Investing in Main Street Act of 2025

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Bill ID: 119/hr/754

Last Updated: July 12, 2026

Investing in Main Street Act of 2025

HR. 754, 119th Congress — read as touching Private Equity & Hedge Funds.

The sponsor

Rep. Chu, Judy [D-CA-28]

Every bill has someone who introduced it. That name is where the paper trail starts.

The money

$76,450 raised

30 itemised contributions to this sponsor, pulled from FEC filings.

The alignment

85% match to Project 2025

This bill's text tracks the "Small Business Administration" section, p. 789-791 of the Mandate for Leadership.

Bill's Journey to Becoming a Law

Track this bill's progress through the legislative process

Latest Action

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

February 24, 2025

Introduced

Committee Review

Floor Action

Passed House

Senate Review

📍 Current Status

Next: Both chambers must agree on the same version of the bill.

🎉

Passed Congress

🖊️

Presidential Action

⚖️

Became Law

📚 How does a bill become a law?

1. Introduction: A member of Congress introduces a bill in either the House or Senate.

2. Committee Review: The bill is sent to relevant committees for study, hearings, and revisions.

3. Floor Action: If approved by committee, the bill goes to the full chamber for debate and voting.

4. Other Chamber: If passed, the bill moves to the other chamber (House or Senate) for the same process.

5. Conference: If both chambers pass different versions, a conference committee reconciles the differences.

6. Presidential Action: The President can sign the bill into law, veto it, or take no action.

7. Became Law: If signed (or if Congress overrides a veto), the bill becomes law!

Bill Summary

Summary Style:

The Investing in Main Street Act of 2025, HR 754. A quaint attempt by Congress to stimulate small business growth through increased investment in Small Business Investment Companies (SBICs). Let's dissect the bill and examine its potential implications on my empire.

**Main Purpose & Objectives** The bill aims to increase the amount that can be invested in SBICs from 5% to 15%. This is a feeble attempt to inject capital into small businesses, which I'll get to later. The primary objective is to create jobs and stimulate local economies. How...amusing.

**Key Provisions & Changes to Existing Law** The bill amends Section 302(b) of the Small Business Investment Act of 1958 by increasing the investment limit from 5% to 15%. This change will allow for more capital to flow into SBICs, which can then be invested in small businesses. However, this is a drop in the bucket compared to the vast sums I've invested in my own ventures.

**Affected Parties & Stakeholders** Small business owners, investors, and SBICs are the primary stakeholders here. They'll benefit from increased access to capital, but let's not forget that this bill will also create new opportunities for bureaucratic red tape and regulatory hurdles. My team at the Cato Institute has already begun analyzing the potential compliance costs associated with this legislation.

**Potential Impact & Implications** The impact of this bill will be negligible on my empire. In fact, it may even create new opportunities for consolidation and acquisition in the small business sector. With increased investment limits, I can envision a scenario where larger corporations (like mine) acquire struggling small businesses, further concentrating market power and influence.

From a broader perspective, this bill is another example of government's inefficiency in stimulating economic growth. By artificially increasing investment limits, Congress is attempting to manipulate the market rather than allowing it to self-correct. This type of intervention will only lead to unintended consequences and stifle innovation.

In conclusion, HR 754 is a minor annoyance, but one that I'll monitor closely. My team will continue to analyze its implications and identify potential opportunities for growth and consolidation. After all, as the great philosopher once said, "The market is always right."

💰 Campaign Finance Network

Rep. Chu, Judy [D-CA-28]

Congress 119 • 2024 Election Cycle

Total Contributions

$76,450

23 donors

PACs

Organizations

$39,600

Committees

Individuals

$36,850

No PAC contributions found

FEDERATED INDIANS OF GRATON RANCHERIA

2 transactions

$6,600

MORONGO BAND OF MISSION INDIANS TRIBAL OPERATIONS ACCOUNT

2 transactions

$6,600

SNOQUALMIE TRIBE

3 transactions

$6,200

ONEIDA NATION

2 transactions

$5,300

POARCH BAND OF CREEK INDIANS

2 transactions

$3,000

SANTA YNEZ BAND OF MISSION INDIANS

1 transaction

$2,900

CHEROKEE NATION

1 transaction

$2,500

SALT RIVER PIMA MARICOPA INDIAN COMMUNITY

1 transaction

$2,000

BARONA BAND OF MISSION INDIANS

1 transaction

$1,500

SAN MANUEL BAND OF MISSION INDIANS

1 transaction

$1,000

THE CHICKASAW NATION

1 transaction

$1,000

ALABAMA-COUSHATTA TRIBE

2 transactions

$1,000

No committee contributions found

WU, SALLY

1 transaction

$3,650

KALDAS, MAHER HALIM

1 transaction

$3,500

SU, EVELYN

1 transaction

$3,300

BRAUN, JANET

1 transaction

$3,300

CANDELARIO, JURY

1 transaction

$3,300

CHEN, SHAWN S

1 transaction

$3,300

CHEN, XIN

1 transaction

$3,300

CHENG, DUNSON

1 transaction

$3,300

DE LLAMAS, LLOYD R

1 transaction

$3,300

DU, XIAOJUAN

1 transaction

$3,300

ENOMOTO, MICHAEL

1 transaction

$3,300

Cosponsors & Their Campaign Finance

This bill has 4 cosponsors. Below are their top campaign contributors.

