,,ii ,cal5d> ,no4 #bhj #aag? ,,congress 
#b;d ,session  ,s4 #beba  ,,9 ,,!       
,,s5ate ,,( ,,! ,,unit$ ,,/ates  ,july  
#bh1 #bjba,mr4 ,c>d9 7= himself1 ,mr4   
,ris*1 & ,mr4 ,coons7 introduc$ ! foll[+
 bill2 :i* 0 read twice & ref]r$ to !   
,committee on ,small ,bus9ess &         
,entrepr5eur%ip  ,febru>y #ag1          
#bjbb,report$ by ,mr4 ,c>d91 ) an       
am5dm5t & an am5dm5t to ! title,strike  
out all aft] ! enact+ clause & ins]t !  
"p pr9t$ 9 italic  ,a ,,bill  ,to       
require ! ,adm9i/rator ( ! ,small       
,bus9ess ,adm9i/ration to e/abli% an    
,,sbic ,work+ ,gr\p1 & = o!r purposes4  
#a4 ,%ort title  ,?is ,act may be cit$ z
 ! ,,sbic ,work+ ,gr\p ,act ( #bjba4    
#b4 ,,sbic work+ gr\p  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 
,n lat] ?an #ij days aft] ! date on :i* 
! cov]$ ,memb]s submit to ! ,adm9i/rator
 a notification t ! cov]$ ,memb]s h made
 all selections describ$ 9 subp>agraphs 
7,a77ii71 7,b77ii71 & 7,d7 ( p>agraph   
7#a7 7& t ! individuals s select$ h     
accept$ ^? assignm5ts71 ! ,adm9i/rator  
%all e/abli% an ,,sbic ,work+ ,gr\p     
7ref]r$ to 9 ?is section z ! ,work+     

,gr\p71 :i* %all-- 7#a7 include-- 7,a7  
#d repres5tatives-- 7i7 among g5]al     
p>tn]s ( lic5sees t h a demon/rat$      
record ( 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 &  7ii7 ( :om-- 7,i7 #a    
%all be select$ by ! ,*air ( !          
,committee on ,small ,bus9ess &         
,entrepr5eur%ip ( ! ,s5ate2  7,,ii7 #a  
%all be select$ by ! ,rank+ ,memb] ( !  
,committee on ,small ,bus9ess &         
,entrepr5eur%ip ( ! ,s5ate2  7,,iii7 #a 
%all be select$ by ! ,*air ( !          
,committee on ,small ,bus9ess ( ! ,h\se 
( ,repres5tatives2 &  7,,iv7 #a %all be 
select$ by ! ,rank+ ,memb] ( !          
,committee on ,small ,bus9ess ( ! ,h\se 

( ,repres5tatives2  7,b7 #d             
repres5tatives-- 7i7 f lic5sees1 ( :om  
#a %all be an own] ( a small bus9ess    
inve/m5t company or fund manag] t is    
locat$ 9-- 7,i7 a l[-income community2  
7,,ii7 a community t has be5 designat$ z
 a qualifi$ opportunity zone "u section 
#adjj,z-#a ( ! ,int]nal ,rev5ue ,code ( 
#aihf2  7,,iii7 an und]s]v$ community2  
7,,iv7 a rural area2 or  7,v7 an        
und]f9anc$ ,/ate2 &  7ii7 ( :om-- 7,i7  
#a %all be select$ by ! ,*air ( !       
,committee on ,small ,bus9ess &         
,entrepr5eur%ip ( ! ,s5ate2  7,,ii7 #a  
%all be select$ by ! ,rank+ ,memb] ( !  
,committee on ,small ,bus9ess &         
,entrepr5eur%ip ( ! ,s5ate2  7,,iii7 #a 
%all be select$ by ! ,*air ( !          
,committee on ,small ,bus9ess ( ! ,h\se 
( ,repres5tatives2 &  7,,iv7 #a %all be 
select$ by ! ,rank+ ,memb] ( !          
,committee on ,small ,bus9ess ( ! ,h\se 
( ,repres5tatives2  7,c7 ! ,associate   
,adm9i/rator = ! ,(fice ( ,inve/m5t &   
,innovation ( ! ,adm9i/ration1 :o %all--

 7i7 s]ve z ! ,*air ( ! ,work+ ,gr\p2 & 
7ii7 select n m ?an #d additional       
repres5tatives f ! ,(fice ( ,inve/m5t & 
,innovation ( ! ,adm9i/ration to s]ve z 
repres5tatives ( ! ,work+ ,gr\p2 &  7,d7
 #d repres5tatives f ! inve/m5t indu/ry 
or academia1 or :o are bank limit$      
p>tn]s1 ) exp]tise 9 develop+ & monitor+
 int]v5tions to exp& ! inve/m5t indu/ry1
 ( :om-- 7i7 #a %all be select$ by !    
,*air ( ! ,committee on ,small ,bus9ess 
& ,entrepr5eur%ip ( ! ,s5ate2  7ii7 #a  
%all be select$ by ! ,rank+ ,memb] ( !  
,committee on ,small ,bus9ess &         
,entrepr5eur%ip ( ! ,s5ate2  7iii7 #a   
%all be select$ by ! ,*air ( !          
,committee on ,small ,bus9ess ( ! ,h\se 
( ,repres5tatives2 &  7iv7 #a %all be   
select$ by ! ,rank+ ,memb] ( !          
,committee on ,small ,bus9ess ( ! ,h\se 
( ,repres5tatives2  7#b7 develop        
recomm5dations reg>d+ h[ ! ,adm9i/rator 
c\ld increase ! numb] (-- 7,a7          
applicants to become small bus9ess      
inve/m5t companies1 ) a focus on        

