Investing in All of America Act of 2025

Bill Number: H.R. 2066
Origin Chamber: House
Congress: 119th Congress, Session 1
Policy Area: Commerce
Status: Became Law
Became Law: Public Law 119-92
Latest Action: 2026-05-19: Became Public Law No: 119-92.
Last Updated: 2026-06-29T20:45:09Z

AI-Generated Summary

Purpose

The Investing in All of America Act of 2025 (H.R. 2066) amends the Small Business Investment Act of 1958 to adjust leverage limits for Small Business Investment Companies (SBICs). SBICs are government-backed funds that provide capital to small businesses. It excludes certain investments from these limits to encourage funding for small businesses in rural or low-income areas, critical technology areas, and small manufacturers.

Key Provisions

Short Title: Officially named the "Investing in All of America Act of 2025."
Updated Definitions (Section 103(9)):
Expands "qualified private funds" to include certain pension plans, foundations, endowments, or trusts of colleges/universities.
Excludes most government funds from counting as private capital, except specific pre-existing or qualified sources.
Maximum Leverage Changes (Section 303(b)(2)):
Reduces the base leverage ratio from 300% to 200% of private capital for SBICs.
Sets leverage caps:

| SBIC Type | Leverage Cap | |-----------|--------------| | Quarterly/semiannual interest payments | $250 million | | Other SBICs | $175 million | | Commonly controlled with quarterly/semiannual payments | $475 million | | Other commonly controlled | $350 million |

Exclusions from Leverage Calculation:
Investments in small businesses located in low-income geographic areas (as defined in existing law), rural areas (per Agricultural Act definitions), critical technology areas (e.g., defense-related tech per U.S. Code), or small manufacturers (per Act definitions) do not count toward leverage limits.
Exclusion limited to the lesser of 50% of the SBIC's private capital or $125 million.
Applies only to new investments made after the date of enactment.

Significant Changes to Existing Law

Lowers overall leverage ratios and adjusts caps based on payment structure and control.
Broadens exclusions beyond low-income areas to include rural areas, critical technologies, and small manufacturers.
Refines definitions of private funds to prevent most government money from inflating leverage eligibility.
Makes exclusions prospective (future-only) to avoid retroactive impacts.

Potential Impacts

Government Agencies: Small Business Administration (SBA) gains flexibility in approving higher leverage for targeted investments, potentially increasing program activity.
Citizens/Small Businesses: More capital available for small firms in underserved rural/low-income regions, tech sectors vital to national security, and manufacturing, fostering job growth and economic development.
International Relations: Indirect boost to U.S. critical technologies, enhancing competitiveness against global rivals.
Overall, shifts SBIC focus toward strategic, high-need areas without unlimited leverage.

Main Stakeholders Affected

SBICs: Can access higher leverage for qualifying investments, but face tighter base limits.
Small Businesses: Especially in rural/low-income areas, critical tech (e.g., AI, semiconductors), and manufacturing—gain easier access to funding.
Investors: Pension funds, endowments, universities—expanded eligibility for private capital contributions.
SBA: Administers changes, including leverage approvals and definitions.
Government: Limits on using public funds to game leverage rules.

Notable Legal, Constitutional, or Political Implications

Legal: Clarifies and tightens rules on leverage to ensure SBIC stability while promoting targeted investments; prospective application avoids disrupting existing deals.
Constitutional: No apparent issues—falls under Congress's commerce clause authority to support small businesses.
Political: Supports bipartisan goals of rural development, manufacturing resurgence ("Made in America"), and tech innovation without broad deregulation.

This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.

Sponsor

Rep. Meuser, Daniel [R-PA-9]

Cosponsors (8)

Rep. Scholten, Hillary J. [D-MI-3], Rep. Wied, Tony [R-WI-8], Rep. Fitzpatrick, Brian K. [R-PA-1], Del. King-Hinds, Kimberlyn [R-MP-At Large], Rep. Davids, Sharice [D-KS-3], Rep. Davis, Donald G. [D-NC-1], Rep. LaLota, Nick [R-NY-1], Rep. Vindman, Eugene Simon [D-VA-7]

Recent Actions

2026-05-19: Became Public Law No: 119-92.
2026-05-19: Became Public Law No: 119-92.
2026-05-19: Signed by President.
2026-05-19: Signed by President.
2026-05-12: Presented to President.
2026-05-12: Presented to President.
2026-04-16: Message on Senate action sent to the House.
2026-04-15: Passed Senate without amendment by Unanimous Consent. (consideration: CR S1789-1790)
2026-04-15: Passed/agreed to in Senate: Passed Senate without amendment by Unanimous Consent.
2026-04-15: Senate Committee on Small Business and Entrepreneurship discharged by Unanimous Consent.
2026-04-15: Senate Committee on Small Business and Entrepreneurship discharged by Unanimous Consent.
2025-12-02: Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
2025-12-01: Motion to reconsider laid on the table Agreed to without objection.
2025-12-01: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4918)
2025-12-01: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4918)

Bill Versions

Investing in All of America Act of 2025 — issued 2025-12-01 — PDF (8 pages)
Investing in All of America Act of 2025 — issued 2026-04-17 — PDF (3 pages)
Investing in All of America Act of 2025 — issued 2025-03-11 — PDF (7 pages)
Investing in All of America Act of 2025 — issued 2025-12-02 — PDF (6 pages)
Investing in All of America Act of 2025 — issued 2025-08-15 — PDF (8 pages)