HR 2066
· 119th Congress
· Commerce
Investing in All of America Act of 2025
Sponsor
Latest action
Message on Senate action sent to the House.
Action timeline
Every recorded action on this bill, newest first. Stage badges color-code the legislative path.
Apr 16, 2026
floor
Message on Senate action sent to the House.
Apr 15, 2026
committee
Senate Committee on Small Business and Entrepreneurship discharged by Unanimous Consent.
Small Business and Entrepreneurship Committee
Apr 15, 2026
passed
Passed/agreed to in Senate: Passed Senate without amendment by Unanimous Consent.
Apr 15, 2026
passed
Passed Senate without amendment by Unanimous Consent. (consideration: CR S1789-1790)
Dec 02, 2025
introduced
Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
Small Business and Entrepreneurship Committee
Dec 01, 2025
floor
Mr. Williams (TX) moved to suspend the rules and pass the bill, as amended.
Dec 01, 2025
floor
Considered under suspension of the rules. (consideration: CR H4918-4919)
Dec 01, 2025
floor
DEBATE - The House proceeded with forty minutes of debate on H.R. 2066.
Dec 01, 2025
passed
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4918)
Dec 01, 2025
passed
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4918)
Dec 01, 2025
passed
Motion to reconsider laid on the table Agreed to without objection.
Aug 15, 2025
committee
Reported (Amended) by the Committee on Small Business. H. Rept. 119-227.
Small Business Committee
Aug 15, 2025
other
Placed on the Union Calendar, Calendar No. 185.
Jul 22, 2025
committee
Committee Consideration and Mark-up Session Held
Small Business Committee
Jul 22, 2025
committee
Ordered to be Reported (Amended) by the Yeas and Nays: 23 - 0.
Small Business Committee
Mar 11, 2025
introduced
Introduced in House
Mar 11, 2025
introduced
Referred to the House Committee on Small Business.
Small Business Committee
Text versions
Each stage of the bill — official text published by GPO. Click any format to read on congress.gov / govinfo.
CRS summaries
Plain-English summaries written by the Congressional Research Service — neutral, nonpartisan staff who summarize bills as they advance through stages. The authoritative description of what each version of the bill does.
07
Reported to House
Aug 15, 2025
Investing in All of America Act of 2025
This bill modifies the limit on the amount of financing available to a Small Business Investment Company (SBIC) from the Small Business Administration (SBA). It also expands the definition of private capital with respect to SBICs.
Specifically, the bill reduces the maximum outstanding financing available to an SBIC from 300% to 200% of the SBIC's private capital. The bill increases from $350 million to $450 million the maximum financing available to two or more commonly controlled SBICs that make quarterly or semiannual interest payments.
The bill also expands the amounts that may be excluded from the calculation of the financing limit to include the amounts an SBIC invests in (1) rural areas, (2) certain technology categories, or (3) small manufacturers. The bill revises the cap on such excluded amounts to the lesser of $125 million or the aggregate of 50% of the private capital of the SBIC.
Additionally, the bill expands what is considered the private capital of an SBIC to include funds obtained from the business revenue of additional government-sponsored corporations and funds invested by the trust or endowment of a college or university.
via Congressional Research Service · published through congress.gov
Changelog
ⓘ
How a bill moves through Congress. Each stage produces a new official text. The diff between them shows what changed at that step.
ih / is — Introduced in House / Senate. First filed version.rfh / rfs — Referred to a committee for review.rh / rs — Reported back by the committee to the floor (often with amendments — this is where most language changes happen).pcs / pch — Placed on Calendar for floor consideration.eh / es — Engrossed. Passed by the originating chamber. Text is now what was actually voted on.rdh / rds — Received by the other chamber.eah / eas — Engrossed Amendment. The other chamber passed an amended version.ath / ats — Agreed to. Both chambers settled on the same text.enr — Enrolled. Final reconciled text, sent to the President.pl — Public Law. Signed by the President. It's now law.pp — Public Print. Official printing post-enactment.
Most bills die before eh/es. Going from pcs → enr is the full path through both chambers.
ⓘ
How a bill moves through Congress. Each stage produces a new official text. The diff between them shows what changed at that step.
ih/is— Introduced in House / Senate. First filed version.rfh/rfs— Referred to a committee for review.rh/rs— Reported back by the committee to the floor (often with amendments — this is where most language changes happen).pcs/pch— Placed on Calendar for floor consideration.eh/es— Engrossed. Passed by the originating chamber. Text is now what was actually voted on.rdh/rds— Received by the other chamber.eah/eas— Engrossed Amendment. The other chamber passed an amended version.ath/ats— Agreed to. Both chambers settled on the same text.enr— Enrolled. Final reconciled text, sent to the President.pl— Public Law. Signed by the President. It's now law.pp— Public Print. Official printing post-enactment.
