Investing in All of America Act of 2025

Today's wording of each part of the law, with what was struck out and added. Each change also gives the bill's own instruction, word for word.

1. 15 U.S.C. 662(9)(A)(ii)changedby H.R. 2066 Sec. 2(a)

   (ii) unfunded binding commitments, from investors that meet criteria established by the Administrator, to contribute capital to the licensee: Provided, That such unfunded commitments may be counted as private capital for purposes of approval by the Administrator of any request for leverage, but leverage shall not be funded based on such commitments; and

   The bill says: in subparagraph (A)(ii), by striking "and" at the end;

   Bill text · Current law (15 U.S.C. 662)

2. 15 U.S.C. 662(9)(B)(iii)(I)changedby H.R. 2066 Sec. 2(a)

   (I) funds obtained from the business revenues (excluding any governmental appropriation) of any federally chartered or government-sponsored corporation established prior to October 1, 1987;

   The bill says: in subclause (I), by striking "established prior to October 1, 1987";

   Bill text · Current law (15 U.S.C. 662)

3. 15 U.S.C. 662(9)(B)(iii)(II)changedby H.R. 2066 Sec. 2(a)

   (II) funds invested by an employee welfare benefit plan or pension plan; and

   The bill says: by striking "or" and inserting a comma; and

   Bill text · Current law (15 U.S.C. 662)

4. 15 U.S.C. 662(9)(B)(iii)(II)changedby H.R. 2066 Sec. 2(a)

   (II) funds invested by an employee welfare benefit plan or pension plan , foundation, endowment, or trust of any college or university; and

   The bill says: by inserting ", foundation, endowment, or trust of any college or university" after "pension plan"; and

   Bill text · Current law (15 U.S.C. 662)

5. 15 U.S.C. 662(9)(B)(iii)(III)changedby H.R. 2066 Sec. 2(a)

   The bill says: in subclause (III), by striking the semicolon at the end and inserting "; and"; and

   Bill text · Current law (15 U.S.C. 662)

6. 15 U.S.C. 662(9)added (C)by H.R. 2066 Sec. 2(a)

   (C) does not include any funds obtained directly or indirectly from any Federal, State, or local government or any government agency or instrumentality, except for funds described in subclauses (I) through (III) of subparagraph (B)(iii), for the purpose of approval by the Administrator of any request for leverage.

   The bill says: by adding at the end the following new subparagraph:

   Bill text · Current law (15 U.S.C. 662)

7. 15 U.S.C. 683(b)(2)(A)(i)changedby H.R. 2066 Sec. 2(b)

   (i) 300200 percent of such company's private capital; or

   The bill says: in clause (i), by striking "300" and inserting "200"; and

   Bill text · Current law (15 U.S.C. 683)

8. 15 U.S.C. 683(b)(2)(A)rewrittenby H.R. 2066 Sec. 2(b)

   (ii)(I) with respect to such a company that makes quarterly or semiannual interest payments $250,000,000; or(II) $175,000,000 with respect to any other company licensed under section 301(c).

   The bill says: by amending clause (ii) to read as follows:

   Bill text · Current law (15 U.S.C. 683)

9. 15 U.S.C. 683(b)(2)(B)changedby H.R. 2066 Sec. 2(b)

   (B) Multiple licenses under common control.—The maximum amount of outstanding leverage made available to two or more companies licensed under section 681(c) of this title that are commonly controlled (as determined by the Administrator) and not under capital impairment may not exceed $350,000,000.

   The bill says: in subparagraph (B), by striking "may not exceed $350,000,000." and inserting the following “may not exceed—

   Bill text · Current law (15 U.S.C. 683)

10. 15 U.S.C. 683(b)(2)(C)changedby H.R. 2066 Sec. 2(b)

    (C) Investments in low-income or rural geographic areas.—(i) In calculating the outstanding leverage of a company for the purposes of subparagraph (A), the Administrator shall not include the amount of the cost basis of any equity investment made by the company in a smaller…

    The bill says: by inserting "or rural" after "low-income"; and

    Bill text · Current law (15 U.S.C. 683)

11. 15 U.S.C. 683(b)(2)(C)changedby H.R. 2066 Sec. 2(b)

    (C) Investments in low-income geographic areas , critical technology areas, or small manufacturers.—(i) In calculating the outstanding leverage of a company for the purposes of subparagraph (A), the Administrator shall not include the amount of the cost basis of any equity investment made by the company in a smaller enterprise located…

    The bill says: by inserting ", critical technology areas, or small manufacturers" after "geographic areas";

    Bill text · Current law (15 U.S.C. 683)

12. 15 U.S.C. 683(b)(2)(C)(i)changedby H.R. 2066 Sec. 2(b)

    The bill says: by striking "(i) In calculating" and inserting the following:

    Bill text · Current law (15 U.S.C. 683)

13. 15 U.S.C. 683(b)(2)(C)(i)changedby H.R. 2066 Sec. 2(b)

    The bill says: by inserting "or companies" after "of a company";

    Bill text · Current law (15 U.S.C. 683)

14. 15 U.S.C. 683(b)(2)(C)(i)changedby H.R. 2066 Sec. 2(b)

    The bill says: by striking "subparagraph (A)" and inserting "subparagraphs (A) and (B)";

    Bill text · Current law (15 U.S.C. 683)

15. 15 U.S.C. 683(b)(2)(C)(i)changedby H.R. 2066 Sec. 2(b)

    The bill says: by striking "equity"; and

    Bill text · Current law (15 U.S.C. 683)

16. 15 U.S.C. 683(b)(2)(C)(i)changedby H.R. 2066 Sec. 2(b)

    the company or companies in—(I) a small business concern located in a low-income geographic area (as defined in section 351 of this title) or in a rural area (as defined in section 343(a)(13) of the Agricultural Act of 1961 (7 U.S.C. 1991(a)(13)));(II) a small business concern operating primarily in a covered technology category (as defined in section 149(e) of title 10, United States Code); or(III) a small manufacturer (as defined in section 501(e)(6) of this Act).

    The bill says: by striking "the company in a smaller enterprise" and all that follows and inserting the following:

    Bill text · Current law (15 U.S.C. 683)

17. 15 U.S.C. 683(b)(2)(C)rewrittenby H.R. 2066 Sec. 2(b)

    The bill says: by amending clause (ii) to read as follows:

    Bill text · Current law (15 U.S.C. 683)

18. 15 U.S.C. 683(b)(2)(C)rewrittenby H.R. 2066 Sec. 2(b)

    The bill says: by amending clause (iii) to read as follows:

    Bill text · Current law (15 U.S.C. 683)

From the bill's official text on GovInfo and the U.S. Code, 2024 edition, which may not yet show changes made since.