,i #aad? ,,congress #b;d ,session ,h4 ,r4 #efgb ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,july #g1 #bjaf,mr4 ,kildee 7= himself1 ,ms4 ,max9e ,wat]s ( ,cali=nia1 ,mr4 ,honda1 & ,mr4 ,langev97 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices ,a ,,bill ,to help small bus9esses access capital & create jobs by reau?oriz+ ! successful ,/ate ,small ,bus9ess ,cr$it ,initiative4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,small ,bus9ess ,access to ,capital ,act ( #bjaf4 #b4 ,new tran*es ( capital = successful ,/ate programs ,section #cjjc ( ! ,small ,bus9ess ,jobs ,act ( #bjaj 7#ab ,u4,s4,c4 #egjb7 is am5d$ by add+ at ! end ! foll[+3 7d7 ,additional allocation & competitive aw>ds 7#a7 ,def9itions ,9 ?is subsection-- 7,a7 ! t]m eligible p>ticipat+ ,/ate means a p>ticipat+ ,/ate t has c]tifi$ to ! ,secret>y t ! ,/ate has exp5d$1 transf]r$1 or obligat$ n less ?an #hj p]c5t ( ! second #a_/c ( ! #bjaj allocation transf]r$ to ! ,/ate "u subsection 7c77#a77;,a77iii72 & 7,b7 ! t]m unus$ funds means-- 7i7 am\nts made available to ! ,secret>y "u clause 7i77,,ii7 or 7ii77,,ii7 ( p>agraph 7#b77;,e72 & 7ii7 am\nts made available to ! ,secret>y "u p>agraph 7#d77;,b77ii74 7#b7 ,allocation = #bjaj p>ticipat+ ,/ates 7,a7 ,allocation ,( ! am\nt made available "u p>agraph 7#f77;,d71 ! ,secret>y %all allocate a total ( #ejj1jjj1jjj among eligible p>ticipat+ ,/ates 9 ! same ratio z funds 7 allocat$ "u ! #bjaj allocation "u subsection 7b77#a7 among p>ticipat+ ,/ates4 7,b7 ,application ,an eligible p>ticipat+ ,/ate desir+ to receive funds allocat$ "u ?is p>agraph %all submit an application-- 7i7 n lat] ?an ! date t is #f mon?s aft] ! date ( enactm5t ( ! ,small ,bus9ess ,access to ,capital ,act ( #bjaf2 & 7ii7 9 su* mann] & conta9+ su* in=mation z ! ,secret>y may require4 7,c7 ,availability ( allocat$ am\nt ,not)/&+ subsection 7c77#a71 aft] an eligible p>ticipat+ ,/ate approv$ by ! ,secret>y to receive an allocation "u ?is p>agraph has c]tifi$ to ! ,secret>y t ! eligible p>ticipat+ ,/ate has exp5d$1 transf]r$1 or obligat$ n less ?an #hj p]c5t ( ! la/ #a_/c ( ! #bjaj allocation to ! eligible p>ticipat+ ,/ate1 ! ,secret>y %all transf] to ! eligible p>ticipat+ ,/ate ! funds allocat$ to ! eligible p>ticipat+ ,/ate "u ?is p>agraph4 7,d7 ,use ( transf]r$ funds ,an eligible p>ticipat+ ,/ate may use funds transf]r$ "u ?is p>agraph = any purpose au?oriz$ "u subp>agraph 7,a7 or 7,b7 ( subsection 7c77#c74 7,e7 ,t]m9ation ( availability ( am\nts 7i7 ,9 g5]al ,if an eligible p>ticipat+ ,/ate has n c]tifi$ to ! ,secret>y t ! ,/ate has exp5d$1 transf]r$1 or obligat$ n less ?an #hj p]c5t ( ! la/ #a_/c ( ! #bjaj allocation z ( ! date t is #b ye>s aft] ! date on :i* ! ,secret>y approves ! eligible p>ticipat+ ,/ate to receive an allocation "u ?is p>agraph1 any am\nts allocat$ to ! eligible