Summary: H.R.1461 — 99th Congress (1985-1986)All Information (Except Text)

There is one summary for H.R.1461. Bill summaries are authored by CRS.

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Introduced in House (03/07/1985)

Small Business Administration Sunset Act of 1985 - Title I: Findings - Sets forth the findings of this Act.

Title II: Transfers to the Department of Commerce - Transfers to the Secretary of Commerce all functions, powers, and duties of the Small Business Administration (SBA) under specified provisions of the Small Business Act and the White House Conference on Small Business Authorization Act. Transfers from the SBA to the Department of Commerce the Office of Advocacy.

Title III: Transfers to the Department of the Treasury - Transfers to the Secretary of the Treasury all rights, outstanding obligations, and assets of the SBA with respect to guaranteed loans and debentures and other specified guarantees made by the SBA to small businesses under the Small Business Act and the Small Business Investment Company Act of 1958.

Authorizes and directs the Secretary of the Treasury to purchase from the Federal Financing Bank all notes, bonds, debentures, or other obligations held by such bank that are guaranteed by the SBA.

Transfers to the Secretary of the Treasury the regulatory authorities of the SBA with respect to small business investment companies and minority enterprise small business investment companies under the Small Business Investment Company Act of 1958. Terminates such authorities upon the disposition of specified loans, debentures, or equity securities by the Secretary of the Treasury or by March 31, 1987, whichever occurs first.

Title IV: Termination of Functions Under the Small Business Act and the Small Business Investment Company Act of 1958 - Terminates on October 1, 1985, various provisions of the Small Business Act and the Small Business Investment Company Act of 1958.

Title V: Miscellaneous Amendments and Repeals of Other Laws - Makes various conforming amendments and repeals specified provisions of Federal law relating to the SBA and the provisions of this Act.

Title VI: General Administrative Provisions - Authorizes the Secretary of Commerce and the Secretary of the Treasury to exercise and, where, appropriate to delegate any authority that is transferred from the SBA to them by this Act.

Establishes in the Department of Commerce the Administration for Enterprise Development and Opportunity, which shall be headed by an Under Secretary of Commerce for Enterprise Development and Opportunity. Authorizes appropriations.

Title VII: Transitional, Savings, and Conforming Provisions - Provides for the transfer of personnel to the appropriate agency with respect to any functions or authority transferred from the SBA by this Act.

Requires the Director of the Office of Management and Budget, in consultation with the Administrator of the SBA, the Secretary of Commerce, and the Secretary of the Treasury, to make such determinations as may be necessary with regard to the functions transferred by this Act.

Provides that all orders, determinations, regulations, and licenses that have been issued or granted by the President or an Administration official in the performance of functions that were transferred under this Act and that are in effect on October 1, 1985, shall continue in effect until modified or revoked in accordance with law.

Authorizes the SBA from October 1, 1985, to December 31, 1985, to operate for the purpose of winding up its affairs and advising the Departments of Commerce and the Treasury. Prohibits the SBA from conducting any program activities during such period. Terminates the SBA on December 31, 1985.