Small Business Act of 1986

Summary

Small Business Act of 1986 - Title I: Findings - Sets forth the findings of this Act. Title II: Transfers to the Department of Commerce - Transfers to the Secretary of Commerce all functions, powers, and duties of the Small Business Administration (SBA) under specified provisions of the Small Business Act and the White House Conference on Small Business Authorization Act. Transfers from the SBA to the Department of Commerce the Office of Advocacy. Title III: Transfers to the Department of the Treasury - Transfers to the Secretary of the Treasury all rights, outstanding obligations, and assets of the SBA with respect to guaranteed loans and debentures and other specified guarantees made by the SBA to small businesses under the Small Business Act and the Small Business Investment Company Act of 1958. Authorizes and directs the Secretary of the Treasury to purchase from the Federal Financing Bank all notes, bonds, debentures, or other obligations held by such bank that are guaranteed by the SBA. Transfers to the Secretary of the Treasury the regulatory authorities of the SBA with respect to small business investment companies and minority enterprise small business investment companies under the Small Business Investment Company Act of 1958. Terminates such authorities upon the disposition of specified loans, debentures, or equity securities by the Secretary of the Treasury. Title IV: Termination of Functions Under the Small Business Act and the Small Business Investment Company Act of 1958 - Terminates on October 1, 1986, various provisions of the Small Business Act and the Small Business Investment Company Act of 1958. Title V: Miscellaneous Amendments and Repeals of Other Laws - Makes various conforming amendments and repeals specified provisions of Federal law relating to the SBA and the provisions of this Act. Title VI: General Administrative Provisions - Authorizes the Secretary of Commerce and the Secretary of the Treasury to exercise and, where appropriate, to delegate any authority that is transferred from the SBA to them by this Act. Establishes in the Department of Commerce a Small Business Administration which shall be headed by an Under Secretary of Commerce. Authorizes any unobligated funds that remain at the end of FY 1986 in the Disaster Loan Fund account to be transferred to the Business Loan and Investment Fund. Authorizes appropriations. Title VII: Transitional, Savings, and Conforming Provisions - Provides for the transfer of personnel to the appropriate agency with respect to any functions or authority transferred from the SBA by this Act. Requires the Director of the Office of Management and Budget, in consultation with the Administrator of the SBA, the Secretary of Commerce, and the Secretary of the Treasury, to make such determinations as may be necessary with regard to the functions transferred by this Act. Provides that all orders, determinations, regulations, and licenses that have been issued or granted by the President or an SBA official in the performance of functions that were transferred under this Act and that are in effect on October 1, 1986, shall continue in effect until modified or revoked in accordance with law. Authorizes the SBA from October 1, 1986, to December 31, 1986, to operate for the purpose of winding up its affairs and advising the Departments of Commerce and the Treasury. Prohibits the SBA from conducting any program activities during such period. Terminates the SBA on December 31, 1986.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 7 May 1986

   Introduced

   Read twice and referred to the Committee on Governmental Affairs provided that if and when reported, and at the request of the Chairman of the Committee on Small Business, the bill be referred to the Committee on Small Business pursuant to Rule XXV (1)(o)(2) of the Standing Rules of the Senate.

   Source: IntroReferral

2. 7 May 1986

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 13 June 1986

   Committee

   Committee on Governmental Affairs requested executive comment from ACTION, Administrative Conference of the United States, Advisory Commission on Intergovernmental Relations, American Battle Monuments Commission, Appalachian Regional Commission, Board for International Broadcasting, Delaware River Basin Commission, District of Columbia, Equal Employment Opportunity Commission, Environmental Protection Agency, Export-Import Bank of the United States, Farm Credit Administration, Federal Communications Commission.

   Source: Committee

4. 20 June 1986

   Committee

   Committee on Governmental Affairs received executive comment from Federal Mine Safety and Health Review Commission.

   Source: Committee

5. 26 June 1986

   Committee

   Committee on Governmental Affairs received executive comment from OMB.

   Source: Committee

6. 30 June 1986

   Committee

   Committee on Governmental Affairs received executive comment from Advisory Commission on Intergovernmental Relations.

   Source: Committee

7. 8 July 1986

   Committee

   Committee on Governmental Affairs received executive comment from Occupational Safety and Health Administration, National Labor Relations Board, Federal Labor Relations Authority. Al.

   Source: Committee

8. 14 July 1986

   Committee

   Committee on Governmental Affairs received executive comment from Federal Maritime Commission.

   Source: Committee

9. 15 July 1986

   Committee

   Committee on Governmental Affairs received executive comment from GAO.

   Source: Committee

10. 17 July 1986

    Committee

    Committee on Governmental Affairs received executive comment from Nuclear Regulatory Commission.

    Source: Committee

11. 24 July 1986

    Committee

    Committee on Governmental Affairs received executive comment from Appalachian Regional Commission.

    Source: Committee

12. 28 July 1986

    Committee

    Committee on Governmental Affairs received executive comment from State Department.

    Source: Committee

13. 31 July 1986

    Committee

    Committee on Governmental Affairs received executive comment from Farm Credit Administration.

    Source: Committee

14. 12 August 1986

    Committee

    Committee on Governmental Affairs received executive comment from Securities and Exchange Commission.

    Source: Committee

15. 25 August 1986

    Committee

    Committee on Governmental Affairs requested executive comment from Health and Human Services Department.

    Source: Committee

16. 4 September 1986

    Committee

    Committee on Governmental Affairs received executive comment from Federal Trade Commission.

    Source: Committee

17. 9 September 1986

    Committee

    Committee on Governmental Affairs received executive comment from General Services Administration.

    Source: Committee

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 7 May 1986

  Open at official source

Sponsors

• Sen. Armstrong, William L. [R-CO] · R · Sponsor
• Sen. Proxmire, William [D-WI] · D · Sponsor
• Sen. Goldwater, Barry [R-AZ] · R · Sponsor
• Sen. Helms, Jesse [R-NC] · R · Sponsor
• Sen. Hecht, Chic [R-NV] · R · Sponsor
• Sen. Humphrey, Gordon J. [R-NH] · R · Sponsor
• · ssga00 · Standing

Related records

• related to → Small Business Act of 1986