Small Business Credit Availability Act

Summary

Small Business Credit Availability Act This bill directs the Securities and Exchange Commission (SEC) to promulgate regulations that codify a specified order in Investment Company Act Release No. 30024, dated March 30, 2012. Under Investment Company Act Release No. 30024 the SEC permitted the Ares Capital Corporation to: continue to own (directly or indirectly) up to 100% of the outstanding equity interests of Ivy Hill ll Asset Management, L.P.; and make additional investments in Ivy Hill, in each case, following the time Ivy Hill shall be required to become a registered investment adviser under the Investment Advisers Act of 1940. The bill entitles a business development company (BDC) to treat such regulations as having been completed if the SEC fails to complete the regulations required by this Act. The Investment Company Act of 1940 is amended to deem certain securities to be permissible BDC assets to the extent necessary for the sum of the assets to equal 70% of the value of a BDC's total assets if the aggregate value of such securities does not exceed 20% of the value of the BDC's total assets. Asset coverage requirements applicable to BDCs shall be reduced from 200% to 150% if the BDC makes specified disclosures on its website, and its directors or general partners approve of the modified asset. (A registered closed-end investment company may not issue, or sell, any class of senior security unless it represents an indebtedness and, immediately after the issuance or sale, it will have an asset coverage of at least 300%. This asset coverage requirement currently is reduced to 200% for most BDCs.) The SEC must revise various rules under the Securities Act of 1933, and related forms, so as to allow a BDC to use security offering rules available to other issuers who are required to file security issuance reports under the Securities Exchange Act of 1934.

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Timeline

1. 16 June 2015

   Committee

   Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Introduction and Referral.

   Source: Committee

2. 2 November 2015

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

3. 2 November 2015

   Introduced

   Introduced in House

   Source: IntroReferral

4. 2 November 2015

   Introduced

   Introduced in House

   Source: IntroReferral

5. 4 November 2015

   Vote

   Ordered to be Reported (Amended) by the Yeas and Nays: 53 - 4.

   Source: Committee

6. 4 November 2015

   Committee

   Committee Consideration and Mark-up Session Held.

   Source: Committee

7. 19 April 2016

   Reported

   Reported (Amended) by the Committee on Financial Services. H. Rept. 114-508.

   Source: Committee

8. 19 April 2016

   Calendars

   Placed on the Union Calendar, Calendar No. 388.

   Source: Calendars

9. 19 April 2016

   Reported

   Reported (Amended) by the Committee on Financial Services. H. Rept. 114-508.

   Source: Committee

10. 19 May 2016

    Committee

    Committee on Banking, Housing, and Urban Affairs Subcommittee on Securities, Insurance, and Investment. Hearings held. With printed Hearing: S.Hrg. 114-388.

    Source: Committee

Votes

No vote records are attached yet.

Versions

• Reported in House · 19 April 2016 · Official file
• Introduced in House · 2 November 2015 · Official file

Documents

6 official files

• Reported in House (text)

  Reported in House · EN · 19 April 2016

  ViewDownloadOpen at official source

• Reported in House (PDF)

  Reported in House · EN · 19 April 2016

  ViewDownloadOpen at official source

• Reported to House with amendment(s)

  summary · EN · 19 April 2016

  Open at official source

• Introduced in House (text)

  Introduced in House · EN · 2 November 2015

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 2 November 2015

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 2 November 2015

  Open at official source

Sponsors

• Mick Mulvaney · R · Sponsor
• Steve Stivers · R · Cosponsor
• Brad Sherman · D · Cosponsor
• David Schweikert · R · Cosponsor
• Robert Pittenger · R · Cosponsor
• Daniel Kildee · D · Cosponsor
• Rep. Dold, Robert J. [R-IL-10] · R · Cosponsor
• · ssbk00 · Standing
• · hsba00 · Standing

Related records

• related to ← Financial CHOICE Act of 2016