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119-s-1917119th CongressWALLET

Investing in All of America Act of 2025

Sponsored By: Senator Hickenlooper, John W. [D-CO]

Introduced

Summary

Would let Small Business Investment Companies exclude certain targeted investments from their leverage caps to steer more private capital to rural, low‑income, critical technology, and small manufacturing firms. This bill would broaden which private funds qualify for exclusion, set new dollar baselines and caps, add annual CPI adjustments, and tighten treatment of government‑sourced funds.

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  • Targeted small businesses: Firms in rural or low‑income areas, those operating in designated critical technology categories, and small manufacturers would be able to attract more leveraged investment because qualifying investments can be excluded from outstanding leverage. The per‑company excluded amount may not exceed the lesser of 50 percent of private capital or $125 million.
  • SBICs and licensees: The bill sets new baseline exclusion amounts of $175 million for covered companies and two‑part caps that can reach $350 million for commonly controlled companies. Those dollar limits are adjusted annually by the Consumer Price Index and apply only to investments made after enactment.
  • Private funds and government money: It expands private fund categories eligible for exclusion to include college and university foundations, endowments, and trusts while generally barring funds obtained from federal, state, or local governments from exclusion except for those newly specified private fund categories.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 0 benefits, 0 costs, 1 mixed.

More leverage for small businesses

If enacted, the bill would let SBICs exclude more investments from their leverage limit when the investments go to small businesses in low-income or rural areas, small manufacturers, or firms in covered critical technology fields. It would change which private funds count for that exclusion by adding foundations, endowments, and university trusts and removing an old "pre-1987" rule, while generally excluding funds that come from federal, state, or local governments except narrow exceptions. The bill sets specific dollar rules: $175 million baselines, $350 million caps for commonly controlled companies, and an overall excluded amount equal to the smaller of 50% of private capital or $125 million. Only investments made after enactment would be eligible for the exclusion. The Administrator would index those dollar amounts to the CPI with one-time increases on enactment (using Dec 18, 2015 and June 21, 2018 start dates) and annual adjustments after that, but SBICs that issue accrual debentures would not get the CPI increases.

Sponsors & CoSponsors

Sponsor

Hickenlooper, John W. [D-CO]

CO • D

Cosponsors

  • Sen. Marshall, Roger [R-KS]

    KS • R

    Sponsored 5/22/2025

  • Sen. Rosen, Jacky [D-NV]

    NV • D

    Sponsored 2/4/2026

  • Sen. Booker, Cory A. [D-NJ]

    NJ • D

    Sponsored 2/4/2026

Roll Call Votes

No roll call votes available for this bill.

View on Congress.gov
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