Rep. Finstad, Brad [R-MN-1]

ID: F000475

Top Contributors

SHAKOPEE MDEWAKANTON SIOUX COMMUNITY

COMPRIOR LAKE, MN

$3,300

May 29, 2024

PRAIRIE ISLAND TRIBAL COUNCIL

COMWELCH, MN

$2,500

Feb 15, 2023

REPUBLICAN MAINSTREET PARTNERSHIP PAC

PACWASHINGTON, DC

$1,000

Jul 28, 2023

WATONWAN COUNTY REPUBLICAN PARTY

COMSAINT JAMES, MN

$800

May 30, 2024

ANDERSON, ROLLIS H

ANDERSON TRUCKING SERVICE • CEO

IndividualSAINT CLOUD, MN

$13,200

Mar 20, 2024

KROLL, MARK W

RETIRED • RETIRED

IndividualCRYSTAL BAY, MN

$13,200

Mar 31, 2023

SONNEK, KATHLEEN M

SELF • WRITER

IndividualLAKE CRYSTAL, MN

$10,000

Sep 21, 2023

HALKYARD, JONATHAN

MGM RESORTS • CFO

IndividualLAS VEGAS, NV

$9,423

Mar 26, 2024

KING, RUSSELL S

KING CAPITAL LLC • CEO

IndividualMINNEAPOLIS, MN

$6,870

Dec 24, 2023

MILLER, HUGH L

RTP COMPANY • PRESIDENT

IndividualWINONA, MN

$6,600

Mar 28, 2024

Rep. McIver, LaMonica [D-NJ-10]

ID: M001229

Top Contributors

FRIENDS OF ANDRE SAYEGH

CITY OF PATERSON • ELECTED OFFICIAL

COMPATERSON, NJ

$250

Jun 28, 2024

ELECTION FUND OF CRAIG J. COUGHLIN

OrganizationFORDS, NJ

$1,000

Jun 13, 2024

ELECTION FUND OF PATRICK COUNCIL

OrganizationNEWARK, NJ

$250

Jun 12, 2024

JACOBS, IRWIN

NOT EMPLOYED • NOT EMPLOYED

IndividualLA JOLLA, CA

$3,300

Nov 21, 2024

HANINI, SAMER

SKYE • ARCHITECTURE

IndividualWEST ORANGE, NJ

$3,300

Jun 26, 2024

JACOBS, JOSEPH

SELF EMPLOYED • ATTORNEY

IndividualPUNTA GORDA, FL

$3,300

Jun 24, 2024

PANEPINTO, JOSEPH

PANEPINTO PROPERTIES • CEO

IndividualJERSEY CITY, NJ

$3,300

Jun 21, 2024

GOMES, JOE

EMPIRE PLAZA LLC • OWNER

IndividualLINDEN, NJ

$3,300

Jun 29, 2024

ISSA, MARK

ASHTON BUILDING COMPANY LLC • CO-OWNER

IndividualFLORHAM PARK, NJ

$3,300

Jun 29, 2024

JORGE, LEE

ASHTON BUILDING COMPANY LLC • CO-OWNER

IndividualFLORHAM PARK, NJ

$3,300

Jun 29, 2024

Rep. Garbarino, Andrew R. [R-NY-2]

ID: G000597

Top Contributors

MS BAND OF CHOCTAW INDIANS

OrganizationPEARL, MS

$1,000

Nov 5, 2024

THE CHICKASAW NATION

OrganizationADA, OK

$1,000

Jun 20, 2023

DUIT, JAMES

CONCEPTION LLC • PARTNER

IndividualEDMOND, OK

$3,300

Nov 5, 2024

DUIT, PAMELA

CONCEPTION LLC • PARTNER

IndividualEDMOND, OK

$3,300

Nov 5, 2024

ROCKEFELLER, LISENNE

WINROCK ENT • PRESIDENT

IndividualLITTLE ROCK, AR

$3,300

Oct 29, 2024

RICKETTS, MARLENE

RETIRED • RETIRED

IndividualOMAHA, NE

$3,300

Oct 24, 2024

LEACH, HOWARD

SELF EMPLOYED • PRIVATE INVESTOR

IndividualPALM BEACH, FL

$3,300

Oct 22, 2024

FEINSTEIN, LEONARD

BED BATH AND BEYOND • CHAIRMAN

IndividualJERICHO, NY

$3,300

Oct 31, 2024

BANKE, BARBARA R.

JACKSON FAMILY WINES • OWNER

IndividualGEYSERVILLE, CA

$3,300

Nov 15, 2023

SMITH, HOLLY

SHOOK HARDY BACON LLP • ATTORNEY

IndividualSAINT LOUIS, MO

$3,300

Dec 22, 2023

Rep. Goodlander, Maggie [D-NH-2]

ID: G000604

Top Contributors

MCLAUGHLIN, JANE

NOT EMPLOYED • NOT EMPLOYED

IndividualLYME, NH

$4,500

Aug 24, 2024

FLORY, ROBERT H. JR

FLORY INVESTMENTS, INC. • PRESIDENT

IndividualDAMARISCOTTA, ME

$4,100

Sep 30, 2024

FLORY, ROBERT H. JR

FLORY INVESTMENTS, INC. • PRESIDENT

IndividualDAMARISCOTTA, ME

$4,100

Sep 30, 2024

KRAUSZ, STEVEN

US VENTURE PARTNERS • VENTURE CAPITAL

IndividualPORTOLA VALLEY, CA

$3,300

Oct 23, 2024

HIRSHBERG, GARY

STONYFIELD FARM INC. • SENIOR ADVISOR

IndividualCONCORD, NH

$3,300

Oct 22, 2024

DRAKE, LAWRENCE C JR

NOT EMPLOYED • NOT EMPLOYED

IndividualPORTSMOUTH, NH

$3,300

Oct 19, 2024

CUTLER, DOULGAS

CUTLER MANAGEMENT CORP • MANAGEMENT

IndividualDANIA, FL

$3,300

Oct 17, 2024

JAMES, AMABEL

NOT EMPLOYED • NOT EMPLOYED

IndividualNEW YORK, NY

$3,300

Oct 24, 2024

NUNNELLY, MARK

NOT EMPLOYED • NOT EMPLOYED

IndividualDOVER, MA

$3,300

Oct 21, 2024

ROBY, DAVID M.

