All Information (Except Text) for S.3515 - New Business Preservation Act116th Congress (2019-2020)
|Sponsor:||Sen. Klobuchar, Amy [D-MN] (Introduced 03/18/2020)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||Senate - 03/18/2020 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries
Short Titles - Senate
Short Title(s) as Introduced
New Business Preservation Act
Official Titles - Senate
Official Titles as Introduced
A bill to establish the Innovation and Startups Equity Investment Program in the Department of the Treasury, through which the Secretary of the Treasury shall allocate money to certain States to assist high-potential scalable startups access venture capital to commercialize innovations, create jobs, and accelerate economic growth, and for other purposes.
Actions Overview (1)
|03/18/2020||Introduced in Senate|
03/18/2020 Introduced in Senate
All Actions (1)
|03/18/2020||Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.|
Action By: Senate
03/18/2020 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
|Sen. Coons, Christopher A. [D-DE]*||03/18/2020|
|Sen. King, Angus S., Jr. [I-ME]*||03/18/2020|
|Sen. Kaine, Tim [D-VA]*||03/18/2020|
|Committee / Subcommittee||Date||Activity||Related Documents|
|Senate Banking, Housing, and Urban Affairs||03/18/2020||Referred to|
Subject — Policy Area:
One Policy Area term, which best describes an entire measure, is assigned to every public bill or resolution.
- Accounting and auditing
- Advanced technology and technological innovations
- Advisory bodies
- Business investment and capital
- Congressional oversight
- Department of the Treasury
- Financial services and investments
- Government lending and loan guarantees
- Government studies and investigations
- Intergovernmental relations
- Minority and disadvantaged businesses
- Product development and innovation
- Public contracts and procurement
- Small business
- State and local finance
- State and local government operations
- User charges and fees
Latest Summary (1)
Introduced in Senate (03/18/2020)
New Business Preservation Act
This bill establishes and provides funding for the Innovation and Startups Equity Investment Program, through which the Department of the Treasury shall work with states to invest in new businesses.
Specifically, the bill requires Treasury to provide certain funds to participating states, which such states shall use to administer specified approved programs that provide equity investment in new businesses. Certain areas with high levels of venture capital activity are excluded from the calculation of funds allocated to a participating state. Treasury shall also award funds to approved state programs to provide follow-on investments.
If a state receives funds from an exit, the state shall use such funds to further invest in startups under the approved program. An exit is defined as the (1) acquisition of a startup in which a state has invested under the program; (2) sale of a share of such startup following an initial public offering; or (3) voluntary purchase of a state's ownership interest by the startup, investors, or existing shareholders.