#aag? ,,congress  #b;d ,session  ,s4    
#beba  ,,an ,,act  ,to require !        
,adm9i/rator ( ! ,small ,bus9ess        
,adm9i/ration to e/abli% an ,,sbic      
,advisory ,committee1 & = o!r purposes4 
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,,sbic ,advisory ,committee ,act (    
#bjbb4  #b4 ,,sbic ,advisory ,committee 
7a7 ,def9itions ,9 ?is section-- 7#a7 ! 
t]ms ,adm9i/ration & ,adm9i/rator mean !
 ,small ,bus9ess ,adm9i/ration & !      
,adm9i/rator !re(1 respectively2  7#b7 !
 t]m cov]$ ,memb]s means ! ,*air &      
,rank+ ,memb] (-- 7,a7 ! ,committee on  
,small ,bus9ess & ,entrepr5eur%ip ( !   
,s5ate2 &  7,b7 ! ,committee on ,small  
,bus9ess ( ! ,h\se ( ,repres5tatives2   
7#c7 ! t]ms lic5see1 small bus9ess      
inve/m5t company1 & und]lic5s$ ,/ate h !
 mean+s giv5 ^? t]ms 9 section #cja ( ! 
,small ,bus9ess ,inve/m5t ,act ( #aieh  
7#ae ,u4,s4,c4 #ffb72  7#d7 ! t]m       
l[-income community has ! mean+ giv5 !  
t]m 9 section #de;,d7e7 ( ! ,int]nal    
,rev5ue ,code ( #aihf2  7#e7 ! t]m rural

 area has ! mean+ giv5 ! t]m by !       
,bureau ( ! ,c5sus2  7#f7 ! t]ms small  
bus9ess conc]n1 small bus9ess conc]n    
own$ & controll$ by vet]ans1 & small    
bus9ess conc]n own$ & controll$ by wom5 
h ! mean+s giv5 ^? t]ms 9 section #c ( !
 ,small ,bus9ess ,act 7#ae ,u4,s4,c4    
#fcb72  7#g7 ! t]m socially or          
economically disadvantag$ individual    
means a socially disadvantag$ individual
 or economically disadvantag$           
individual1 z describ$ 9 p>agraphs 7#e7 
& 7#f77;,a71 respectively1 ( section    
#h7;a7 ( ! ,small ,bus9ess ,act 7#ae    
,u4,s4,c4 #fcg7;a772  7#h7 ! t]m        
und]f9anc$ ,/ate means a ,/ate t has    
bel[ m$ian f9anc+1 z det]m9$ by !       
,adm9i/rator2 &  7#i7 ! t]m und]s]v$    
community means-- 7,a7 a ,h,u,b,zone1 z 
def9$ 9 section #ca7;b7 ( ! ,small      
,bus9ess ,act 7#ae ,u4,s4,c4 #feg;a7b772
  7,b7 a community t has be5 designat$ z
 an emp[]m5t zone or an ent]prise       
community "u section #acia ( ! ,int]nal 
,rev5ue ,code ( #aihf2  7,c7 a community

 t has be5 designat$ z a promise zone by
 ! ,secret>y ( ,h\s+ & ,urban           
,developm5t2 &  7,d7 a community t has  
be5 designat$ z a qualifi$ opportunity  
zone "u section #adjj,z-#a ( ! ,int]nal 
,rev5ue ,code ( #aihf4  7b7 ,e/abli%m5t 
,! ,adm9i/rator %all e/abli% an ,,sbic  
,advisory ,committee 7ref]r$ to 9 ?is   
section z ! ,advisory ,committee7 to    
conv5e outside exp]ts to advise on !    
small bus9ess inve/m5t program "u title 
,,iii ( ! ,small ,bus9ess ,inve/m5t ,act
 ( #aieh 7#ae ,u4,s4,c4 #fha et seq474  
7c7 ,composition  7#a7 ,memb]%ip ,!     
,advisory ,committee %all be compos$ (  
#af memb]s appo9t$ by ! ,adm9i/rator z  
foll[s3 7,a7 ,! ,associate ,adm9i/rator 
( ! ,(fice ( ,inve/m5t & ,innovation ( !
 ,small ,bus9ess ,adm9i/ration1 or ano!r
 designee ( ! ,adm9i/rator z det]m9$ by 
! ,adm9i/rator4  7,b7 #g memb]s )       
compet5ce1 int]e/1 or k ( ! small       
bus9ess inve/m5t program "u title ,,iii 
( ! ,small ,bus9ess ,inve/m5t ,act (    
#aieh 7#ae ,u4,s4,c4 #fha et seq471 (   

