Berks County News

Legislation introduced by Representatives Dan Meuser (R-PA) and Hillary Scholten (D-MI), known as H.R. 5333, the Investing in All of America Act of 2023, has successfully passed in the House of Representatives. The bill aims to incentivize greater private capital investments in small businesses, particularly those in rural or low-income areas, and those operating in the national security sector.

Small Business Investment Companies (SBICs) play a crucial role in this legislation, as they raise private capital matched with leverage by the Small Business Administration (SBA) to invest directly into small businesses. Congressman Dan Meuser highlighted the significance of this bill, stating, "My bill is not just about supporting small businesses; it's about bolstering economic growth and revitalization in northeastern and central Pennsylvania, as well as similar regions nationwide."

The Investing in All of America Act seeks to increase investment in underserved communities by incentivizing the deployment of additional capital to small businesses in these areas. This initiative aims to address the current disparity in investment reaching low to middle-income communities, with the goal of significantly increasing the support to these areas.

Brett Palmer, President of the Small Business Investor Alliance, commended the legislation, stating, "This is smart policy that will help small businesses access the capital they need to grow, particularly in underserved parts of the country, without new federal spending, regulations, or mandates."

The bill was reported favorably by the Small Business Committee and passed unanimously in the House of Representatives. It now awaits further consideration by the United States Senate. A list of cosponsors of the Investing in All of America Act includes Representatives from various states across the country who have shown their support for the initiative.

The Investing in All of America Act of 2023 represents a significant step towards incentivizing private capital investments in underserved areas, with the potential to stimulate economic growth and support small businesses across the nation.