House Appropriations Committee Releases FY16 Financial Services Bill
The House Appropriations Committee approved the Fiscal Year 2016 Financial Services Bill on June 17, on a vote of 30-to-20. The bill provides a total of $20.2 billion in funding for the Treasury Department, the Judiciary, the Small Business Administration (SBA), and the Securities and Exchange Committee, which is $1.3 billion below the FY15 allocation and $4.8 billion below the President’s budget request. The bill provides $853,000,000 for the SBA, and allocates a total of $223,600,000 specifically for necessary expenses of programs supporting entrepreneurial and small business development. Of that amount, $117,000,000 is specifically designated to fund grants for performance in FY16 or FY17 pursuant to §21 of the Small Business Act, and $25,000,000 is allocated for marketing, management, and technical assistance under §7(m) of the Small Business Act by intermediaries that make microloans under the microloan program. The amount recommended for technical assistance as well as the $35 million…
In the News
Treasurer Spencer Coggs Keynote Speaker at Financial Education Graduation Milwaukee Courier Coggs stated “You are taking control of your future by participating and completing this course in financial literacy.” Sponsored by the Housing Authority of the City of Milwaukee (HACM) and the Wisconsin Women’s Business Initiative Corporation (WWBIC), the 100 graduates had completed the classes they had taken since January 2015.
Legislative Update
On June 10, 2015, the House Committee on Small Business held a markup to consider several bills, including H.R. 2670, the Microloan Modernization Act of 2015, which passed by voice vote. The bill contains seven sections. Notably, Section 2 provides a waiver of the 25/75 rule. Under the bill, intermediaries would be able to apply to the Administrator for a waiver to the requirements of §7(m)(4)(E)(i). The Administrator would be required to follow notice-and-comment requirements to establish the waiver rule. Section 3 of the Bill increases the microloan intermediary lending limit from $5,000,000 to $6,000,000. Section 4 extends repayment terms for loans to small businesses. For loans made by an intermediary of $10,000 or less, the repayment term shall not be more than 6 years. For loans greater than $10,000, the repayment term shall not be more than 10 years. Section 5 would authorize eligible intermediaries to make short-term lines…