,,ii  #aah? ,,congress  #a/ ,session    
,s4 #df  ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$
 ,,/ates  ,janu>y #bd 7legislative day1 
,janu>y #c71 #bjbc,mr4 ,rubio 7= himself
 & ,mr4 ,ris*7 introduc$ ! foll[+ bill2 
:i* 0 read twice & ref]r$ to !          
,committee on ,small ,bus9ess &         
,entrepr5eur%ip  ,a ,,bill  ,to e/abli% 
a small bus9ess & dome/ic production    
recov]y inve/m5t facility1 & = o!r      
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,am]ican ,innovation &     
,manufactur+ ,act4  #b4 ,small bus9ess  
inve/m5t company program  7a7 ,9 g5]al  
,"p ,a ( title ,,iii ( ! ,small ,bus9ess
 ,inve/m5t ,act ( #aieh 7#ae ,u4,s4,c4  
#fha et seq47 is am5d$-- 7#a7 9 section 
#cjb7;a7 7#ae ,u4,s4,c4 #fhb7;a77-- 7,a7
 9 p>agraph 7#a7-- 7i7 9 subp>agraph    
7,a71 by /rik+ or at ! end2  7ii7 9     
subp>agraph 7,b71 by /rik+ ! p]iod at ! 
end & ins]t+ 2 or2 &  7iii7 by add+ at !
 end ! foll[+3  7,c7 #bj1jjj1jjj1 adju/$
 e #e ye>s = inflation1 ) respect to ea*
 lic5see au?oriz$ or seek+ au?ority to  

sell bonds to ! ,adm9i/ration z a       
p>ticipat+ inve/m5t company "u section  
#cba4  2 &  7#b7 by add+ at ! end !     
foll[+3  #cba4 ,small bus9ess & dome/ic 
production recov]y inve/m5t facility    
7a7 ,def9itions ,9 ?is section3 7#a7    
,eligible small bus9ess conc]n ,! t]m   
eligible small bus9ess conc]n-- 7,a7    
means a small bus9ess conc]n t is a     
manufactur+ bus9ess t is assign$ a ,nor?
 ,am]ican ,indu/ry ,classification      
,sy/em code beg9n+ ) #ca1 #cb1 or #cc at
 ! "t at :i* ! small bus9ess conc]n     
receives an inve/m5t f a p>ticipat+     
inve/m5t company "u ! facility2 &  7,b7 
does n include an entity describ$ 9     
section #g7;a77#cg77;,a77iv77,,iii7 ( ! 
,small ,bus9ess ,act 7#ae ,u4,s4,c4     
#fcf7;a77#cg77;,a77iv77,,iii774  7#b7   
,facility ,! t]m facility means !       
facility e/abli%$ "u subsection 7b74    
7#c7 ,fund ,! t]m ,fund means ! fund    
e/abli%$ "u subsection 7h74  7#d7       
,p>ticipat+ inve/m5t company ,! t]m     
p>ticipat+ inve/m5t company means a     

small bus9ess inve/m5t company approv$  
"u subsection 7d7 to p>ticipate 9 !     
facility4  7#e7 ,protg inve/m5t company 
,! t]m protg inve/m5t company means a   
small bus9ess inve/m5t company t-- 7,a7 
is majority manag$ by new1 inexp]i5c$1  
or o!rwise und]repres5t$ fund manag]s2 &
  7,b7 elects & is select$ by !         
,adm9i/ration to p>ticipate 9 !         
pa?way-protg program "u subsection 7g74 
7#f7 ,small bus9ess conc]n ,! t]m small 
bus9ess conc]n has ! mean+ giv5 ! t]m 9 
section #c7;a7 ( ! ,small ,bus9ess ,act 
7#ae ,u4,s4,c4 #fcb7;a774  7b7          
,e/abli%m5t  7#a7 ,facility ,!          
,adm9i/rator %all e/abli% & c>ry out a  
facility to increase resili5cy 9 !      
manufactur+ supply *a9 ( eligible small 
bus9ess conc]ns by provid+ f9ancial     
assi/ance to p>ticipat+ inve/m5t        
companies t facilitate equity f9anc+s to
 eligible small bus9ess conc]ns 9       
accordance ) ?is section4  7#b7         
,adm9i/ration ( facility ,! facility    
%all be adm9i/]$ by ! ,adm9i/rator act+ 

