,,ii  #aaith ,,congress  #ast ,session  
,s4 #ccda  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,december #c1  
#bjbe,mr4 ,hickenlooper 7for himself1   
,mr4 ,marshall1 ,mr4 ,young1 and ,mr4   
,coons7 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 #bjbe4  #b4    
,small business investment company      
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 a comma2 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 
following new subparagraph3  7,c7 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 subclauses 7,i7      
through 7,,iii7 of subparagraph         
7,b77iii71 for the purpose of approval  
by the ,administrator of any request for
 leverage4  4  7b7 ,maximum leverage    
exclusion ,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,a7--   

7,a7 in clause 7i71 by striking #cjj and
 inserting #bjj2 and  7,b7 by amending  
clause 7ii7 to read as follows3  7ii7   
7,i7 with respect to such a company that
 makes quarterly or semiannual interest 
payments1 #bej1jjj1jjj2 or  7,,ii7      
#age1jjj1jjj with respect to any other  
such company licensed under section     
#cja7;c74  2  7#b7 in subparagraph 7,b71
 by striking may not exceed             
#cej1jjj1jjj4 and inserting the         
following3 8may not exceed--  7i7 with  
respect to such companies that are      
commonly controlled and that make       
quarterly or semiannual interest        
payments1 #dge1jjj1jjj2 or  7ii7        
#cej1jjj1jjj with respect to other      
companies licensed under section        
#cja7;c7 that are commonly controlled4  
2 and  7#c7 in subparagraph 7,c7-- 7,a7 
in the heading-- 7i7 by inserting or    
rural after low-income2 and  7ii7 by    
inserting 1 critical technology areas1  
or small manufacturers 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 and 
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 small business    
concern located in a low-income         
geographic area 7as defined in section  
#cea of this title7 or in a rural area  
7as defined in section #cdc7;a7 of the  
,agricultural ,act of #aifa 7#g         
,u4,s4,c4 #aiia7;a7772  7,,ii7 a small  
business concern operating primarily in 
a covered technology category 7as       
defined in section #adi7;f7 of title    
#aj1 ,united ,states ,code72 or  7,,iii7
 a small manufacturer 7as defined in    
section #eja7;e77#f7 of this ,act74  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 
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 #abe1jjj1jjj  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 this clause4  4