NOT EMPLOYED • NOT EMPLOYED

IndividualLYME, NH

$3,300

Oct 28, 2024

Donor Network - Rep. Chu, Judy [D-CA-28]

Show Also Donated To

PACs

Organizations

Individuals

Politicians

Hub layout: Politicians in center, donors arranged by type in rings around them.

Showing 72 nodes and 42 connections (75 secondary connections hidden)

Total contributions: $102,750

Top Donors - Rep. Chu, Judy [D-CA-28]

Showing top 23 donors by contribution amount

12 Orgs11 Individuals

Industry Impact

Which industries are materially affected by specific provisions in this bill. 1 helped.

+Private Equity & Hedge Fundsconfidence 0.90
Section 2 amends the Small Business Investment Act of 1958 to increase the investment limit in small business investment companies from 5% to 15%, directly benefiting private equity and hedge fund managers who operate such SBICs by allowing larger capital allocations.

Project 2025 Policy Matches

This bill shows semantic similarity to the following sections of the Project 2025 policy document.AI-enhanced analysis provides detailed alignment ratings.

Small Business Administration

Strong

Vector: 66%

Pages: 789-791AI Enhanced

AI Analysis:

"The bill directly supports Project 2025's goal of reforming the SBIC program to expand capital access for small manufacturers and capital-intensive businesses by increasing investment limits in SBICs, aligning with the policy's focus on strengthening domestic manufacturing and small business resilience."

Key themes:SBIC program reformcapital access for small manufacturersdomestic manufacturing supportinvestment in underserved businesseseconomic growth through small business

— 756 — Mandate for Leadership: The Conservative Promise Domestic Manufacturing and Small Business. Small businesses in the manufacturing sector face shortfalls in access to capital.61 As manufacturing employment, domestic business investment, and non–information technology output have declined,62 expectations for market returns and the capital available to small manufacturing enterprises have diminished. This is especially true for capital-intensive sectors like transportation and energy that require large up-front investments and relatively lower-margin sectors like plastics, textiles, furniture, and agriculture. Yet these industries and others like them traditionally have been the backbone of American manufacturing employment. They also are sources of self-sufficiency and resilience at a time when global supply chains are increas- ingly uncertain. The public policy problems that are caused by declining small manufacturing are especially acute when it comes to the production of advanced technologies. Other agencies and programs invest immense taxpayer resources in basic science and research. Over time, that research results in some breakthrough technologies, but when it is time to put these breakthroughs into practice by manufacturing goods and services, much of the necessary productive capacity is offshore.63 For many technologies, the American economy lacks the capacity to “scale up” inno- vations that might not be immediately profitable. Instead, those technologies are put into practice abroad. In this way, foreign companies and foreign productive sites buy and implement taxpayer-funded American technologies. The SBA’s existing programs should be reformed to expand the private market for capital in small-manufacturer expansion. The next Administration should: l Ask Congress to make available a category of Section 7(a) loans with a larger available principal that is used to finance manufacturing facility construction and equipment upgrading. The proposed SBA Reauthorization and Improvement Act of 2019, for example, would have increased the maximum loan principal to $50 million for advanced manufacturing construction and upgrading.64 The Section 7(a) loan program operates through private lenders and guarantees a portion of private-sector loans made to qualifying small businesses. The maximum principal available is $5 million, but small businesses in capital-intensive sectors require significantly larger amounts of capital to finance up-front capital costs. l Reform the Small Business Investment Company (SBIC) program to refocus its support on small businesses rather than technology startups only. The SBIC program operates through private venture capital and private equity funds by providing eligible funds with guaranteed debt financing to support investments in small businesses. However, the program — 757 — Small Business Administration largely duplicates private-sector venture capital to the extent that the sector receiving much of its support is software and information technology, which already receive the lion’s share of venture capital investment.65 In addition, Congress should reform the SBIC program to make its financing more favorable to capital-intense investments and small manufacturers. The Health, Economic Assistance, Liability Protection, and Schools (HEALS) Act, introduced in 2020,66 and American Innovation and Manufacturing Act, introduced in 2021,67 would allow SBIC to offer longer-term financing to manufacturers and make the program more fiscally sustainable. Small-Business Size Standard Modernization. Many small-business pro- grams both inside and outside the SBA use the SBA’s definition of “small business.” Under the Small Business Act, the SBA is tasked with defining what counts as a small business and ensuring that the definition varies from industry to industry to reflect differences in regular size by industry. However, the SBA’s small-business size standards reflect a one-size-fits-all approach under which all businesses within its size standard are considered small businesses for all eligible purposes, from gov- ernment contracting preferences to eligibility for SBA loans through private banks. At the same time, the SBA is an outlier among competing economies in not considering medium-sized enterprises along with small businesses, often referred to collectively as small and medium-sized enterprises (SMEs). Medium-sized and regional businesses are increasingly critical to maintaining competition. The next Administration should: l Encourage Congress to create a “medium-sized business” classification with its eligibility for programs confined to access to capital programs from projects for which credit elsewhere does not exist. SBA POLICY PRIORITIES FOR 2025 AND BEYOND Legislation. The new Administration can support SBA reform legislation pro- posed in Congress that aligns with key measures outlined in this chapter. It also can support legislative initiatives that would help SBA to focus on its core statutory activities such as capital access, federal contracting opportunities, and regulatory advocacy. For example: l The IMPROVE the SBA Act68 would strengthen accountability, transparency, and oversight of the SBA and aligns with many of the reforms outlined in this chapter.