?r\gh ! ,associate ,adm9i/rator describ$
 9 section #bja4  7c7 ,applications     
7#a7 ,9 g5]al ,any small bus9ess        
inve/m5t company may submit to !        
,adm9i/rator an application to          
p>ticipate 9 ! facility4  7#b7          
,requirem5ts = application ,an          
application to p>ticipate 9 ! facility  
%all include ! foll[+3 7,a7 ,a bus9ess  
plan describ+ h[ ! applicant int5ds to  
make successful equity inve/m5ts 9      
eligible small bus9ess conc]ns4  7,b7   
,in=mation reg>d+ ! relevant inve/m5t   
qualifications & backgr\nds ( !         
individuals responsible = ! managem5t ( 
! applicant4  7,c7 ,a description ( !   
ext5t to :i* ! applicant meets !        
selection crit]ia "u subsection 7d77#b74
  7#c7 ,exceptions to application = new 
lic5sees ,n lat] ?an #ij days aft] !    
date ( enactm5t ( ?is section1 !        
,adm9i/rator %all r$uce requirem5ts =   
applicants apply+ to op]ate z a         
p>ticipat+ inve/m5t company "u ?is      
section 9 ord] to enc\rage !            

p>ticipation ( new small bus9ess        
inve/m5t companies 9 ! facility "u ?is  
section1 :i* may include ! requirem5ts  
e/abli%$ "u "p #ajg ( title #ac1 ,code (
 ,f$]al ,regulations1 or any successor  
regulation1 relat+ to-- 7,a7 ! approval 
( initial managem5t exp5ses2  7,b7 !    
managem5t own]%ip div]sity requirem5t2  
7,c7 ! disclosure ( g5]al comp5satory   
practices & fee /ructures2 or  7,d7 any 
o!r requirem5t t ! ,adm9i/rator det]m9es
 to be an ob/acle to a*iev+ ! purposes  
describ$ 9 ?is p>agraph4  7d7 ,selection
 ( p>ticipat+ inve/m5t companies  7#a7  
,det]m9ation  7,a7 ,9 g5]al ,except z   
provid$ 9 p>agraph 7#c71 n lat] ?an #fj 
days aft] ! date on :i* ! ,adm9i/rator  
receives an application "u subsection   
7c71 ! ,adm9i/rator %all-- 7i7 make a   
f9al det]m9ation to approve or          
disapprove su* applicant to p>ticipate 9
 ! facility2 &  7ii7 transmit !         
det]m9ation to ! applicant 9 writ+4     
7,b7 ,commitm5t am\nt ,except z provid$ 
9 p>agraph 7#c71 at ! "t ( approval ( an

 applicant1 ! ,adm9i/rator %all make a  
det]m9ation ( ! am\nt ( ! commitm5t t   
may be aw>d$ to ! applicant "u ?is      
section4  7#b7 ,selection crit]ia ,9    
mak+ a det]m9ation "u p>agraph 7#a71 !  
,adm9i/rator %all consid]-- 7,a7 !      
probability t ! inve/m5t /rategy ( !    
applicant w successfully repay any      
f9ancial assi/ance provid$ by !         
,adm9i/ration1 includ+ ! probability ( a
 return significantly 9 excess !re(2    
7,b7 ! probability t ! inve/m5ts made by
 ! applicant w-- 7i7 provide capital to 
eligible small bus9ess conc]ns2 or  7ii7
 create or pres]ve jobs 9 ! ,unit$      
,/ates2  7,c7 ! probability t !         
applicant w meet ! objectives 9 !       
bus9ess plan ( ! applicant1 includ+ !   
f9ancial goals1 &1 if applicable1 !     
pa?way-protg program 9 accordance )     
subsection 7g72 &  7,d7 ! probability t 
! applicant w assi/ eligible small      
bus9ess conc]ns 9 a*iev+ pr(itability4  
7#c7 ,approval ( p>ticipat+ inve/m5t    
companies  7,a7 ,provisional approval   