Most bills die before eh/es. Going from pcs → enr is the full path through both chambers.
Line-level diff between text versions of this bill — what actually changed at each legislative stage.
+80
−108
35 unchanged
Generating AI summary
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Reading both versions of the bill and writing a plain-English summary. Typical bills take 5–15 seconds; large reconciliation bills can take a minute. This summary will be cached after generation.
--- Engrossed (House)
+++ Enrolled
@@ -1,15 +1,20 @@
[From the U.S. Government Publishing Office]
-[H.R. 2066 Engrossed in House (EH)]
+[H.R. 2066 Enrolled Bill (ENR)]
-<DOC>
+H.R.2066
-119th CONGRESS
-1st Session
-H. R. 2066
+One Hundred Nineteenth Congress
-_______________________________________________________________________
+of the
-AN ACT
+United States of America
+
+AT THE SECOND SESSION
+
+Begun and held at the City of Washington on Saturday,
+the third day of January, two thousand and twenty-six
+
+An Act
To amend the Small Business Investment Act of 1958 to exclude from the
limit on leverage certain amounts invested in smaller enterprises
@@ -18,128 +23,95 @@
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
-
SECTION 1. SHORT TITLE.
-
This Act may be cited as the ``Investing in All of America Act of
2025''.
-
SEC. 2. SMALL BUSINESS INVESTMENT COMPANY MAXIMUM LEVERAGE EXCLUSION.
-
(a) Definitions.--Section 103(9) of the Small Business Investment
Act of 1958 (15 U.S.C. 662(9)) is amended--
-(1) in subparagraph (A)(ii), by striking ``and'' at the
-end;
+(1) in subparagraph (A)(ii), by striking ``and'' at the end;
(2) in subparagraph (B)(iii)--
-(A) in subclause (I), by striking ``established
-prior to October 1, 1987'';
+(A) in subclause (I), by striking ``established prior to
+October 1, 1987'';
(B) in subclause (II)--
-(i) by striking ``or'' and inserting a
-comma; and
-(ii) by inserting ``, foundation,
-endowment, or trust of any college or
-university'' after ``pension plan''; and
-(C) in subclause (III), by striking the semicolon
-at the end and inserting ``; and''; and
+(i) by striking ``or'' and inserting a comma; and
+(ii) by inserting ``, foundation, endowment, or trust
+of any college or university'' after ``pension plan''; and
+(C) in subclause (III), by striking the semicolon at the
+end and inserting ``; and''; and
(3) by adding at the end the following new subparagraph:
-``(C) does not include any funds obtained directly
-or indirectly from any Federal, State, or local
-government or any government agency or instrumentality,
-except for funds described in subclauses (I) through
-(III) of subparagraph (B)(iii), for the purpose of
-approval by the Administrator of any request for
-leverage.''.
+``(C) does not include any funds obtained directly or
+indirectly from any Federal, State, or local government or any
+government agency or instrumentality, except for funds
+described in subclauses (I) through (III) of subparagraph
+(B)(iii), for the purpose of approval by the Administrator of
+any request for leverage.''.