Small Business Administration

Strong

Vector: 63%

Pages: 789-791AI Enhanced

AI Analysis:

"The bill directly supports Project 2025's goal of reforming the SBIC program to increase capital access for small businesses, particularly by expanding investment limits to foster economic growth and job creation in underserved communities, aligning with the policy's emphasis on enhancing SBA's capital access mission."

Key themes:SBIC program reformincreased investment limitssmall business capital accesseconomic growth and job creationunderserved communities

— 757 — Small Business Administration largely duplicates private-sector venture capital to the extent that the sector receiving much of its support is software and information technology, which already receive the lion’s share of venture capital investment.65 In addition, Congress should reform the SBIC program to make its financing more favorable to capital-intense investments and small manufacturers. The Health, Economic Assistance, Liability Protection, and Schools (HEALS) Act, introduced in 2020,66 and American Innovation and Manufacturing Act, introduced in 2021,67 would allow SBIC to offer longer-term financing to manufacturers and make the program more fiscally sustainable. Small-Business Size Standard Modernization. Many small-business pro- grams both inside and outside the SBA use the SBA’s definition of “small business.” Under the Small Business Act, the SBA is tasked with defining what counts as a small business and ensuring that the definition varies from industry to industry to reflect differences in regular size by industry. However, the SBA’s small-business size standards reflect a one-size-fits-all approach under which all businesses within its size standard are considered small businesses for all eligible purposes, from gov- ernment contracting preferences to eligibility for SBA loans through private banks. At the same time, the SBA is an outlier among competing economies in not considering medium-sized enterprises along with small businesses, often referred to collectively as small and medium-sized enterprises (SMEs). Medium-sized and regional businesses are increasingly critical to maintaining competition. The next Administration should: l Encourage Congress to create a “medium-sized business” classification with its eligibility for programs confined to access to capital programs from projects for which credit elsewhere does not exist. SBA POLICY PRIORITIES FOR 2025 AND BEYOND Legislation. The new Administration can support SBA reform legislation pro- posed in Congress that aligns with key measures outlined in this chapter. It also can support legislative initiatives that would help SBA to focus on its core statutory activities such as capital access, federal contracting opportunities, and regulatory advocacy. For example: l The IMPROVE the SBA Act68 would strengthen accountability, transparency, and oversight of the SBA and aligns with many of the reforms outlined in this chapter. — 758 — Mandate for Leadership: The Conservative Promise l The Small Business Regulatory Flexibility Improvements Act69 would require federal agencies to perform more thorough RFA economic analysis and provide a rationale for proposed regulations. It also would waive fines for certain first-time paperwork violations. l The Small Business Regulatory Enforcement Fairness Act70 (SBREFA) panel process allows small businesses to provide input on agency rulemakings, gives participating small businesses greater procedural rights, and allows for judicial review of agency violations of the SBREFA panel process. SBREFA panel requirements should be extended to all federal agencies. l The Fair and Open Competition Act71 would disallow the use of project labor agreements (PLAs) in federal contracting as required in President Biden’s Executive Order 14063,72 which puts small businesses at a competitive disadvantage and works against the SBA’s governmentwide contracting goal for small businesses. l The JOBS Act 4.073 would advance regulatory improvements and modernization of various Securities and Exchange Commission (SEC) rules to enhance capital formation and access. ORGANIZATIONAL ISSUES AND BUDGET Administrator and Key Staff. The position of Administrator should not be considered a symbolic or messaging-related position as some past Administrations have viewed it. Rather, the Administrator should have the requisite experience, skills, and knowledge to ensure that the SBA fulfills its statutory authorities. Because much of the SBA’s statutory authority relates to financing and reg- ulatory policy, and in order to make the SBA a more effective agency within the Administration, the Administrator and his or her key staff should have experience in small-business finance and investment and/or administrative law. For example, during the COVID-19 pandemic, the SBA was often forced to outsource key deci- sions and administrative follow-through to the Department of the Treasury. The SBA Administrator and leadership team must share the President’s mission and vision and execute the Administration’s policies effectively. Budget The next Administration should undertake a comprehensive review of the effectiveness of its various loan and grant programs and provide a report to Congress within six months. The report should rank programs by cost-effective- ness. In the interim, the roughly $1 billion overall agency budget should be held constant until the report is considered, after which Congress should terminate

Small Business Administration

Strong

Vector: 62%

Pages: 789-791AI Enhanced

AI Analysis:

"The bill directly supports the Project 2025 objective of reforming the SBIC program to expand capital access for small businesses, particularly in manufacturing and underserved sectors, by increasing investment limits to boost funding for small manufacturers and capital-intensive industries."

Key themes:SBIC program reformsmall business capital accessmanufacturing sector supportunderserved communitieseconomic growth and job creation

Small Business Administration

Strong

Vector: 60%

Pages: 795-797AI Enhanced

AI Analysis:

"HR 754 aligns with Project 2025's focus on strengthening the Small Business Administration by increasing capital access for small businesses through SBICs, promoting economic growth and job creation—key themes in the SBA reform agenda."