7i7 ,9 g5]al ,not)/&+ p>agraph 7#a71 )  
respect to an application submitt$ by an
 applicant to op]ate z a p>ticipat+     
inve/m5t company "u ?is section1 !      
,adm9i/rator may provide provisional    
approval = ! applicant 9 lieu ( a f9al  
det]m9ation ( approval & det]m9ation ( !
 am\nt ( ! commitm5t "u t p>agraph4     
7ii7 ,purpose ,! purpose ( a provisional
 approval "u clause 7i7 is to-- 7,i7    
enc\rage applications f inve/m5t        
companies ) an inve/m5t m&ate f !       
committ$ private m>ket capital ( !      
inve/m5t company t does n con=m to !    
requirem5ts describ$ 9 ?is section at ! 
"t ( application2  7,,ii7 all[ !        
applicant to m effectively raise capital
 commitm5ts 9 ! private m>kets by       
ref]5c+ ! int5t ( ! ,adm9i/rator to aw>d
 ! applicant a commitm5t2 &  7,,iii7    
all[ ! applicant to m precisely reque/ !
 desir$ am\nt ( commitm5t p5d+ ! secur+ 
( capital f private m>ket inve/ors4     
7iii7 ,limit on p]iod ( ! "t ,! p]iod   
betwe5 a provisional approval "u clause 

7i7 & ! f9al det]m9ation ( approval "u  
p>agraph 7#a7 %all n exce$ #ab mon?s4   
7e7 ,commitm5ts & ,,sbic bonds  7#a7 ,9 
g5]al ,! ,adm9i/rator may1 out ( am\nts 
available 9 ! ,fund1 pur*ase or commit  
to pur*ase f a p>ticipat+ inve/m5t      
company #a or m accru+ bonds t include  
equity features z describ$ 9 ?is        
subsection4  7#b7 ,bond t]ms ,a bond    
pur*as$ by ! ,adm9i/rator f a p>ticipat+
 inve/m5t company "u ?is subsection %all
 h ! foll[+ t]ms & conditions3 7,a7 ,t]m
 & int]e/  7i7 ,9 g5]al ,! bond %all be 
issu$ = a t]m ( n less ?an #ae ye>s &   
%all be> int]e/ at a rate det]m9$ by !  
,adm9i/rator ( n m ?an #b p]c5t4  7ii7  
,accrual ( int]e/ ,int]e/ on ! bond %all
 accrue & %all be payable 9 accordance )
 subp>agraph 7,d74  7iii7 ,prepaym5t ,! 
bond %all be prepayable )\t p5alty aft] 
! end ( ! #a-ye> p]iod beg9n+ on ! date 
on :i* ! bond 0 pur*as$4  7,b7 ,pr(its  
7i7 ,9 g5]al ,! ,adm9i/ration %all be   
entitl$ to receive a %>e ( ! pr(its net 
( any pr(it %>+ p]=mance comp5sation ( !

 p>ticipat+ inve/m5t company equal to ! 
quoti5t obta9$ by divid+-- 7,i7 "o-?ird 
( ! commitm5t t ! p>ticipat+ inve/m5t   
company is approv$ = "u subsection 7d72 
by  7,,ii7 ! commitm5t approv$ "u       
subsection 7d7 plus ! regulatory capital
 ( ! p>ticipat+ inve/m5t company at ! "t
 ( approval "u t subsection4  7ii7      
,det]m9ation ( p]c5tage ,! %>e to :i* ! 
,adm9i/ration is entitl$ "u clause 7i7--
 7,i7 %all be det]m9$ at ! "t ( approval
 "u subsection 7d72 &  7,,ii7 )\t !     
approval ( ! ,adm9i/ration1 %all n be   
revis$1 includ+ to reflect subsequ5t    
di/ributions ( pr(its1 returns (        
capital1 or repaym5ts ( bonds1 or       
o!rwise4  7,c7 ,pr(it %>+ p]=mance      
comp5sation  7i7 ,receipt by            
,adm9i/ration ,! ,adm9i/ration %all     
receive a %>e ( pr(its ( n m ?an #b     
p]c5t1 :i* %all be deposit$ into ! ,fund
 & be available to make commitm5ts "u   
?is subsection4  7ii7 ,receipt by       
manag]s ,! manag]s ( ! p>ticipat+       
inve/m5t company may receive a maximum  