:om-- 7i7 n few] ?an #c %all h a        
demon/rat$ record ( exp]tise 9 inve/+   
9-- 7,i7 l[-income communities2  7,,ii7 
communities t h be5 designat$ z qualifi$
 opportunity zones "u section #adjj,z-#a
 ( ! ,int]nal ,rev5ue ,code ( #aihf2    
7,,iii7 bus9esses prim>ily engag$ 9     
rese>* & developm5t2  7,,iv7            
manufactur]s2  7,v7 bus9esses prim>ily  
own$ or controll$ by individuals 9      
und]s]v$ communities be=e receiv+       
capital f ! lic5see2  7,,vi7 rural      
areas2 or  7,,vii7 und]f9anc$ ,/ates2 & 
7ii7 n few] ?an #a memb] %all be a      
repres5tative f a trade association = ! 
small bus9ess inve/m5t program "u title 
,,iii ( ! ,small ,bus9ess ,inve/m5t ,act
 ( #aieh 7#ae ,u4,s4,c4 #fha et seq474  
7,c7 #h memb]s appo9t$ by ! ,adm9i/rator
 z foll[s3 7i7 #b memb]s %all be select$
 f among ! individuals 9 ! li/ submitt$ 
by ! ,*air ( ! ,committee on ,small     
,bus9ess & ,entrepr5eur%ip ( ! ,s5ate "u
 p>agraph 7#b74  7ii7 #b memb]s %all be 
select$ f among ! individuals 9 ! li/   

submitt$ by ! ,rank+ ,memb] ( !         
,committee on ,small ,bus9ess &         
,entrepr5eur%ip ( ! ,s5ate "u p>agraph  
7#b74  7iii7 #b memb]s %all be select$ f
 among ! individuals 9 ! li/ submitt$ by
 ! ,*air ( ! ,committee on ,small       
,bus9ess ( ! ,h\se ( ,repres5tatives "u 
p>agraph 7#b74  7iv7 #b memb]s %all be  
select$ f among ! individuals 9 ! li/   
submitt$ by ! ,rank+ ,memb] ( !         
,committee on ,small ,bus9ess ( ! ,h\se 
( ,repres5tatives "u p>agraph 7#b74     
7#b7 ,recomm5dations ,n lat] ?an #cj    
days aft] ! date ( enactm5t ( ?is ,act1 
ea* ( ! cov]$ ,memb]s %all provide to ! 
,adm9i/rator a li/ ( #c c&idates =      
memb]%ip on ! ,advisory ,committee1 :o  
%all be individuals :o hold a high-rank+
 position or s5ior lead]%ip role1 & h no
 conflict ( int]e/ 9 ! small bus9ess    
inve/m5t program "u title ,,iii ( !     
,small ,bus9ess ,inve/m5t ,act ( #aieh  
7#ae ,u4,s4,c4 #fha et seq471 9-- 7,a7 a
 relevant indu/ry trade association2    
7,b7 ! inve/m5t indu/ry ) exp]tise 9    

