95th Congress > House > Vote 1470
Description: TO AGREE TO THE CONFERENCE REPORT ON H.R. 11445, THE OMNIBUS SMALL BUSINESS ACT OF 1978.
Bill summary: (Conference report filed in House, H. Rept. 95-1671)
=Title I: Authorization and Miscellaneous Amendments= - Amends the Small Business Act to provide program authorizations for the Small Business Act to provide program authorizations for the Small Business Administration's (SBA) loan and other financial assistance programs for fiscal year 1979.
Provides that all appropriations shall remain available until expended.
Removes the requirement that the SBA pay interest on the outstanding cash
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disbursements from the disaster loan fund.
Makes available energy shortage loans to small businesses injured by any type of energy shortage caused by a strike, boycott, or embargo except if such shortage is due to a strike, embargo, or boycott directly against such small concern.
Provides disaster loans for disasters occurring from October 1, 1978, until October 1, 1982, with an interest rate of three percent on the first $55,000 and for all other disaster loans with an interest rate of five percent on the first $250,000.
Repeals the provision in the Act which authorizes the SBA to invest unused funds in the surety bond guarantee fund in bonds or obligations of the United States. Permits the SBA to invest unused funds in the pollution control bond fund in bonds of the United States.
Permits coverage under the product disaster loan program of product losses from product toxity due to natural or other causes.
Authorizes the SBA to guarantee debentures issued by an eligible development company for up to one-half of the project cost. Requires local development companies (LDC) to have full time professional staff, adequate accounting, legal and business service capabilities, and an active membership board of directors.
Authorizes banks and private dealers to form and administer pools of SBA guaranteed interests and to issue certificates of beneficial ownership to private investors. Discontinues such program as of January 1, 1980. Directs the Administration to report to Congress on such program before October 1, 1979.
Allows small businesses owned by handicapped individuals and sheltered workshops that employ the handicapped to participate in the SBA's small business set-aside procurement program through fiscal year 1980 and with a limit of $100,000,000 per year. Directs the Administration to report to Congress on the impact of contracts awarded to such organization.
Provides that no civil penalty shall be assessed under the Occupational Safety and Health Act for any first-instance violation if an employer has ten or fewer employees and such employer on inspection is cited for less than ten violations. Exempts such employers from the requirement to maintain a log of injuries and illnesses unless such information is needed for a statistical survey.
=Title II: Small Business Development Centers= - Amends the Small Business Act to authorize the Administration to make grants to States and institutions of higher education to assist in establishing Small Business Development Centers. Sets forth the services to be provided by such centers, including management, technical, and technological assistance to small businesses. Limits such grants to 50 percent of the total program cost.
Directs the Administrator to appoint a Deputy Associate Administrator for Management and Technical Assistance to administer the Small Business Development Center program.
Establishes a Small Business Development Center Advisory Board composed of nine members to advise and confer with the Deputy Associate Administrator for Management and Technical Assistance.
Directs the Administration to establish an evaluation plan of the center program.
=Title III:= Amends the Small Business Act to authorize the Administrator to make the following appointments: (1) a Chief Counsel for Advocacy; (2) a Deputy Administrator; (3) an Associate Administrator for Finance; (4) an Associate Administrator for Procurement Assistance; (5) an Associate Administrator for Minority Small Business; (6) an Associate Administrator for Investment; (7) an Associate Administrator for Management and Technical Assistance; and (8) an Associate Administrator for Disaster Loan Administration.
Directs the Administrator to establish and maintain a comprehensive small business economic data base and to publish annually a report giving an analysis of historical trends of the small business sector.
Sets forth the duties and responsibilities of the Chief Counsel for Advocacy. Directs the Chief Counsel to report to the President and Congress on findings and recommendations on small business policy.
Small Business Economic Policy Act - Enunciates a national small business economic policy which requires the coordination of planning among Federal departments and agencies in order to propose incentives to help assure that small business needs are met through private sector investments.
Directs the President to transmit to the Congress not later than January 20 of each year a Report on Small Business and Competition, including an appendix on the total dollar value of all Federal contracts exceeding $10,000 awarded to small, minority-owned, and female owned businesses.
Requires that studies of the credit needs of small business and to what extent such needs are being met be conducted by the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, and the Federal Deposit Insurance Corporation, in consultation with the SBA and the Bureau of Census, who shall report the results to the Congress by October 1, 1979.
Makes the position of the Chief Counsel for Advocacy at Executive Level IV and establishes the two new Associate Administrators at Executive Level V.
=Title IV: Venture Capital= - Authorizes the SBA to license small business investment companies (SBIC) that specialize in venture-type investments (equity-type investments) in small business concerns. Allows the SBA to guarantee debentures of venture-type investments (VCIC) up to 300 percent of their combined private paid-in capital and surplus, but not to exceed $35,000,000.
Permits VCIC debenture to be issued for terms up to 10 years at four percent interest. Entitles the SBA to 15 percent of any gross capital gain dividends, or interest realized on portfolio securities.
Permits SBIC's to place idle funds in institutions whose deposits are insured by the Federal Savings and Loan Insurance Corporation.
Increases the allowable investments of banks in SBIC's from five percent of a banks capital and surplus to ten percent.
Requires licensed companies to report to the Administration if any portfolio security is distributed or transferred.
=Title V: White House Conference on Small Business= - White House Conference on Small Business Act - Directs the President to call a White House Conference on Small Business. Requires the Administrator to reimburse participants in such Conference for expenses and to assist in organizing such Conference.
Authorizes the President to appoint and compensate executive directors and other personnel for such Conference.
Requires that a final report on such Conference be submitted to the President and the Congress. Authorizes a follow-up review of the recommendations made at such Conference.
Authorizes appropriations through fiscal year 1979, to implement this Title.
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Bill titles: A bill to amend the Small Business Act and the Small Business Investment Act of 1958.; Small Business Economic Policy Act
Original source documents: Digest of the Congressional Record vol. 124-159, p. 11465;
Links for more info on the vote: congress.gov