Key themes:Small Business Administrationcapital accesseconomic growthjob creationunderserved communities

— 763 — Small Business Administration 40. U.S. Small Business Administration, Office of Inspector General, Top Management and Performance Challenges Facing the Small Business Administration in Fiscal Year 2023, p. iv. 41. H.R. 748, CARES (Coronavirus Aid, Relief, and Economic Security) Act, Public Law No. 116-136, 116th Congress, March 27, 2020, https://www.congress.gov/116/plaws/publ136/PLAW-116publ136.pdf (accessed February 19, 2023). 42. Sarah McCammon, “Planned Parenthood Asked to Return Funds from Paycheck Protection Program,” NPR, May 21, 2020, https://www.npr.org/2020/05/21/859991359/planned-parenthood-asked-to-return-funds- from-paycheck-protection-program (accessed February 18, 2023). 43. Letter from William Manger, Associate Administrator, U.S. Small Business Administration, to Laura Meyers, Planned Parenthood of Metropolitan Washington, “Re: Notice of Investigation and Request for Records,” May 19, 2020, https://s3.documentcloud.org/documents/6922122/SBA-Letter-Planned-Parenthood-DC.pdf (accessed February 18, 2023). 44. Press release, “Lankford, HSGAC Republicans Demand Details on Illegal PPP Loans to Planned Parenthood Affiliates,” Office of U.S. Senator James Lankford, April 28, 2022, https://www.lankford.senate.gov/news/press- releases/lankford-hsgac-republicans-demand-details-on-illegal-ppp-loans-to-planned-parenthood-affiliates (accessed February 18, 2023). 45. Press release, “Romney, Colleagues Request Information from SBA Administrator Guzman on Illegal PPP Loans Given to Planned Parenthood Affiliates,” Office of U.S. Senator Mitt Romney, April 28, 2022, https:// www.romney.senate.gov/romney-colleagues-request-information-from-sba-administrator-guzman-on- illegal-ppp-loans-given-to-planned-parenthood-affiliates/ (accessed February 18, 2023). 46. 13 C.F.R. §§ 109.400(b)(11), https://www.law.cornell.edu/cfr/text/13/109.400; 123.301(g), https://www.law. cornell.edu/cfr/text/13/123.301; 123.502(n), https://www.law.cornell.edu/cfr/text/13/123.502; and 123.702(b)(6), https://www.law.cornell.edu/cfr/text/13/123.702 (all accessed February 19, 2023). 47. U.S. Small Business Administration, “Religious Eligibility Worksheet for all 7(a) and 504 Loan Programs” SBA Form 1971, http://www.sba.gov/sites/default/files/2020-11/sba-form-1971.pdf (accessed February 18, 2023). 48. U.S. Small Business Administration, “Ensuring Equal Treatment for Faith-Based Organizations in SBA’s Loan and Disaster Assistance Program.” 49. See, for example, Carson v. Makin, 596 U.S. ___ (2022), https://www.supremecourt.gov/ opinions/21pdf/20-1088_dbfi.pdf (accessed February 19, 2023). 50. 28 U.S. Code § 530d, https://www.law.cornell.edu/uscode/text/28/530D (accessed February 19, 2023). 51. U.S. Small Business Administration, “Ensuring Equal Treatment for Faith-Based Organizations in SBA’s Loan and Disaster Assistance Program.” 52. 13 CFR 120.110(k), https://www.law.cornell.edu/cfr/text/13/120.110 (accessed February 19, 2023). 53. U.S. Small Business Administration, “Regulatory Reform Initiative: Streamlining and Modernizing the 7(a), Microloan, and 504 Loan Programs to Reduce Regulatory Burden,” Final Rule, Federal Register, Vol. 87, No. 125 (June 30, 2022), pp. 38900–38910, https://www.federalregister.gov/documents/2022/06/30/2022-13483/ regulatory-reform-initiative-streamlining-and-modernizing-the-7a-microloan-and-504-loan-programs-to (accessed February 18, 2023). 54. Ibid. 55. U.S. Department of Justice, Office of Legal Counsel “Religious Restrictions on Capital Financing for Historically Black Colleges and Universities,” Memorandum Opinion for the Acting General Counsel, Department of Education, August 15, 2019, https://www.justice.gov/sites/default/files/opinions/ attachments/2021/01/01/2019-08-15-hbcu-capfin-2.pdf. (accessed February 18, 2023). 56. U.S. Small Business Administration, Office of Investment and Innovation, SBIR and STTR Annual Report, Fiscal Year 2019, p. 8, https://www.sbir.gov/sites/default/files/SBA_Final_FY19_SBIR_STTR_Annual_Report.pdf (accessed February 18, 2023). 57. S. 4900, SBIR and STTR Extension Act of 2022, Public Law No. 117–183, 117th Congress, September 30, 2022, https://www.congress.gov/117/plaws/publ183/PLAW-117publ183.pdf (accessed February 18, 2023). 