(b) Maximum Leverage Exclusion.--Section 303(b)(2) of the Small
Business Investment Act of 1958 (15 U.S.C. 683(b)(2)) is amended--
(1) in subparagraph (A)--
-(A) in clause (i), by striking ``300'' and
-inserting ``200''; and
+(A) in clause (i), by striking ``300'' and inserting
+``200''; and
(B) by amending clause (ii) to read as follows:
-``(ii)(I) with respect to such a company
-that makes quarterly or semiannual interest
-payments $250,000,000; or
-``(II) $175,000,000 with respect to any
-other company licensed under section 301(c).'';
+``(ii)(I) with respect to such a company that makes
+quarterly or semiannual interest payments $250,000,000; or
+``(II) $175,000,000 with respect to any other company
+licensed under section 301(c).'';
(2) in subparagraph (B), by striking ``may not exceed
$350,000,000.'' and inserting the following ``may not exceed--
-``(i) with respect to such companies that
-are commonly controlled and that make quarterly
-or semiannual interest payments, $475,000,000;
-or
-``(ii) $350,000,000 with respect to any
-other companies licensed under section 301(c)
-that are commonly controlled.''; and
+``(i) with respect to such companies that are commonly
+controlled and that make quarterly or semiannual interest
+payments, $475,000,000; or
+``(ii) $350,000,000 with respect to any other companies
+licensed under section 301(c) that are commonly
+controlled.''; and
(3) in subparagraph (C)--
(A) in the heading--
-(i) by inserting ``or rural'' after ``low-
-income''; and
-(ii) by inserting ``, critical technology
-areas, or small manufacturers'' after
-``geographic areas'';
+(i) by inserting ``or rural'' after ``low-income''; and
+(ii) by inserting ``, critical technology areas, or
+small manufacturers'' after ``geographic areas'';
(B) in clause (i)--
-(i) by striking ``(i) In calculating'' and
-inserting the following:
-``(i) In general.--Except as provided in
-clause (iii), in calculating'';
-(ii) by inserting ``or companies'' after
-``of a company'';
-(iii) by striking ``subparagraph (A)'' and
-inserting ``subparagraphs (A) and (B)'';
+(i) by striking ``(i) In calculating'' and inserting
+the following:
+``(i) In general.--Except as provided in clause (iii),
+in calculating'';
+(ii) by inserting ``or companies'' after ``of a
+company'';
+(iii) by striking ``subparagraph (A)'' and inserting
+``subparagraphs (A) and (B)'';
(iv) by striking ``equity''; and
-(v) by striking ``the company in a smaller
-enterprise'' and all that follows and inserting
-the following: ``the company or companies in--
-``(I) a small business concern
-located in a low-income geographic area
-(as defined in section 351 of this
-title) or in a rural area (as defined
-in section 343(a)(13) of the
-Agricultural Act of 1961 (7 U.S.C.
+(v) by striking ``the company in a smaller enterprise''
+and all that follows and inserting the following: ``the
+company or companies in--
+
+``(I) a small business concern located in a low-
+income geographic area (as defined in section 351 of
+this title) or in a rural area (as defined in section
+343(a)(13) of the Agricultural Act of 1961 (7 U.S.C.
1991(a)(13)));
-``(II) a small business concern
-operating primarily in a covered
-technology category (as defined in
-section 149(e) of title 10, United
-States Code); or
-``(III) a small manufacturer (as
-defined in section 501(e)(6) of this
-Act).'';
+``(II) a small business concern operating primarily
+in a covered technology category (as defined in section
+149(e) of title 10, United States Code); or
+``(III) a small manufacturer (as defined in section
+501(e)(6) of this Act).'';
+
(C) by amending clause (ii) to read as follows:
-``(ii) Limitation.--While maintaining the
-limitation of subparagraph (A)(i) and
-consistent with a leverage determination ratio
-issued pursuant to section 301(c), the
-aggregate amount excluded for a company or
-companies under clause (i) from the calculation
-of the outstanding leverage such company or
-companies for the purposes of subparagraphs (A)
-and (B) may not exceed the lesser of 50 percent
-of the private capital of such company or
-companies or $125,000,000.''; and
+``(ii) Limitation.--While maintaining the limitation of
+subparagraph (A)(i) and consistent with a leverage
+determination ratio issued pursuant to section 301(c), the
+aggregate amount excluded for a company or companies under
+clause (i) from the calculation of the outstanding leverage
+such company or companies for the purposes of subparagraphs
+(A) and (B) may not exceed the lesser of 50 percent of the
+private capital of such company or companies or
+$125,000,000.''; and
(D) by amending clause (iii) to read as follows:
-``(iii) Prospective applicability.--An
-investment by a licensee is eligible for
-exclusion from the calculation of outstanding
-leverage under clause (i) only if such
-investment is made by such licensee after the
-date of enactment of this clause.''.
+``(iii) Prospective applicability.--An investment by a
+licensee is eligible for exclusion from the calculation of
+outstanding leverage under clause (i) only if such
+investment is made by such licensee after the date of
+enactment of this clause.''.
-Passed the House of Representatives December 1, 2025.
+Speaker of the House of Representatives.
-Attest:
-
-Clerk.
-119th CONGRESS
-
-1st Session
-
-H. R. 2066
-
-_______________________________________________________________________
-
-AN ACT
-
-To amend the Small Business Investment Act of 1958 to exclude from the
-limit on leverage certain amounts invested in smaller enterprises
-located in rural or low-income areas and small businesses in critical
-technology areas, and for other purposes.
+Vice President of the United States and
+President of the Senate.
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5
filings · 2026 Q3
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Cosponsors (8)
Members who signed on to support this bill.