Section 1 Short title
This Act may be cited as the “Investing in Main Street Act of 2017”.
Investing in Main Street Act of 2017
AN ACT
To amend the Small Business Investment Act of 1958 to increase the amount that certain banks and savings associations may invest in small business investment companies, subject to the approval of the appropriate Federal banking agency, and for other purposes.
Sec. 2 Investment in small business investment companies
Section 302(b) of the Small Business Investment Act of 1958 (15 U.S.C. 682(b)) is amended—
in paragraph (1), by inserting before the period the following: “or, subject to the approval of the appropriate Federal banking agency, 15 percent of such capital and surplus”;
in paragraph (2), by inserting before the period the following: “or, subject to the approval of the appropriate Federal banking agency, 15 percent of such capital and surplus”; and
by adding at the end the following:
“(3) Appropriate federal banking agency defined—For purposes of this subsection, the term “appropriate Federal banking agency” has the meaning given that term under section 3 of the Federal Deposit Insurance Act.”