U.S. Congressman David Cicilline (D-RI) applauded today's House passage of the Small Business Investment Company (SBIC) Modernization Act, a bipartisan proposal introduced earlier this year by Congressman Steve Chabot (R-OH), Congressman Cicilline, and Congresswoman Renee Ellmers (R-NC).
"My first priority has always been to get Rhode Island's economy back on track and put hardworking families across our state back to work," said Cicilline. "I applaud my colleagues for passing this common sense proposal that will allow Small Business Investment Companies to better invest funds in the small businesses that employ men and women in our state and nation."
The SBIC Modernization Act, H.R. 6504, was introduced last October by Chabot, Cicilline, and Ellmers. If enacted, the legislation would amend the Small Business Investment Act of 1958 to expand the amount of leverage that the Small Business Administration (SBA) can make available to healthy, commonly controlled Small Business Investment Companies. In turn, these proven SBICs will be able to increase the amount of capital they provide to small business job creators. This proposal was outlined as part of President Obama's Startup America Initiative, and the bill is supported by the Chamber of Commerce and the Small Business Investor Alliance.
H.R. 6504 passed by a vote of 359-36. The legislation now awaits further consideration in the U.S. Senate.