p5sions1 end[m5ts1 & o!r non-bank+      
in/itutions2  7,c7 academia ) exp]tise 9
 ! inve/m5t indu/ry2 or  7,d7 a nonpr(it
 in/itution1 includ+ "o t s]ves any ( ! 
entities describ$ 9 subclauses 7,i7     
?r\gh 7,,vii7 ( p>agraph 7#a77;,b77i74  
7#c7 ,private sector memb]s ,n few] ?an 
#b & n m ?an #d ( ! memb]s ( ! ,advisory
 ,committee %all be inve/ors 9 ! private
 sector :o-- 7,a7 inve/ 9 small bus9ess 
conc]ns2 &  7,b7 z ( ! date ( appo9tm5t1
 d n p>ticipate 9 ! small bus9ess       
inve/m5t program "u title ,,iii ( !     
,small ,bus9ess ,inve/m5t ,act ( #aieh  
7#ae ,u4,s4,c4 #fha et seq474  7#d7     
,*airp]son ,! ,*airp]son ( ! ,advisory  
,committee %all be ! memb] ( ! ,advisory
 ,committee appo9t$ "u p>agraph         
7#a77;,a74  7#e7 ,p]iod ( appo9tm5t     
,memb]s ( ! ,advisory ,committee %all be
 appo9t$ = ! life ( ! ,advisory         
,committee4  7#f7 ,vacancies ,any       
vacancy 9 ! ,advisory ,committee %all be
 fill$ 9 ! same mann] z ! orig9al       
appo9tm5t4  7d7 ,deadl9e = appo9tm5t ,n 

lat] ?an #fj days aft] ! date on :i* !  
cov]$ ,memb]s provide ! li/s to !       
,adm9i/rator "u subsection 7c77#b71 !   
,adm9i/rator %all-- 7#a7 appo9t ! memb]s
 ( ! ,advisory ,committee2 &  7#b7      
submit to ,congress a li/ ( ! memb]s s  
appo9t$4  7e7 ,duties ,! ,advisory      
,committee %all provide advice &        
recomm5dations to ! ,adm9i/rator-- 7#a7 
conc]n+ policy & program developm5t &   
o!r matt]s ( significance conc]n+       
activities "u ! ,small ,bus9ess ,act    
7#ae ,u4,s4,c4 #fca et seq47 & ! ,small 
,bus9ess ,inve/m5t ,act ( #aieh 7#ae    
,u4,s4,c4 #ffa et seq471 includ+        
div]sify+ managem5t teams or companies2 
7#b7 conc]n+ inc5tives = small bus9ess  
inve/m5t companies to-- 7,a7 inve/ &    
locate 9 und]lic5s$ ,/ates & und]f9anc$ 
,/ates2 &  7,b7 inve/ 9 small bus9ess   
conc]ns1 includ+ ^? own$ & controll$ by 
socially or economically disadvantag$   
individuals1 small bus9ess conc]ns own$ 
& controll$ by vet]ans1 & small bus9ess 
conc]ns own$ & controll$ by wom52  7#c7 

conc]n+ metrics ( success1 & b5*m>ks =  
success1 ) respect to ! goals describ$ 9
 ?is section2 &  7#d7 conc]n+ ! impact (
 ! small bus9ess inve/m5t program "u    
title ,,iii ( ! ,small ,bus9ess         
,inve/m5t ,act ( #aieh 7#ae ,u4,s4,c4   
#fha et seq47 on ! private inve/m5t     
m>ket1 includ+ :e!r inve/m5ts "u !      
program compete ) ! private sector4  7f7
 ,report ,n lat] ?an #ah mon?s aft] !   
date on :i* ! ,adm9i/rator e/abli%es !  
,advisory ,committee "u subsection 7b71 
! ,advisory ,committee %all submit to ! 
,adm9i/rator1 ! ,committee on ,small    
,bus9ess & ,entrepr5eur%ip ( ! ,s5ate1 &
 ! ,committee on ,small ,bus9ess ( !    
,h\se ( ,repres5tatives a report t      
includes ! recomm5dations ( ! ,advisory 
,committee describ$ 9 subsection 7e74   
7g7 ,t]m9ation ,! ,advisory ,committee  
%all t]m9ate on ! date on :i* !         
,advisory ,committee submits ! report   
requir$ "u subsection 7f74  ,pass$ !    
,s5ate ,septemb] #bh1 #bjbb4,secret>y