Securities Law Updates | New Proposed Legislation
June 29, 2010
Bill Creating $30B Investment Pool for Small Banks Goes to Senate After House Passage
Small Business Lending Fund Act of 2010
H.R. 5297, 6/17/2010
By a vote of 241 to 182, with 9 members abstaining, the U.S. House of Representatives has passed the Small Business Lending Fund Act, H.R. 5297, a plan proposed earlier this year by President Barack Obama to establish a $30 billion pool of capital for community banks.
H.R. 5297 would create the Small Business Lending Fund (“SBLF”) and authorize the appropriation of funds to the Treasury Department to make up to $30 billion of capital investments in financial institutions with total assets of less than or equal to $10 billion. Participating institutions would issue to the Treasury preferred stock or similar…
To continue reading this article, subscribe now
It's FREE and only takes seconds
View a PDF of the proposed legislation
