Bills · 118th Congress · Commerce

Investing in Main Street Act of 2023

Where it stands

  1. Introduced1/20/23
  2. Passed HousePassed 1/25/23
  3. Senate
  4. President
  5. Law

Passed the House 411–13 on January 25, 2023 (Roll Call 35 →). Received in the Senate on January 26, 2023. No Senate action since.

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Roll calls on this bill

Votes on passage
HouseOn Motion to Suspend the Rules and Pass · 1/25/23Suspension of the rulesA fast-track House procedure, usually for measures expected to have broad support. Debate is limited to 40 minutes, no amendments can be offered, and it needs a two-thirds vote of members voting — not a simple majority. A yes vote passes the bill.Rules of the House, Rule XV, clause 1 ↗
Passed
  • Democratic205 Yea · 0 Nay · 7 Not voting
  • Republican206 Yea · 13 Nay · 3 Not voting
  • Independent / Other0 Yea · 0 Nay · 0 Not voting
Official summary (CRS)

Investing in Main Street Act of 2023

This bill authorizes certain banking entities to invest up to 15% of their capital and surplus in one or more small business investment companies (SBICs) or in any entity established to invest solely in SBICs. The current limit is 5%.

Full text on congress.gov ↗
Sponsor
Rep. Judy Chu ( Democrat · CA-28)
Cosponsors
3
Introduced
1/20/23
Policy area
Commerce

What happens next

The Senate must pass the same text, then it goes to the President.

If it isn't enacted by Jan 3, 2025, it expires when the 118th Congress ends.

All actions (11)
  1. 1/20/23Introduced in House
  2. 1/20/23Referred to the House Committee on Small Business.
  3. 1/25/23Mr. Williams (TX) moved to suspend the rules and pass the bill.
  4. 1/25/23Considered under suspension of the rules. (consideration: CR H304-306)
  5. 1/25/23DEBATE - The House proceeded with forty minutes of debate on H.R. 400.
  6. 1/25/23At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
  7. 1/25/23Considered as unfinished business. (consideration: CR H312-313)
  8. 1/25/23Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays (2/3 required): 411 - 13 (Roll No. 35). (text: CR H304)
  9. 1/25/23On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays (2/3 required): 411 - 13 (Roll No. 35). (text: CR H304)
  10. 1/25/23Motion to reconsider laid on the table Agreed to without objection.
  11. 1/26/23Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.