#aagth ,,congress #b;d ,session ,s4 #beba ,,an ,,act ,to require the ,administrator of the ,small ,business ,administration to establish an ,,sbic ,advisory ,committee1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,,sbic ,advisory ,committee ,act of #bjbb4 #b4 ,,sbic ,advisory ,committee 7a7 ,definitions ,in this section-- 7#a7 the terms ,administration and ,administrator mean the ,small ,business ,administration and the ,administrator thereof1 respectively2 7#b7 the term covered ,members means the ,chair and ,ranking ,member of-- 7,a7 the ,committee on ,small ,business and ,entrepreneurship of the ,senate2 and 7,b7 the ,committee on ,small ,business of the ,house of ,representatives2 7#c7 the terms licensee1 small business investment company1 and underlicensed ,state have the meanings given those terms in section #cja of the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #ffb72 7#d7 the term low-income community has the meaning given the term in section #de;,d7e7 of the ,internal ,revenue ,code of #aihf2 7#e7 the term rural area has the meaning given the term by the ,bureau of the ,census2 7#f7 the terms small business concern1 small business concern owned and controlled by veterans1 and small business concern owned and controlled by women have the meanings given those terms in section #c of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcb72 7#g7 the term socially or economically disadvantaged individual means a socially disadvantaged individual or economically disadvantaged individual1 as described in paragraphs 7#e7 and 7#f77;,a71 respectively1 of section #h7;a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcg7;a772 7#h7 the term underfinanced ,state means a ,state that has below median financing1 as determined by the ,administrator2 and 7#i7 the term underserved community means-- 7,a7 a ,h,u,b,zone1 as defined in section #ca7;b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #feg;a7b772 7,b7 a community that has been designated as an empowerment zone or an enterprise community under section #acia of the ,internal ,revenue ,code of #aihf2 7,c7 a community that has been designated as a promise zone by the ,secretary of ,housing and ,urban ,development2 and 7,d7 a community that has been designated as a qualified opportunity zone under section #adjj,z-#a of the ,internal ,revenue ,code of #aihf4 7b7 ,establishment ,the ,administrator shall establish an ,,sbic ,advisory ,committee 7referred to in this section as the ,advisory ,committee7 to convene outside experts to advise on the small business investment program under title ,,iii of the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #fha et seq474 7c7 ,composition 7#a7 ,membership ,the ,advisory ,committee shall be composed of #af members appointed by the ,administrator as follows3 7,a7 ,the ,associate ,administrator of the ,office of ,investment and ,innovation of the ,small ,business ,administration1 or another designee of the ,administrator as determined by the ,administrator4 7,b7 #g members with competence1 interest1 or knowledge of the small business investment program under title ,,iii of the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #fha et seq471 of whom-- 7i7 not fewer than #c shall have a demonstrated record of expertise in investing in-- 7,i7 low-income communities2 7,,ii7 communities that have been designated as qualified opportunity zones under section #adjj,z-#a of the ,internal ,revenue ,code of #aihf2 7,,iii7 businesses primarily engaged in research and development2 7,,iv7 manufacturers2 7,v7 businesses primarily owned or controlled by individuals in underserved communities before receiving capital from the licensee2 7,,vi7 rural areas2 or 7,,vii7 underfinanced ,states2 and 7ii7 not fewer than #a member shall be a representative from a trade association for the small business investment program under title ,,iii of the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #fha et seq474 7,c7 #h members appointed by the ,administrator as follows3 7i7 #b members shall be selected from among the individuals in the list submitted by the ,chair of the ,committee on ,small ,business and ,entrepreneurship of the ,senate under paragraph 7#b74 7ii7 #b members shall be selected from among the individuals in the list submitted by the ,ranking ,member of the ,committee on ,small ,business and ,entrepreneurship of the ,senate under paragraph 7#b74 7iii7 #b members shall be selected from among the individuals in the list submitted by the ,chair of the ,committee on ,small ,business of the ,house of ,representatives under paragraph 7#b74 7iv7 #b members shall be selected from among the individuals in the list submitted by the ,ranking ,member of the ,committee on ,small ,business of the ,house of ,representatives under paragraph 7#b74 7#b7 ,recommendations ,not later than #cj days after the date of enactment of this ,act1 each of the covered ,members shall provide to the ,administrator a list of #c candidates for membership on the ,advisory ,committee1 who shall be individuals who hold a high-ranking position or senior leadership role1 and have no conflict of interest in the small business investment program under title ,,iii of the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #fha et seq471 in-- 7,a7 a relevant industry trade association2 7,b7 the investment industry with expertise in pensions1 endowments1 and other non-banking institutions2 7,c7 academia with expertise in the investment industry2 or 7,d7 a nonprofit institution1 including one that serves any of the entities described in subclauses 7,i7 through 7,,vii7 of paragraph 7#a77;,b77i74 7#c7 ,private sector members ,not fewer than #b and not more than #d of the members of the ,advisory ,committee shall be investors in the private sector who-- 7,a7 invest in small business concerns2 and 7,b7 as of the date of appointment1 do not participate in the small business investment program under title ,,iii of the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #fha et seq474 7#d7 ,chairperson ,the ,chairperson of the ,advisory ,committee shall be the member of the ,advisory ,committee appointed under paragraph 7#a77;,a74 7#e7 ,period of appointment ,members of the ,advisory ,committee shall be appointed for the life of the ,advisory ,committee4 7#f7 ,vacancies ,any vacancy in the ,advisory ,committee shall be filled in the same manner as the original appointment4 7d7 ,deadline for appointment ,not later than #fj days after the date on which the covered ,members provide the lists to the ,administrator under subsection 7c77#b71 the ,administrator shall-- 7#a7 appoint the members of the ,advisory ,committee2 and 7#b7 submit to ,congress a list of the members so appointed4 7e7 ,duties ,the ,advisory ,committee shall provide advice and recommendations to the ,administrator-- 7#a7 concerning policy and program development and other matters of significance concerning activities under the ,small ,business ,act 7#ae ,u4,s4,c4 #fca et seq47 and the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #ffa et seq471 including diversifying management teams or companies2 7#b7 concerning incentives for small business investment companies to-- 7,a7 invest and locate in underlicensed ,states and underfinanced ,states2 and 7,b7 invest in small business concerns1 including those owned and controlled by socially or economically disadvantaged individuals1 small business concerns owned and controlled by veterans1 and small business concerns owned and controlled by women2 7#c7 concerning metrics of success1 and benchmarks for success1 with respect to the goals described in this section2 and 7#d7 concerning the impact of the small business investment program under title ,,iii of the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #fha et seq47 on the private investment market1 including whether investments under the program compete with the private sector4 7f7 ,report ,not later than #ah months after the date on which the ,administrator establishes the ,advisory ,committee under subsection 7b71 the ,advisory ,committee shall submit to the ,administrator1 the ,committee on ,small ,business and ,entrepreneurship of the ,senate1 and the ,committee on ,small ,business of the ,house of ,representatives a report that includes the recommendations of the ,advisory ,committee described in subsection 7e74 7g7 ,termination ,the ,advisory ,committee shall terminate on the date on which the ,advisory ,committee submits the report required under subsection 7f74 ,passed the ,senate ,september #bh1 #bjbb4,secretary