Association of Development Companies. I ask my colleagues to support it, and I reserve the balance of my time.

Madam Speaker, I yield 3 minutes to the gentleman from California (Mr. Tran), the lead sponsor of the bill.

Madam Speaker, I again applaud Representatives Tran and Patronis for their bipartisan work on this bill. I encourage all of my colleagues to vote ``yes,'' and I yield back the balance of my time.

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 4429) to require the Securities and Exchange Commission to revise the definition of a qualifying investment, for purposes of the exemption from registration for venture capital fund advisers under the Investment Advisers Act of 1940, to include an equity security issued by a qualifying portfolio company and to include an investment in another venture capital fund, and for other purposes, as amended.

Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days to revise and extend their remarks and include extraneous material on this bill.

Mr. Speaker, I yield 5 minutes to gentlewoman from Missouri (Mrs. Wagner).

Mr. Speaker, I include in the Record the CBO estimate for this bill.

Legislation Considered Under Suspension of the Rules

The Majority Leader of the House of Representatives

announces bills that will be considered under suspension of

the rules in that chamber. Under suspension, floor debate is

limited, all floor amendments are prohibited, points of order

against the bill are waived, and final passage requires a

two-thirds majority vote.

At the request of the Majority Leader and the House

Committee on the Budget, CBO estimates the effects of those

bills on direct spending and revenues. CBO has limited time

to review the legislation before consideration. Although it

is possible in most cases to determine whether the

legislation would affect direct spending or revenues, time

may be insufficient to estimate the magnitude of those

effects. If CBO has prepared estimates for similar or

identical legislation, a more detailed assessment of

budgetary effects, including effects on spending subject to

appropriation, may be included.

Mr. Speaker, I yield myself the balance of my time.

For reasons I explained earlier, I urge all of my colleagues to support this bill, and I yield back the balance of my time.

Mr. Speaker, I yield myself such time as I may consume.

I rise in support of H.R. 4431, the Improving Capital Allocation for Newcomers Act of 2025, or ICAN Act, offered by Mr. Timmons and Ms. Pettersen.

Like the DEAL Act, the ICAN Act also amends the definition of ``venture capital fund'' under the Investment Company Act. Currently, in order to qualify as a venture capital fund under this act, a private fund must hold $12 million or less in assets and have no more than 250 investors. This bill adjusts those figures upward, raising the cap to $50 million and the investor limit to 500.

It also requires the SEC to conduct a study 5 years after enactment to determine the bill's impact on how capital is being allocated to companies owned by these venture funds. Based on the results of the study, the SEC could further adjust the $50 million and 500 beneficial owner limit upward or downward.

The ICAN Act should help venture funds to more widely invest in small and growing businesses.

Mr. Speaker, I urge all colleagues to support H.R. 4431 to make it easier for capital to flow to startups and small businesses. This bill does so by increasing the dollar size and number of investors for venture funds.

Additionally, it requires the SEC to conduct a study that examines how funds are invested across several metrics, including the veteran status of a company's founders, geographical location, and industry sector, size, and state of development. Based on the results of this study, the SEC would be authorized to adjust the bill's limits upward or downward by a tailored amount, if needed.

Mr. Speaker, I urge my colleagues to support this bill, and I yield back the balance of my time.

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 4431) to amend the Investment Company Act of 1940 with respect to the definition of qualifying venture capital funds, and for other purposes, as amended.

Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days to revise and extend their remarks and include extraneous material on the bill.

Mr. Speaker, I yield 3 minutes to the gentleman from South Carolina (Mr. Timmons).

Mr. Speaker, I include in the Record the CBO estimate for this bill.

Legislation Considered Under Suspension of the Rules

The Majority Leader of the House of Representatives

announces bills that will be considered under suspension of

the rules in that chamber. Under suspension, floor debate is

limited, all floor amendments are prohibited, points of order

against the bill are waived, and final passage requires a

two-thirds majority vote.

At the request of the Majority Leader and the House

Committee on the Budget, CBO estimates the effects of those

bills on direct spending and revenues. CBO has limited time

to review the legislation before consideration. Although it

is possible in most cases to determine whether the

legislation would affect direct spending or revenues, time

may be insufficient to estimate the magnitude of those

effects. Tf CBO has prepared estimates for similar or

identical legislation, a more detailed assessment of

budgetary effects, including effects on spending subject to

appropriation, may be included.

Mr. Speaker, I yield myself the balance of my time.

For the reasons I explained earlier, I urge all of my colleagues to support this bill, and I yield back the balance of my time.

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 4430) to lower the aggregate market value of voting and non- voting common equity necessary for an issuer to qualify as a well-known seasoned issuer, as amended.

Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days to revise and extend their remarks and include extraneous material on this bill.

Mr. Speaker, I yield 3 minutes to the gentleman from Wisconsin (Mr. Steil).

Mr. Speaker, I am prepared to close, and I reserve the balance of my time.

Mr. Speaker, I include in the Record the CBO estimate for this bill.

Legislation Considered Under Suspension of the Rules

The Majority Leader of the House of Representatives

announces bills that will be considered under suspension of

the rules in that chamber. Under suspension, floor debate is

limited, all floor amendments are prohibited, points of order

against the bill are waived, and final passage requires a

two-thirds majority vote.

At the request of the Majority Leader and the House

Committee on the Budget, CBO estimates the effects of those

bills on direct spending and revenues. CBO has limited time

to review the legislation before consideration. Although it

is possible in most cases to determine whether the

legislation would affect direct spending or revenues, time

may be insufficient to estimate the magnitude of those

effects. If CBO has prepared estimates for similar or

identical legislation, a more detailed assessment of

budgetary effects, including effects on spending subject to

appropriation, may be included.

Mr. Speaker, I urge my colleagues to support this bill, and I yield back the balance of my time.