,,ii  #aahth ,,congress  #b;d ,session  
,s4 #dgei  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,july #bd1     
#bjbd ,mr4 ,hickenlooper 7for himself   
and ,mr4 ,marshall7 introduced the      
following bill2 which was read twice and
 referred to the ,committee on ,small   
,business and ,entrepreneurship  ,a     
,,bill  ,to amend the ,small ,business  
,investment ,act of #aieh to exclude    
from the limit on leverage certain      
amounts invested in smaller enterprises 
located in rural or low-income areas and
 small businesses in critical technology
 areas1 and for other purposes4  #a4    
,short title ,this ,act may be cited as 
the ,investing in ,all of ,america ,act 
of #bjbd4  #b4 ,,sbic maximum leverage  
exclusion  7a7 ,definitions ,section    
#ajc7i7 of the ,small ,business         
,investment ,act of #aieh 7#ae ,u4,s4,c4
 #ffb7i77 is amended--  7#a7 in         
subparagraph 7,a77ii71 by striking and  
at the end2  7#b7 in subparagraph       
7,b77iii7--  7,a7 in subclause 7,i71 by 

striking established prior to ,october  
#a1 #aihg2  7,b7 in subclause 7,,ii7--  
7i7 by striking or and inserting 1 a2   
and  7ii7 by inserting 1 or a           
foundation1 endowment1 or trust of a    
college or university after pension     
plan2 and  7,c7 in subclause 7,,iii71 by
 striking the semicolon at the end and  
inserting 2 and2 and  7#c7 by adding at 
the end the following3  7,c7 for the    
purpose of approval by the              
,administrator of any request for       
leverage1 does not include any funds    
obtained directly or indirectly from any
 ,federal1 ,state or local government or
 any government agency or               
instrumentality1 except for funds       
described in subclause 7,i71 7,,ii71 or 
7,,iii7 of subparagraph 7,b77iii74  4   
7b7 ,maximum leverage ,section          
#cjc7;b77#b7 of the ,small ,business    
,investment ,act of #aieh 7#ae ,u4,s4,c4
 #fhc7;b77#b77 is amended--  7#a7 in    
subparagraph 7,a77i71 by striking #cjj  
and inserting #bjj2  7#b7 in            

subparagraph 7,c7--  7,a7 in the        
heading-- 7i7 by inserting or rural     
after low-income2 and  7ii7 by inserting
 or critical technology areas after     
geographic areas2  7,b7 in clause 7i7-- 
7i7 by striking 7i7 ,in calculating and 
inserting the following3  7i7 ,in       
general ,except as provided in clause   
7iii71 in calculating  2  7ii7 by       
inserting or companies after of a       
company2  7iii7 by striking subparagraph
 7,a7 and inserting subparagraphs 7,a7  
and 7,b72  7iv7 by striking equity2  7v7
 by striking the company in a smaller   
enterprise and all that follows and     
inserting the following3  the company or
 companies in-- 7,i7 a smaller          
enterprise located in a low-income      
geographic area 7as defined in section  
#cea7 or in a rural area2 or  2 and     
7vi7 by adding at the end the following 
new subclause3  7,,ii7 a small business 
concern in an area of critical          
technology 7as defined in section #dhja 
of title #aj1 ,united ,states ,code7    

vital to maintaining the national       
security of the ,united ,states4  2     
7,c7 by amending clause 7ii7 to read as 
follows3  7ii7 ,limitation ,while       
maintaining the limitation of           
subparagraph 7,a77i7 and consistent with
 a leverage determination ratio issued  
pursuant to section #cja7;c71 the       
aggregate amount excluded for a company 
or companies under clause 7i7 from the  
calculation of the outstanding leverage 
of such company or companies for the    
purposes of subparagraphs 7,a7 and 7,b7 
may not exceed the lesser of #ej percent
 of the private capital of such company 
or companies or #abe1jjj1jjj4  2 and    
7,d7 by amending clause 7iii7 to read as
 follows3  7iii7 ,prospective           
applicability ,an investment by a       
licensee is eligible for exclusion from 
the calculation of outstanding leverage 
under clause 7i7 only if such investment
 is made by such licensee after the date
 of enactment of the ,investing in ,all 
of ,america ,act of #bjbd4  2 and  7#c7 

by adding at the end the following new  
subparagraphs3  7,e7 ,annual adjustment 
,the ,administrator shall adjust the    
dollar amounts described in             
subparagraphs 7,a7 and 7,b7--  7i7 on   
the date of the enactment of this       
subparagraph1 by a percentage equal to  
the percentage 7if any7 by which the    
,consumer ,price ,index 7all items2     
,united ,states city average71 as       
published by the ,bureau of ,labor      
,statistics1 increased during the       
period-- 7,i7 beginning on ,december    
#ah1 #bjae1 and ending on the date of   
the enactment of this subparagraph1 for 
subparagraph 7,b72 and  7,,ii7 beginning
 on ,june #ba1 #bjah1 and ending on the 
date of the enactment of this           
subparagraph1 for subparagraph 7,a72 and
  7ii7 on the date that is one year     
after the date of the enactment of this 
subparagraph1 and annually thereafter1  
by a percentage equal to the percentage 
7if any7 by which the ,consumer ,price  
,index 7all items2 ,united ,states city 

average71 as published by the ,bureau of
 ,labor ,statistics1 increased during   
the one-year period preceding the date  
of the adjustment under this clause4  4 
7c7 ,report ,not later than ,june #cj of
 the first year beginning after the date
 of enactment of this ,act1 and annually
 thereafter1 the ,administrator of the  
,small ,business ,administration shall  
submit to the ,committee on ,small      
,business and ,entrepreneurship of the  
,senate and the ,committee on ,small    
,business of the ,house of              
,representatives a report on the results
 of the exclusion under subparagraph    
7,c7 of section #cjc7;b77#b7 of the     
,small ,business ,investment ,act of    
#aieh 7#ae ,u4,s4,c4 #fhc7;b77#b771 as  
amended by subsection 7b71 including the
 economic activity generated and jobs   
directly and indirectly created by the  
exclusion4