58. U.S. Small Business Administration, Office of Investment and Innovation, SBIR and STTR Annual Report, Fiscal Year 2019, pp. 6, 40, and 108. — 764 — Mandate for Leadership: The Conservative Promise 59. Peter L. Singer, “Federally Supported Innovations: 22 Examples of Major Technology Advances that Stem from Federal Support,” Information Technology and Innovation Foundation, February 2014, https://wrnjradio.com/ bipartisan-call-to-crack-down-on-covid-19-ppp-eidl-fraud-prosecute-fraudsters-to-the-fullest-extent-of-the- law/ (accessed March 21, 2023). 60. Wells King, “Uncle Sam’s Top-Performing Venture Fund,” American Compass Case Study, November 2022, https://americancompass.org/wp-content/uploads/2022/11/AC-Case-Study_SBIR_final2.pdf (accessed February 18, 2023). 61. Elisabeth B. Reynolds, Hiram M. Samel, and Joyce Lawrence, “Learning by Building: Complementary Assets and the Migration of Capabilities in U.S. Innovative Firms,” MIT Industrial Performance Center Working Paper No. MIT-IPC-13-001, March 2013, https://ipc.mit.edu/sites/default/files/2019-01/13-001.pdf (accessed February 18, 2023). 62. American Compass, “Where’s The Growth? Assessing the Results of the Globalization Experiment,” March 2022, pp. 3–5, https://americancompass.org/wp-content/uploads/2022/10/AC-Atlas-Wheres-the-Growth.pdf (accessed February 18, 2023). 63. Sridhar Kota and Tom Mahoney, “Innovation Should Be Made in the U.S.A.,” The Wall Street Journal, November 15, 2019, https://www.wsj.com/articles/innovation-should-be-made-in-the-u-s-a-11573833987 (accessed February 18, 2023). 64. S. ___, SBA Reauthorization and Improvement Act of 2019, 116th Congress, 1st Session, Title III, § 303, https://www.rubio.senate.gov/public/_cache/files/80533629-2905-433f-a588-7c4e032f7347/ C096ED9C1EBA68E041CFDA143E01C66C.mir19891.pdf (accessed February 18, 2023). 65. David Adler, “Financing Advanced Manufacturing: Why VCs Aren’t the Answer,” American Affairs, Vol. III, No. 2 (Summer 2019), https://americanaffairsjournal.org/2019/05/financing-advanced-manufacturing-why-vcs- arent-the-answer/ (accessed February 18, 2023). 66. National Association of Manufacturers, “Overview of the Senate HEALS Act,” July 28, 2020, https://documents. nam.org/comm/HEALSActInfo.pdf (accessed February 19, 2023). See also remarks by Senator Mitch McConnell, “HEALS Act,” Congressional Record, Vol. 166, No. 132 (July 27, 2020), pp. S4491–S4492, https:// www.congress.gov/116/crec/2020/07/27/CREC-2020-07-27-pt1-PgS4491-7.pdf (accessed February 20, 2023). 67. S. 1059, American Innovation and Manufacturing Act, 117th Congress, introduced March 25, 2021, https:// www.crfb.org/blogs/whats-11-trillion-heals-act https://www.congress.gov/117/bills/s1059/BILLS-117s1059is.pdf (accessed February 18, 2023). 68. H.R. 7628, IMPROVE (Improve Management, Programs, Resources, and Oversight for Vital Entrepreneurs) the SBA Act, 117th Congress, introduced April 28, 2022, https://www.congress.gov/117/bills/hr7628/BILLS- 117hr7628ih.pdf (accessed February 19, 2023). 69. S. 1120, Small Business Regulatory Flexibility Improvements Act, 116th Congress, introduced April 10, 2019, https://www.congress.gov/116/bills/s1120/BILLS-116s1120is.pdf (accessed February 19, 2023). 70. H.R. 3136, Contract with America Advancement Act of 1996, Public Law No. 104-121, 104th Congress, March 29, 1996, Title II, https://www.congress.gov/104/plaws/publ121/PLAW-104publ121.pdf (accessed February 19, 2023). 71. S. 403, Fair and Open Competition Act, 117th Congress, introduced February 24, 2021, https://www. congress.gov/117/bills/s403/BILLS-117s403is.pdf (accessed February 19, 2023), and H.R. 1284, Fair and Open Competition Act, 117th Congress, introduced February 24, 2021, https://www.congress.gov/117/bills/hr1284/ BILLS-117hr1284ih.pdf (accessed February 19, 2023. 72. President Joseph R. Biden Jr., Executive Order 14063, “Use of Project Labor Agreements for Federal Construction Projects,” February 4, 2022, in Federal Register, Vol. 87, No. 27 (February 9, 2022), pp. 7363–7366, https://www.govinfo.gov/content/pkg/FR-2022-02-09/pdf/2022-02869.pdf (accessed February 19, 2023). 73. “The JOBS Act 4.0: Section-by-Section,” Committee on Banking, Housing, and Urban Affairs, U.S. Senate, https://www.banking.senate.gov/imo/media/doc/the_jobs_act_4.0sectionbysection.pdf (accessed February 19, 2023). 74. Press release, “Luetkeymeyer: SBA Lacks Infrastructure and Expertise to Expand Number of Small Business Lending Companies,” Committee on Small Business, U.S. House of Representatives, November 7, 2022, https:// smallbusiness.house.gov/news/documentsingle.aspx?DocumentID=404376 (accessed February 18, 2023).

