H.R.400 — Investing in Main Street Act of 2023
House Roll Call
H.R.400
| Bill | H.R.400 — Investing in Main Street Act of 2023 |
|---|---|
| Vote question | On Motion to Suspend the Rules and Pass |
| Vote type | 2/3 Yea-And-Nay |
| Result | Passed |
| Totals | Yea 411 / Nay 13 / Present 0 / Not Voting 10 |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| R | 206 | 13 | 0 | 3 |
| D | 205 | 0 | 0 | 7 |
| I | 0 | 0 | 0 | 0 |
Research Brief
On Motion to Suspend the Rules and Pass
Bill Analysis
Summary of HR 400 - Investing in Main Street Act of 2023
The Investing in Main Street Act of 2023 (HR 400) aims to bolster economic growth and support small businesses across the United States. The bill focuses on enhancing access to capital for small businesses, particularly in underserved communities, by establishing a framework for increased investment in local economies.
Key Provisions: HR 400 proposes the creation of a Small Business Investment Fund (SBIF) that would allocate federal funds to support community development financial institutions (CDFIs) and small business investment companies (SBICs). The SBIF is designed to provide low-interest loans and grants to small businesses, with an emphasis on those owned by women, minorities, and veterans.
Funding and Authorities: The bill authorizes appropriations of $1 billion annually for five years, which would be distributed through the SBIF to eligible entities. This funding is intended to enhance the capacity of CDFIs and SBICs to provide financing options that are often inaccessible to small businesses due to traditional lending barriers.
Programs and Agencies Affected: The primary agencies involved in the implementation of HR 400 include the Small Business Administration (SBA) and the Department of the Treasury. These agencies will oversee the distribution of funds and ensure compliance with the bill’s objectives.
Beneficiaries: Small businesses, particularly those in economically distressed areas, will benefit from the increased access to capital. Additionally, the bill aims to stimulate job creation and economic revitalization in local communities, thereby benefiting workers and families in those areas.
Key Timelines: Following its introduction, HR 400 has been received in the Senate, where it has been read twice and referred to the Committee on Banking, Housing, and Urban Affairs for further consideration. The timeline for further action will depend on the committee’s review and subsequent legislative processes.
In summary, HR 400 seeks to strengthen the economic foundation of Main Street by enhancing financial support for small businesses, particularly in marginalized communities, through targeted federal investment.
Yea (411)
C
Colin Allred
K
Kelly Armstrong
D
Dan Bishop
E
Earl Blumenauer
J
Jamaal Bowman
K
Ken Buck
L
Larry Bucshon
M
Michael Burgess
C
Cori Bush
K
Ken Calvert
Y
Yadira Caraveo
T
Tony Cárdenas
J
Jerry Carl
M
Matt Cartwright
L
Lori Chavez-DeRemer
D
David Cicilline
G
Gerald Connolly
J
Jason Crow
A
Anthony D'Esposito
L
Lloyd Doggett
J
John Duarte
J
Jeff Duncan
A
A. Ferguson
S
Scott Franklin
M
Mike Gallagher
R
Ruben Gallego
J
John Garamendi
M
Mike Garcia
K
Kay Granger
G
Garret Graves
M
Mark Green
R
Raúl Grijalva
B
Brian Higgins
J
Jeff Jackson
S
Sheila Jackson Lee
B
Bill Johnson
D
Daniel Kildee
D
Derek Kilmer
A
Ann Kuster
J
Jake LaTurner
B
Barbara Lee
D
Debbie Lesko
B
Blaine Luetkemeyer
K
Kathy Manning
L
Lucy McBath
K
Kevin McCarthy
L
Lisa McClain
P
Patrick McHenry
M
Marcus Molinaro
A
Alexander Mooney
G
Grace Napolitano
W
Wiley Nickel
B
Bill Pascrell
D
Donald Payne
M
Mary Peltola
G
Greg Pence
D
Dean Phillips
K
Katie Porter
B
Bill Posey
C
Cathy Rodgers
C
C. Ruppersberger
J
John Rutherford
G
George Santos
J
John Sarbanes
D
David Schweikert
P
Pete Sessions
A
Abigail Spanberger
M
Michelle Steel
C
Chris Stewart
E
Eric Swalwell
R
Rashida Tlaib
D
David Trone
N
Nydia Velázquez
M
Michael Waltz
D
Debbie Wasserman Schultz
B
Brad Wenstrup
J
Jennifer Wexton
S
Susan Wild
B
Brandon Williams
Nay (13)
M
Matt Gaetz
B
Bob Good
M
Matthew Rosendale