pr(it %>+ p]=mance comp5sation ( #be    
p]c5t m9us ! %>e ( pr(its paid to !     
,adm9i/ration "u clause 7i74  7,d7      
,prohibition on di/ributions ,no        
di/ributions on capital1 includ+ pr(it  
di/ributions1 %all be made by !         
p>ticipat+ inve/m5t company to !        
inve/ors or manag]s ( ! p>ticipat+      
inve/m5t company until ! ,adm9i/ration  
has receiv$ paym5t ( all accru$ int]e/  
on ! bond committ$ "u ?is section4  7,e7
 ,repaym5t ( pr9cipal ,except z describ$
 9 subp>agraph 7,f71 repaym5ts (        
pr9cipal ( ! bond ( a p>ticipat+        
inve/m5t company %all be-- 7i7 made at !
 same "t z returns ( private capital2 & 
7ii7 9 am\nts equal to ! pro rata %>e ( 
! ,adm9i/ration ( ! total am\nt be+     
repaid or return$ at su* "t4  7,f7      
,liquidation or default ,^u any         
liquidation ev5t or default1 z def9$ by 
! ,adm9i/ration1 any unpaid pr9cipal or 
accru$ int]e/ on ! bond %all-- 7i7 h a  
priority ov] all equity ( ! p>ticipat+  
inve/m5t company2 &  7ii7 be paid be=e  

any return ( equity or any o!r          
di/ributions to ! inve/ors or manag]s ( 
! p>ticipat+ inve/m5t company4  7#c7    
,am\nt ( commitm5ts & pur*ases  7,a7    
,maximum am\nt ,! maximum am\nt ( out/&+
 bonds & commitm5ts to pur*ase bonds =  
any p>ticipat+ inve/m5t company "u !    
facility %all be ! less] (-- 7i7 twice !
 am\nt ( ! regulatory capital ( !       
p>ticipat+ inve/m5t company2 or  7ii7   
#bjj1jjj1jjj4  7#d7 ,commitm5t process  
,commitm5ts by ! ,adm9i/ration to       
pur*ase bonds "u ! facility %all rema9  
available to be sold by a p>ticipat+    
inve/m5t company until ! end ( ! f\r?   
fiscal ye> foll[+ ! ye> 9 :i* !         
commitm5t is made1 subject to review &  
approval by ! ,adm9i/ration bas$ on     
regulatory compliance1 f9ancial /atus1  
*ange 9 managem5t1 deviation f bus9ess  
plan1 & su* o!r limitations z may be    
det]m9$ by ! ,adm9i/ration by regulation
 or o!rwise4  7#e7 ,commitm5t conditions
  7,a7 ,9 g5]al ,z a condition ( receiv+
 a commitm5t "u ! facility1 n less ?an  

#ej p]c5t ( am\nts inve/$ by !          
p>ticipat+ inve/m5t company %all be     
inve/$ 9 eligible small bus9ess conc]ns4
  7,b7 ,exam9ations ,9 addition to !    
matt]s set =? 9 section #caj7;c71 !     
,adm9i/ration %all exam9e ea* p>ticipat+
 inve/m5t company 9 su* detail s z to   
det]m9e :e!r ! p>ticipat+ inve/m5t      
company has compli$ ) ! requirem5ts "u  
?is subsection4  7f7 ,di/ributions &    
fees  7#a7 ,di/ribution requirem5ts     
7,a7 ,di/ributions ,z a condition (     
receiv+ a commitm5t "u ! facility1 a    
p>ticipat+ inve/m5t company %all make   
all di/ributions to ! ,adm9i/rator 9 !  
same =m & 9 a mann] z are made to       
inve/ors1 or o!rwise at a "t & 9 a mann]
 consi/5t ) regulations or policies ( ! 
,adm9i/ration4  7,b7 ,allocations ,a    
p>ticipat+ inve/m5t company %all make   
allocations ( income1 ga91 loss1        
d$uction1 & cr$it to ! ,adm9i/rator )   
respect to any out/&+ bonds z if !      
,adm9i/rator 7 an inve/or4  7#b7 ,fees  
,! ,adm9i/rator may n *>ge fees =       

p>ticipat+ inve/m5t companies o!r ?an   
exam9ation fees t are consi/5t ) !      
lic5se ( ! p>ticipat+ inve/m5t company4 
7#c7 ,bifurcation ,losses on bonds issu$
 by p>ticipat+ inve/m5t companies %all n
 be (fset by fees or any o!r *>ges on   
deb5ture small bus9ess inve/m5t         
companies4  7g7 ,protg program ,!       
,adm9i/rator %all e/abli% a pa?way-protg
 program 9 :i* a protg inve/m5t company 
may receive te*nical assi/ance & program
 support f a p>ticipat+ inve/m5t company
 on a volunt>y basis & )\t p5alty =     
non-p>ticipation4  7h7 ,loss limit+ fund
  7#a7 ,9 g5]al ,!re is e/abli%$ 9 !    
,treasury a fund = mak+ commitm5ts &    
pur*as+ bonds ) equity features "u !    
facility & receiv+ capital return$ by   
p>ticipat+ inve/m5t companies4  7#b7    
,use ( funds ,am\nts appropriat$ to !   
,fund or deposit$ 9 ! ,fund "u p>agraph 
7#c7 %all be available to !             
,adm9i/rator1 )\t fur!r appropriation1 =
 mak+ commitm5ts & pur*as+ bonds "u !   
facility & exp5ses & paym5ts1 exclud+   