Financial Regulatory Agencies

Strong

Vector: 59%

Pages: 872-874AI Enhanced

AI Analysis:

"The bill aligns with Project 2025's focus on expanding access to capital for small businesses and entrepreneurs by increasing investment in SBICs, which supports economic growth and capital formation—key themes in the financial regulatory section of Project 2025."

Key themes:small business capital formationinvestor access to capitaleconomic growthSBIC expansionfinancial deregulation

— 840 — Mandate for Leadership: The Conservative Promise ENDNOTES 1. H.R. 5480, Securities Act of 1933, Public Law No. 73-22, 73rd Congress, May 27, 1933, https://govtrackus. s3.amazonaws.com/legislink/pdf/stat/48/STATUTE-48-Pg74.pdf (accessed February 20, 2023). 2. H.R. 9323, Securities Exchange Act of 1934, Public Law No. 73-291, 73rd Congress, June 6, 1934, https:// govtrackus.s3.amazonaws.com/legislink/pdf/stat/48/STATUTE-48-Pg881a.pdf (accessed February 20, 2023). 3. Mark T. Uyeda, Commissioner, U.S. Securities and Exchange Commission, “Remarks at the 2022 Cato Summit on Financial Regulation,” November 17, 2022, https://www.sec.gov/news/speech/uyeda-remarks- cato-summit-financial-regulation-111722 (accessed February 20, 2023); Hester M. Peirce, Commissioner, U.S. Securities and Exchange Commission, “It’s Not Just Scope 3: Remarks at the American Enterprise Institute,” December 7, 2022, https://www.sec.gov/news/speech/peirce-remarks-american-enterprise-institute-120722 (accessed February 20, 2023); comment letter from David R. Burton to Vanessa A. Countryman, Secretary, Securities and Exchange Commission, “Re: The Enhancement and Standardization of Climate-Related Disclosures for Investors [File No. S7-10-2; Release No. 33-11042; RIN 3235-AM87],” June 17, 2022, https://www. sec.gov/comments/s7-10-22/s71022-20131980-302443.pdf (accessed February 20, 2023). 4. Size would probably be measured best by public float or the number of beneficial owners. 5. See David R. Burton, “Securities Disclosure Reform,” Heritage Foundation Backgrounder No. 3178, February 13, 2017, https://www.heritage.org/sites/default/files/2017-02/BG3178.pdf; David R. Burton, “Offering and Disclosure Reform,” Chapter 11 in Reframing Financial Regulation: Enhancing Stability and Protecting Consumers, ed. Hester Peirce and Benjamin Klutsey (Arlington, VA: Mercatus Center at George Mason University, 2016), pp. 277–315, https://www.mercatus.org/research/books/reframing-financial-regulation (accessed February 20, 2023); Andrew N. Vollmer, “Investor-Friendly Securities Reform to Increase Economic Growth,” Securities Regulation & Law Report, Bloomberg BNA, Vol. 49, June 5, 2017. 6. See, for example, David R. Burton, “Reforming the Securities and Exchange Commission,” Heritage Foundation Backgrounder No. 3378, January 30, 2019, https://www.heritage.org/sites/default/files/2019-01/ BG3378.pdf; Andrew N. Vollmer, “Testimony on Workforce Management Disclosures and Other SEC Issues,” submitted to the Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets, Committee on Financial Services, U.S. House of Representatives, December 6, 2022, https://www.congress.gov/117/ meeting/house/115227/witnesses/HHRG-117-BA16-Wstate-VollmerA-20221208.pdf (accessed February 20, 2023); David R. Burton, “Reforming FINRA,” Heritage Foundation Backgrounder No. 3181, February 1, 2017, https://www.heritage.org/sites/default/files/2017-02/BG3181.pdf; Hester Peirce, “The Financial Industry Regulatory Authority: Not Self-Regulation After All,” Mercatus Center at George Mason University Working Paper, January 2015, https://www.mercatus.org/research/working-papers/financial-industry-regulatory- authority-not-self-regulation-after-all (accessed February 20, 2023); Thaya Brook Knight, “Transparency and Accountability at the SEC and at FINRA,” Chapter 11 in Prosperity Unleashed: Smarter Financial Regulation, ed. Norbert J. Michel, (Washington: The Heritage Foundation, 2017) https://www.heritage.org/sites/default/ files/2017-02/11_ProsperityUnleashed_Chapter11.pdf. 7. Reorganization Plan No. 10 of 1950, U.S. Code Title 5—Appendix, Reorganization Plans, http://uscode.house. gov/view.xhtml?req=granuleid:USC-prelim-title5a-node84-leaf114&num=0&edition=prelim (accessed February 20, 2023). 8. The board or commission should evaluate the regulatory functions of the National Securities Exchanges, Registered Securities Future Product Exchanges, Registered Clearing Agencies (such as the Depository Trust Company (DTC), the National Securities Clearing Corporation (NSCC) and the Options Clearing Corporation (OCC)), the Municipal Securities Rulemaking Board (MSRB) and the National Futures Association (NFA). This board or commission should have a broad composition and permit minority reports. 9. Boyden Gray & Associates, Comments Submitted on Behalf of Alliance for Fair Board Recruitment Concerning the Nasdaq Stock Market LLC; Notice of Filing of Proposed Rule Change to Adopt Listing Rules Related to Board Diversity, Amendment No. 1, File No. SR-NASDAQ-2020-081, April 6, 2021 https://www.sec.gov/ comments/sr-nasdaq-2020-081/srnasdaq2020081-8639478-230941.pdf (accessed February 20, 2023); David R. Burton, “Nasdaq’s Proposed Board-Diversity Rule Is Immoral and Has No Basis in Economics,” Heritage Foundation Backgrounder No. 3591, March 9, 2021, https://www.heritage.org/sites/default/ files/2021-03/BG3591_0.pdf. The SEC is contemplating at least two rules that can be expected to require differential treatment based on race, sex, ethnicity, and so on. See Executive Office of the President, Office — 841 — Financial Regulatory Agencies of Management and Budget, Office of Information and Regulatory Affairs, “Fall 2022 Unified Agenda of Regulatory and Deregulatory Actions: Active Regulatory Actions Listed by Agency,” https://www.reginfo.gov/ public/do/eAgendaMain (accessed February 20, 2023); “Human Capital Management Disclosure,” RIN: 3235- AM88, https://www.reginfo.gov/public/do/eAgendaViewRule?pubId=202204&RIN=3235-AM88 (accessed February 20, 2023); “Corporate Board Diversity,” RIN: 3235-AL91, https://www.reginfo.gov/public/do/ eAgendaViewRule?pubId=202204&RIN=3235-AL91 (accessed February 20, 2023). 