managem5t teams or companies locat$ 9-- 
7i7 l[-income communities2  7ii7        
communities t h be5 designat$ z qualifi$
 opportunity zones "u section #adjj,z-#a
 ( ! ,int]nal ,rev5ue ,code ( #aihf2    
7iii7 und]s]v$ communities2 &  7iv7     
rural areas2 &  7,b7 inve/m5ts made 9   
und]f9anc$ ,/ates2  7#c7 develop        
recomm5dations = 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#d7 develop recomm5dations 
= metrics ( success1 & b5*m>ks =        
success1 ) respect to ! goals describ$ 9
 ?is section4  7c7 ,availability (      
meet+s ,! ,work+ ,gr\p may make ! meet+s
 ( ! ,work+ ,gr\p op5 to ! public )\t   
reg>d to :e!r ^? meet+s are held        
9-p]son1 virtually1 or by "s o!r means4 

7d7 ,report ,n lat] ?an #a ye> aft] !   
date on :i* ! ,adm9i/rator e/abli%es !  
,work+ ,gr\p "u subsection 7b71 ! ,work+
 ,gr\p %all submit to ! ,committee on   
,small ,bus9ess & ,entrepr5eur%ip ( !   
,s5ate & ! ,committee on ,small ,bus9ess
 ( ! ,h\se ( ,repres5tatives a report t 
includes-- 7#a7 ! recomm5dations ( !    
,work+ ,gr\p2 &  7#b7 a recomm5d$ plan &
 timel9e = implem5t+ ! recomm5dations   
describ$ 9 p>agraph 7#a74  7e7          
,t]m9ation ,! ,work+ ,gr\p %all t]m9ate 
on ! date on :i* ! ,work+ ,gr\p submits 
! report requir$ "u subsection 7d74  7f7
 ,applicability ( f$]al advisory        
committee act ,! ,f$]al ,advisory       
,committee ,act 7#e ,u4,s4,c4 ,app47    
%all n apply ) respect to ! ,work+ ,gr\p
 or ! activities ( ! ,work+ ,gr\p4  #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 ,advisory ,committee means ! ,,sbic
 ,advisory ,committee e/abli%$ "u       
subsection 7b72  7#c7 ! 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#d7 ! t]ms        
lic5see1 small bus9ess inve/m5t company1
 & und]lic5s$ ,/ate h ! mean+s giv5 ^?  
t]ms 9 section #ajc ( ! ,small ,bus9ess 
,inve/m5t ,act ( #aieh 7#ae ,u4,s4,c4   
#ffb72  7#e7 ! t]m l[-income community  
has ! mean+ giv5 ! t]m 9 section        
#de;,d7e7 ( ! ,int]nal ,rev5ue ,code (  
#aihf2  7#f7 ! t]m rural area has !     
mean+ giv5 ! t]m by ! ,bureau ( !       
,c5sus2  7#g7 ! 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#h7 ! 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#i7 ! t]m        
und]f9anc$ ,/ate means a ,/ate t has    
bel[ m$ian f9anc+1 z det]m9$ by !       
,adm9i/rator2 &  7#aj7 ! 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 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 on ! 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 on ! 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 on ! 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 on ! 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 ( ! 
communities1 entities1 or areas describ$
 9 subclauses 7,i7 ?r\gh 7,,vii7 (      
p>agraph 7#a77;,b77i74  7#c7 ,*airp]son 
,! ,*airp]son ( ! ,advisory ,committee  
%all be ! memb] ( ! ,advisory ,committee

 appo9t$ "u p>agraph 7#a77;,a74  7#d7   
,p]iod ( appo9tm5t ,memb]s ( ! ,advisory
 ,committee %all be appo9t$ = ! life ( !
 ,advisory ,committee4  7#e7 ,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+ h[ !   
,adm9i/rator may increase ! numb] (     
applicants to become small bus9ess      
inve/m5t companies1 ) a focus on        

managem5t teams or companies inve/+ 9 or
 locat$ 9-- 7,a7 l[-income communities2 
7,b7 und]s]v$ communities2  7,c7 rural  
areas2 or  7,d7 und]f9anc$ ,/ates2  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 section4  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-- 7#a7 ! recomm5dations ( !    

,advisory ,committee2 &  7#b7 a         
discussion ( ! impact ( ,/ate1 local1 & 
f9ancial in/itution inve/m5t 9 small    
bus9ess inve/m5t companies on small     
bus9ess conc]ns 9 rural areas1 l[-income
 communities1 und]s]v$ communities1 &   
und]f9anc$ ,/ates4  7g7 ,t]m9ation ,!   
,advisory ,committee %all t]m9ate on !  
date on :i* ! ,advisory ,committee      
submits ! report requir$ "u subsection  
7f74  ,am5d ! title s z to read3 ,a bill
 to require ! ,adm9i/rator ( ! ,small   
,bus9ess ,adm9i/ration to e/abli% an    
,,sbic ,advisory ,committee1 & = o!r    
purposes44 ,febru>y #ag1 #bjbb,report$ )
 an am5dm5t & an am5dm5t to ! title