adm9i/rative exp5ses1 relat+ to !       
op]ations ( ! ,adm9i/rator "u !         
facility4  7#c7 ,deposit+ ( am\nts  7,a7
 ,9 g5]al ,all am\nts receiv$ by !      
,adm9i/rator f a p>ticipat+ inve/m5t    
company relat+ to ! facility1 includ+   
any moneys1 prop]ty1 or assets d]iv$ by 
! ,adm9i/rator f op]ations 9 connection 
) ! facility1 %all be deposit$ 9 !      
,fund4  7,b7 ,p]iod ( availability      
,am\nts deposit$ "u subp>agraph 7,a7    
%all rema9 available until exp5d$4  7i7 
,application ( o!r sections ,to ! ext5t 
n inconsi/5t ) requirem5ts "u ?is       
section1 ! ,adm9i/rator may apply       
sections #cji1 #caa1 #cab1 #cac1 & #cad 
to activities "u ?is section & an (fic]1
 director1 employee1 ag5t1 or o!r       
p>ticipant 9 a p>ticipat+ inve/m5t      
company %all be subject to ! requirem5ts
 "u su* sections4  7j7 ,au?orization (  
appropriations ,!re is au?oriz$ to be   
appropriat$ = ! fir/ fiscal ye> beg9n+  
aft] ! date ( enactm5t ( ?is "p         
#aj1jjj1jjj1jjj to c>ry out ! facility4 

,am\nts appropriat$ pursuant to ?is     
subsection %all rema9 available until ! 
end ( ! second fiscal ye> beg9n+ aft] ! 
date ( enactm5t ( ?is section4  4  7b7  
,approval ( bank-,own$1 non-,lev]ag$    
applicants ,section #cja7;c77#b7 ( !    
,small ,bus9ess ,inve/m5t ,act ( #aieh  
7#ae ,u4,s4,c4 #fha7;c77#b77 is am5d$-- 
7#a7 9 subp>agraph 7,b71 9 ! matt]      
prec$+ clause 7i71 by /rik+ ,)9 & ins]t+
 ,except z provid$ 9 subp>agraph 7,c71  
)92 &  7#b7 by add+ at ! end ! foll[+3  
7,c7 ,exception = bank-own$1 non-lev]ag$
 applicants ,not)/&+ subp>agraph 7,b71 n
 lat] ?an #de days aft] ! date on :i* ! 
,adm9i/rator receives a complet$        
application submitt$ by a bank-own$1    
non-lev]ag$ applicant 9 accordance ) ?is
 subsection & 9 accordance ) su*        
requirem5ts z ! ,adm9i/rator may        
prescribe by regulation1 ! ,adm9i/rator 
%all-- 7i7 review ! application 9 its   
entirety2 &  7ii7 7,i7 approve !        
application & issue a lic5se = su*      
op]ation to ! applicant if ! requirem5ts

 ( ?is section are satisfi$2 or  7,,ii7 
disapprove ! application & notify !     
applicant 9 writ+ ( ! disapproval4  4   
7c7 ,electronic submissions ,"p ,a (    
title ,,iii ( ! ,small ,bus9ess         
,inve/m5t ,act ( #aieh 7#ae ,u4,s4,c4   
#fha et seq471 z am5d$ by subsection 7a7
 ( ?is section1 is am5d$ by add+ at !   
end ! foll[+3  #cbb4 ,electronic        
submissions ,! ,adm9i/ration %all p]mit 
any docum5t submitt$ "u ?is title1 or   
pursuant to a regulation c>ry+ out ?is  
title1 to be submitt$ electronically1   
includ+ by p]mitt+ an electronic        
signature = any signature t is requir$  
on su* a docum5t4  4