S.2324 - Small Business Credit Availability Act115th Congress (2017-2018)
|Sponsor:||Sen. Heller, Dean [R-NV] (Introduced 01/18/2018)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||Senate - 01/18/2018 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
This bill has the status Introduced
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Summary: S.2324 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in Senate (01/18/2018)
Small Business Credit Availability Act
This bill amends the Investment Company Act of 1940 to reduce the required asset-coverage ratio applicable to a Business Development Company (BDC) from 200% to 150% if: (1) the BDC makes specified disclosures on its website and to the Securities and Exchange Commission (SEC); and (2) the modified asset-coverage ratio is approved by the required majority of the BDC's directors, general partners, or shareholders (as applicable).
The SEC must allow BDCs to use securities offering and proxy rules that are available to other issuers.