,i  #aafth ,,congress  #b;d ,session    
,h4 ,r4 #fcdh  ,,in ,,the ,,house ,,of  
,,representatives  ,march #bc1 #bjbj,ms4
 ,garcia of ,texas introduced the       
following bill2 which was referred to   
the ,committee on ,financial ,services1 
and in addition to the ,committee on    
,small ,business1 for a period to be    
subsequently determined by the ,speaker1
 in each case for consideration of such 
provisions as fall within the           
jurisdiction of the committee concerned 
,a ,,bill  ,to fully implement the      
,initiative to ,build ,growth ,equity   
,funds for ,minority ,businesses1 and   
for other purposes4  #a4 ,funding of the
 ,initiative to ,build ,growth ,equity  
,funds for ,minority ,businesses  7a7   
,grant ,the ,minority ,business         
,development ,agency shall provide a    
grant of #c1jjj1jjj1jjj to fully        
implement the ,initiative to ,build     
,growth ,equity ,funds for ,minority    
,businesses 7the ,initiative2 award     
number ,,mb#ai,,obd#hjbjaac71 including 

to use such amounts as capital for the  
,equity ,funds4  7b7 ,administrative    
expenses ,of the amounts provided under 
subsection 7a71 the grant recipient may 
use not more than #b4be percent of such 
amount for administrative expenses1 of  
which-- 7#a7 not more than #a4e percent 
may be used for fees to be paid to      
investment managers for fund investment 
activities1 including deal sourcing1 due
 diligence1 investment monitoring1 and  
investment reporting2 and  7#b7 not more
 than #j4ge percent may be used for fund
 administration activities by the grant 
recipient1 including fund manager       
evaluation1 selection1 monitoring1 and  
overall fund program management4  7c7   
,treatment of interest ,notwithstanding 
any other provision of law1 with the    
approval of the ,minority ,business     
,development ,agency1 grant funds made  
available under subsection 7a7 may be   
deposited in interest-bearing accounts  
pending disbursement1 and any interest  
which accrues may be retained without   

returning such interest to the ,treasury
 of the ,united ,states and interest    
earned may be obligated and expended for
 the purposes for which the grant was   
made available without further          
appropriation4  7d7 ,reporting and audit
 requirements  7#a7 ,reporting by       
recipient ,the grant recipient under    
this section shall issue a report to the
 ,minority ,business ,development       
,agency every #f months detailing the   
use of grant funds received under this  
section and any other information that  
the ,minority ,business ,development    
,agency may require4  7#b7 ,annual      
report to ,congress ,the ,minority      
,business ,development ,agency shall    
issue an annual report to the ,congress 
containing the information received     
under paragraph 7#a7 and an analysis of 
the implementation of the ,initiative4  
7#c7 ,,gao audit ,the ,comptroller      
,general of the ,united ,states shall1  
every #b years1 carry out an audit of   
the ,initiative and issue a report to   

the ,congress and the ,minority         
,business ,development ,agency          
containing the results of such audit4   
7e7 ,funding ,there is authorized to be 
appropriated to the ,minority ,business 
,development ,agency #c1jjj1jjj1jjj to  
make the grant described under          
subsection 7a74