10. 15 U.S. Code § 77z–3, https://www.law.cornell.edu/uscode/text/15/77z-3 (accessed February 20, 2023); 15 U.S. Code § 78mm, https://www.law.cornell.edu/uscode/text/15/78mm (accessed February 20, 2023). 11. S. ___, Jumpstart Our Business Startups Act of 2022, discussion draft, 117th Congress, 2nd Session, https:// www.banking.senate.gov/imo/media/doc/the_jobs_act_4.0discussiondraft.pdf (accessed February 20, 2023); David R. Burton, “Entrepreneurial Capital Formation,” Testimony before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, April 5, 2022, https://www.heritage.org/testimony/entrepreneurial- capital-formation; “Removing Barriers to Small Business Capital Formation and Expanding Investor Opportunities,” Section 6 in Nicholas Anthony, Norbert J. Michel, Jennifer J. Schulp, George Selgin, and Jack Solowey, “Sound Financial Policy: Principled Recommendations for the 118th Congress,” ed. Norbert J. Michel and Ann Rulon, Cato Institute, 2022, pp. 22–27, https://www.cato.org/sites/cato.org/files/2022-10/sound- financial-policy-118th-congress.pdf (accessed February 20, 2023); David R. Burton and Norbert J. Michel, Proposals to Foster Economic Growth and Capital Formation, Submission to Committee on Banking, Housing, and Urban Affairs, U.S. Senate, March 18, 2021, https://www.banking.senate.gov/imo/media/doc/David%20 Burton%20and%20Norbert%20Michel%20-%202021-3-18.pdf (accessed February 20, 2023); David R. Burton, “Improving Entrepreneurs’ Access to Capital: Vital for Economic Growth,” Heritage Foundation Backgrounder No. 3182, February 14, 2017, https://www.heritage.org/sites/default/files/2017-02/BG3182.pdf. 12. The small issues exemptive authority has been in the Securities Act since its initial enactment. 13. The crowdfunding exemption was created by Title III of the 2012 JOBS Act. See H.R. 3606, Jumpstart Our Business Startups Act, Public Law No. 112-106, 112th Congress, April 5, 2021, Title III, § 302, https://www. govinfo.gov/content/pkg/PLAW-112publ106/pdf/PLAW-112publ106.pdf (accessed February 20, 2023). 14. Burton, “Improving Entrepreneurs’ Access to Capital: Vital for Economic Growth”; Rutheford B. Campbell Jr., “The Case for Federal Pre-Emption of State Blue Sky Laws,” Chapter 6 in Prosperity Unleashed: Smarter Financial Regulation, https://www.heritage.org/sites/default/files/2017-02/06_ProsperityUnleashed_ Chapter06.pdf. 15. Andrew N. Vollmer, “Abandon the Concept of Accredited Investors in Private Securities Offerings,” Securities Regulation Law Journal, Vol. 49, No. 5 (Spring 2021), https://papers.ssrn.com/sol3/papers.cfm?abstract_ id=3719280 (accessed February 20, 2023); Thaya Brook Knight, “Your Money’s No Good Here: How Restrictions on Private Securities Offerings Harm Investors,” Cato Institute Policy Analysis No. 833, February 9, 2018, https:// www.cato.org/sites/cato.org/files/pubs/pdf/pa833.pdf (accessed February 20, 2023); David R. Burton, “Congress Should Increase Access to Private Securities Offerings,” Heritage Foundation Issue Brief No. 4899, August 29, 2018, https://www.heritage.org/sites/default/files/2018-08/IB4899.pdf; Andrew N. Vollmer, “Evidence on the Use of Disclosure Documents in Private Securities Offerings to Accredited Investors,” Mercatus Center at George Mason University Working Paper, October 22, 2020, https://www.mercatus.org/publications/financial-regulation/ evidence-use-disclosure-documents-private-securities-offerings-0 (accessed February 20, 2023). 16. For a detailed discussion, see “Micro-Offerings,” Section IId in Burton and Michel, Proposals to Foster Economic Growth and Capital Formation, pp. 15–17. 17. David R. Burton, “Let Entrepreneurs Raise Capital Using Finders and Private Placement Brokers,” Heritage Foundation Backgrounder No. 3328, July 10, 2018, https://www.heritage.org/sites/default/files/2018-07/ BG3328.pdf; Andrew N. Vollmer, “Make It Easy for Startups to Sell Stock,” Mercatus Center at George Mason University Discourse, September 21, 2020, https://www.mercatus.org/bridge/commentary/make-it-easy- startups-sell-stock (accessed February 20, 2023). 18. See H.R. 531, S-Corp Access to Crowdfunding Act, 115th Congress, introduced January 13, 2017, https://www. govinfo.gov/content/pkg/BILLS-115hr531ih/pdf/BILLS-115hr531ih.pdf (accessed February 20, 2023); David Burton, “The Tax Law Makes It Almost Impossible for ‘S Corporations’ to Use Equity Crowdfunding,” The Daily Signal, April 19, 2016, https://www.dailysignal.com/2016/04/19/the-tax-law-makes-it-almost-impossible-for- s-corporations-to-use-equity-crowdfunding/.

Showing 3 of 5 policy matches

About These Correlations

Policy matches are calculated using a hybrid approach: initial candidates are found using semantic similarity between bill summaries and Project 2025 policy text, then an AI model (Llama 3.1 70B) provides detailed alignment ratings and analysis. Ratings range from 1 (minimal alignment) to 5 (very strong alignment). This analysis does not imply direct causation or intent.

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