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I
116TH CONGRESS
2D SESSION
H. R. 6348
To fully implement the Initiative to Build Growth Equity Funds for Minority
Businesses, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
MARCH 23, 2020
Ms. GARCIA of Texas introduced the following bill; which was referred to the
Committee on Financial Services, and in addition to the Committee on
Small Business, for a period to be subsequently determined by the Speak-
er, in each case for consideration of such provisions as fall within the ju-
risdiction of the committee concerned
A BILL
To fully implement the Initiative to Build Growth Equity
Funds for Minority Businesses, and for other purposes.
Be it enacted by the Senate and House of Representa-
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tives of the United States of America in Congress assembled,
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SECTION 1. FUNDING OF THE INITIATIVE TO BUILD
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GROWTH
EQUITY
FUNDS
FOR
MINORITY
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BUSINESSES.
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(a) GRANT.—The Minority Business Development
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Agency shall provide a grant of $3,000,000,000 to fully
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implement the Initiative to Build Growth Equity Funds
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for Minority Businesses (the ‘‘Initiative’’; award number
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MB19OBD8020113), including to use such amounts as
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capital for the Equity Funds.
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(b) ADMINISTRATIVE EXPENSES.—Of the amounts
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provided under subsection (a), the grant recipient may use
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not more than 2.25 percent of such amount for adminis-
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trative expenses, of which—
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(1) not more than 1.5 percent may be used for
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fees to be paid to investment managers for fund in-
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vestment activities, including deal sourcing, due dili-
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gence, investment monitoring, and investment re-
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porting; and
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(2) not more than 0.75 percent may be used for
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fund administration activities by the grant recipient,
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including fund manager evaluation, selection, moni-
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toring, and overall fund program management.
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(c) TREATMENT
OF INTEREST.—Notwithstanding
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any other provision of law, with the approval of the Minor-
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ity Business Development Agency, grant funds made
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available under subsection (a) may be deposited in inter-
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est-bearing accounts pending disbursement, and any inter-
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est which accrues may be retained without returning such
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interest to the Treasury of the United States and interest
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earned may be obligated and expended for the purposes
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for which the grant was made available without further
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appropriation.
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(d) REPORTING AND AUDIT REQUIREMENTS.—
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(1) REPORTING BY RECIPIENT.—The grant re-
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cipient under this section shall issue a report to the
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Minority Business Development Agency every 6
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months detailing the use of grant funds received
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under this section and any other information that
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the Minority Business Development Agency may re-
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quire.
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(2) ANNUAL REPORT TO CONGRESS.—The Mi-
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nority Business Development Agency shall issue an
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annual report to the Congress containing the infor-
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mation received under paragraph (1) and an anal-
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ysis of the implementation of the Initiative.
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(3) GAO AUDIT.—The Comptroller General of
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the United States shall, every 2 years, carry out an
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audit of the Initiative and issue a report to the Con-
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gress and the Minority Business Development Agen-
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cy containing the results of such audit.
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(e) FUNDING.—There is authorized to be appro-
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priated to the Minority Business Development Agency
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$3,000,000,000 to make the grant described under sub-
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section (a).
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Æ
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