p>ticipat+ ,/ate "u ?is p>agraph-- 7,i7 may n be transf]r$ to ! eligible p>ticipat+ ,/ate "u ?is p>agraph2 & 7,,ii7 %all be available to ! ,secret>y to make aw>ds "u p>agraph 7#d74 7ii7 ,o!r am\nts ,effective on ! date t is #b ye>s aft] ! date ( enactm5t ( ! ,small ,bus9ess ,access to ,capital ,act ( #bjaf1 any am\nts allocat$ "u ?is p>agraph to a p>ticipat+ ,/ate t1 z ( su* date1 is n an eligible p>ticipat+ ,/ate or to an eligible p>ticipat+ ,/ate t did n submit an application "u subp>agraph 7,b7 or 0 n approv$ by ! ,secret>y to receive an allocation "u ?is p>agraph-- 7,i7 may n be transf]r$ to an eligible p>ticipat+ ,/ate "u ?is p>agraph2 & 7,,ii7 %all be available to ! ,secret>y to make aw>ds "u p>agraph 7#d74 7#c7 ,competitive fund+ 7,a7 ,9 g5]al ,( ! am\nt made available "u p>agraph 7#f77;,d71 ! ,secret>y may aw>d1 on a competitive basis1 n m ?an a total ( #a1jjj1jjj1jjj to p>ticipat+ ,/ates & consortiums ( p>ticipat+ ,/ates = use = any purpose au?oriz$ "u subp>agraph 7,a7 or 7,b7 ( subsection 7c77#c74 7,b7 ,application 7i7 ,9 g5]al ,a p>ticipat+ ,/ate or consortium ( p>ticipat+ ,/ates desir+ to receive an aw>d "u ?is p>agraph %all submit an application-- 7,i7 n lat] ?an ! date e/abli%$ by ! ,secret>y1 :i* %all be n lat] ?an ! date t is #a ye> aft] ! date ( enactm5t ( ! ,small ,bus9ess ,access to ,capital ,act ( #bjaf2 & 7,,ii7 9 su* mann] & conta9+ su* in=mation z ! ,secret>y may require4 7ii7 ,numb] ( applications ,a p>ticipat+ ,/ate may submit n m ?an #a application on behalf ( ! p>ticipat+ ,/ate & n m ?an #a application z "p ( a consortium ( p>ticipat+ ,/ates4 7iii7 ,/ates t did n p>ticipate ,a ,/ate t is n a p>ticipat+ ,/ate may apply to ! ,secret>y = approval to be a p>ticipat+ ,/ate = purposes ( ?is p>agraph & p>agraph 7#d71 9 accordance ) section #cjjd4 7,c7 ,factors ,9 det]m9+ :e!r to make an aw>d to a p>ticipat+ ,/ate or consortium ( p>ticipat+ ,/ates "u ?is p>agraph1 ! ,secret>y %all consid]-- 7i7 h[ ! p>ticipat+ ,/ate or consortium ( p>ticipat+ ,/ates plan to use am\nts provid$ "u ! aw>d "u ! approv$ ,/ate program to-- 7,i7 lev]age private sector capital2 7,,ii7 create & reta9 jobs dur+ ! #b-ye> p]iod beg9n+ on ! date ( ! aw>d2 7,,iii7 s]ve small bus9esses t h be5 incorporat$ or 9 op]ation = n m ?an #e ye>s2 7,,iv7 s]ve l[- or mod]ate-income communities2 & 7,v7 s]ve m9ority- & wom5-own$ small bus9esses2 7ii7 ! ext5t to :i* ! p>ticipat+ ,/ate or consortium ( p>ticipat+ ,/ates w e/abli% or cont9ue a robu/ self-evaluation ( ! activities ( ! p>ticipat+ ,/ate or consortium ( p>ticipat+ ,/ates us+ am\nts made available "u ?is title2 7iii7 ! ext5t to :i* ! p>ticipat+ ,/ate or consortium ( p>ticipat+ ,/ates w provide non-,f$]al funds 9 excess ( ! am\nt requir$ "u subp>agraph 7,e72 & 7iv7 ! ext5t to :i* ! p>ticipat+ ,/ate exp5d$1 obligat$1 or transf]r$ ! #bjaj allocation to ! ,/ate4 7,d7 ,aw>d ( funds 7i7 ,fir/ tran*e ,not)/&+ subsection 7c77#a71 & n lat] ?an #cj days aft] mak+ an aw>d "u ?is p>agraph to a p>ticipat+ ,/ate or consortium ( p>ticipat+ ,/ates1 ! ,secret>y %all transf] #ej p]c5t ( ! am\nt ( ! aw>d to ! p>ticipat+ ,/ate or consortium ( p>ticipat+ ,/ates4 7ii7 ,second tran*e ,aft] a p>ticipat+ ,/ate or consortium ( p>ticipat+ ,/ates has c]tifi$ to ! ,secret>y t ! p>ticipat+ ,/ate or consortium ( p>ticipat+ ,/ates has exp5d$1 transf]r$1 or obligat$ n less ?an #hj p]c5t ( ! am\nt transf]r$ "u clause 7i71 ! ,secret>y %all transf] to ! p>ticipat+ ,/ate or consortium ( p>ticipat+ ,/ates ! rema9+ am\nt ( ! aw>d4 7,e7 ,/ate %>e ,! ,/ate %>e ( ! co/ ( ! activities1 exclud+ adm9i/rative exp5ses1 c>ri$ out us+ an aw>d "u ?is p>agraph %all be n less ?an #aj p]c5t4 ,! ,secret>y may det]m9e :at contributions by a ,/ate qualify z "p ( ! ,/ate %>e ( ! co/ = purposes ( ?is subp>agraph4 7#d7 ,aw>d ( unus$ funds 7,a7 ,9 g5]al ,! ,secret>y may aw>d1 on a competitive basis1 unus$ funds to p>ticipat+ ,/ates = use = any purpose au?oriz$ "u subp>agraph 7,a7 or 7,b7 ( subsection 7c77#c74 7,b7 ,unus$ #bjaj funds 7i7 ,9 g5]al ,! ,secret>y %all det]m9e :e!r any am\nts allocat$ to a p>ticipat+ ,/ate "u subsection 7b7 %all be deem$ no long] allocat$ & no long] available if a p>ticipat+ ,/ate has n c]tifi$ to ! ,secret>y t ! ,/ate has exp5d$1 transf]r$1 or obligat$ #hj p]c5t ( ! second #a_/c ( ! #bjaj allocation by ,decemb] #ca1 #bjaf4 7ii7 ,availability ,effective on ! date ( ! det]m9ation "u clause 7i71 any am\nts id5tifi$ 9 ! det]m9ation t 7 deem$ no long] allocat$ & no long] available to ! p>ticipat+ ,/ate %all be available to ! ,secret>y to make aw>ds "u ?is p>agraph4 7,c7 ,application ,a p>ticipat+ ,/ate desir+ to receive an aw>d "u ?is p>agraph %all submit an application-- 7i7 n lat] ?an #c mon?s aft] ! date on :i* funds are deem$ no long] allocat$ & no long] available to any p>ticipat+ ,/ate2 & 7ii7 9 su* mann] & conta9+ su* in=mation z ! ,secret>y may require4 7,d7 ,factors ,9 det]m9+ :e!r to make an aw>d to a p>ticipat+ ,/ate "u ?is p>agraph1 ! ,secret>y %all consid] ! factors describ$ 9 p>agraph 7#c77;,c74 7,e7 ,m9imum am\nt ,! ,secret>y may n make an aw>d ( less ?an #e1jjj1jjj "u ?is p>agraph4 7#e7 ,ext5sion ( compliance & report+ ,not)/&+ section #cjjg7;d71 a p>ticipat+ ,/ate t receives funds "u p>agraph 7#b71 7#c71 or 7#d7 %all submit qu>t]ly & annual reports conta9+ ! in=mation describ$ 9 section #cjjg until ! end ( ! #h-ye> p]iod beg9n+ on ! date ( enactm5t ( ! ,small ,bus9ess ,access to ,capital ,act ( #bjaf4 7#f7 ,adm9i/ration & implem5tation 7,a7 ,adm9i/rative exp5ses = p>ticipat+ ,/ates ,a p>ticipat+ ,/ate may use n m ?an #c p]c5t ( ! am\nt made available to ! p>ticipat+ ,/ate "u p>agraph 7#b71 7#c71 or 7#d7 = adm9i/rative exp5ses incurr$ by ! p>ticipat+ ,/ate 9 implem5t+ an approv$ ,/ate program4 7,b7 ,contract+ ,dur+ ! #a-ye> p]iod beg9n+ on ! date ( enactm5t ( ! ,small ,bus9ess ,access to ,capital ,act ( #bjaf1 & not)/&+ any o!r provision ( law relat+ to public contract+1 ! ,secret>y may ent] into contracts to c>ry out ?is subsection4 7,c7 ,am\nts n assi/ance ,any am\nts transf]r$ to a p>ticipat+ ,/ate "u p>agraph 7#b71 7#c71 or 7#d7 %all n be consid]$ assi/ance = purposes ( subtitle ,v ( title #ca1 ,unit$ ,/ates ,code4 7,d7 ,appropriation ,!re are appropriat$ to ! ,secret>y1 out ( any funds 9 ! ,treasury n o!rwise appropriat$1 #a1ejj1jjj1jjj to c>ry out ?is subsection1 includ+ to pay reasonable co/s ( adm9i/]+ ! programs "u ?is subsection1 to rema9 available until exp5d$4 7,e7 ,t]m9ation ( secret>y's program adm9i/ration functions ,! au?orities & duties ( ! ,secret>y to implem5t & adm9i/] ! program "u ?is subsection %all t]m9ate at ! end ( ! #h-ye> p]iod beg9n+ on ! date ( enactm5t ( ! ,small ,bus9ess ,access to ,capital ,act ( #bjaf4 4 #c4 ,improvem5ts to ! ,/ate ,small ,bus9ess ,cr$it ,initiative ,! ,/ate ,small ,bus9ess ,cr$it ,initiative ,act ( #bjaj 7#ab ,u4,s4,c4 #egja et seq47 is am5d$-- 7#a7 9 section #cjjb1 by add+ at ! end ! foll[+3 7#ae7 ,depository in/itution ,! t]m depository in/itution means-- 7,a7 a depository in/itution1 z def9$ "u section #c ( ! ,f$]al ,deposit ,insurance ,act2 & 7,b7 a ,/ate cr$it union & a ,f$]al cr$it union1 z su* t]ms are def9$1 respectively1 "u section #aja ( ! ,f$]al ,cr$it ,union ,act4 7#af7 ,m9ority ,! t]m m9ority has ! mean+ giv5 t t]m "u section #abjd7;c7 ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi4 7#ag7 ,m9ority-own$ small bus9ess ,! t]m m9ority-own$ small bus9ess means a small bus9ess )-- 7,a7 m ?an #ej p]c5t ( ! own]%ip or control ( :i* is held by "o or m m9ority individuals2 & 7,b7 m ?an #ej p]c5t ( ! net pr(it or loss ( :i* accrues to "o or m m9ority individuals4 7#ah7 ,m9ority-own$ depository in/itution ,! t]m m9ority-own$ depository in/itution means a depository in/itution1 if-- 7,a7 9 ! case ( a privately own$ in/itution1 #ea p]c5t or m ( su* in/itution is own$ by "o or m socially & economically disadvantag$ individuals2 7,b7 9 ! case ( a publicly own$ in/itution1 #ea p]c5t or m ( ! /ock ( su* in/itution is own$ by "o or m socially & economically disadvantag$ individuals2 & 7,c7 9 ! case ( a mutual in/itution-- 7i7 ! bo>d ( directors & acc\nt hold]s ( su* in/itution are pr$om9antly m9ority2 & 7ii7 ! community :i* ! in/itution s]vices is pr$om9antly m9ority4 7#ai7 ,wom5-own$ small bus9ess ,! t]m wom5-own$ small bus9ess means a small bus9ess )-- 7,a7 m ?an #ej p]c5t ( ! own]%ip or control ( :i* is held by "o or m wom52 & 7,b7 m ?an #ej p]c5t ( ! net pr(it or loss ( :i* accrues to "o or m wom54 2 7#b7 9 section #cjje7;e77#h7-- 7,a7 by /rik+ 1 includ+ & ins]t+ &2 & 7,b7 by add+ at ! end ! foll[+3 ,! ,secret>y may n approve any ,/ate capital access program t fails to include a plan t promotes a fair %>e ( ! ,f$]al contributions to be us$ to /r5g!n & increase economic opportunities = small bus9esses 9 l[- & mod]ate-income1 m9ority1 & o!r und]s]v$ communities & wom5- & m9ority-own$ small bus9esses42 7#c7 9 section #cjjf7;d7 is am5d$ by add+ at ! end ! foll[+3 7#f7 ,! ext5t to :i* ! ,/ate plans to use ! ,f$]al contributions to provide access to capital = small bus9esses 9 l[- & mod]ate-income1 m9ority1 & o!r und]s]v$ communities & to wom5- & m9ority-own$ small bus9esses1 & ! ext5t to :i* result+ small bus9ess l5d+ w exp& economic opportunities = su* communities & su* bus9esses4 2 7#d7 9 section #cjjg7;b7-- 7,a7 9 p>agraph 7#d71 by /rik+ ( ea* borr[] t receiv$ su* a new loan & ins]t+ 9 :i* ! borr[] is headqu>t]$ & zip codes 9 :i* ! borr[] ma9ta9s significant op]ations2 & 7,b7 by add+ at ! end ! foll[+3 7#f7 ,! race1 e?nicity1 & sex ( ! pr9cipal own]s ( ! borr[]s & applicants1 ! numb] ( applications & ! date on :i* ea* application 0 receiv$1 ! loan or type ( inve/m5t be+ appli$ =1 & ! numb] ( loans or applications t 7 approv$ & ! date ( su* approval4 ,9 compil+ & report+ ! in=mation requir$ "u ?is p>agraph1 a ,/ate may modify data :i* is or w be available to ! public1 if ! ,/ate det]m9es t ! deletion or modification ( ! data is necess>y to protect ! privacy int]e/ ( ! borr[] or applicant4 7#g7 ,a summ>y ( ! ext5t to :i* ! approv$ ,/ate program increas$ economic opportunities = small bus9esses 9 l[- & mod]ate-income1 m9ority1 & o!r und]s]v$ communities & wom5- & m9ority-own$ small bus9esses1 consi/5t ) ! plan deliv]$ by ! ,/ate pursuant to section #cjje7;e77#h74 7#h7 ,! numb] ( loans or inve/m5ts by program type made by m9ority-own$ depository in/itutions4 2 7#e7 9 section #cjji7;a7-- 7,a7 by am5d+ p>agraph 7#a7 to read z foll[s3 7#a7 consult ) ! ,director ( ! ,(fice ( ,m9ority & ,wom5 ,inclusion ( ! ,dep>tm5tal ,(fices ( ! ,dep>tm5t ( ! ,treasury1 ! ,adm9i/rator ( ! ,small ,bus9ess ,adm9i/ration1 & ! head ( ea* ( ! appropriate ,f$]al bank+ ag5cies 7:o %all ea* consult ) ! ,director ( ! ,(fice ( ,m9ority & ,wom5 ,inclusion ( _! ag5cy71 on ! adm9i/ration ( ! ,program2 2 & 7,b7 9 p>agraph 7#e71 by ins]t+ aft] p]=mance1 ! foll[+3 ef=ts to exp& economic opportunity = m9ority- & wom5-own$ small bus9esses12 & 7#f7 9 section #cjaj-- 7,a7 by ins]t+ aft] 9 consultation ) ! foll[+3 ! ,director ( ! ,(fice ( ,m9ority & ,wom5 ,inclusion ( ! ,dep>tm5tal ,(fices ( ! ,dep>tm5t ( ! ,treasury &2 & 7,b7 by add+ at ! end ! foll[+3 ,9 issu+ su* regulations ! ,secret>y %all seek public input f community1 civil rights1 consum] advocates1 small bus9ess advocates1 & o!r int]e/$ or affect$ p>ties44