Expanding Access to Affordable Credit for Small Businesses Act

Referred to the House Committee on Small Business.

Congressional Research Service

Official summary

Version 00 · Introduced in House · May 23, 2023

Expanding Access to Affordable Credit for Small Businesses Act

This bill establishes rules related to the authorization of lending institutions (including banks, small business lending companies, non-federally regulated lenders, and non-depository lending institutions) to make loans under the 7(a) Program of the Small Business Administration (SBA). Under the 7(a) Program, the SBA provides business loans and loan guaranties to small business borrowers unable to obtain financing elsewhere.

Specifically, the SBA must ensure that these lending institutions and other entities (1) provide an independent audit that examines adherence to all applicable federal laws and regulations regarding anti-money laundering, counterterrorist financing, sanctions, and financial crimes; and (2) implement a compliance program that is designed to conform with relevant anti-money laundering laws and regulations.

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People & committees

Who introduced it

Rep. Donalds, Byron [R-FL-19] · R–FL

Committees

Small Business Committee

1 cosponsorship records, including any withdrawals

Rep. Crow, Jason [D-CO-6]

Legislative record

Actions

A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.

May 23, 2023
Referred to the House Committee on Small Business.
May 23, 2023
Introduced in House
May 23, 2023
Introduced in House

Primary sources

Bill text & related measures

Text links open the official source. We currently store references to these documents.

Introduced in House · May 23, 2023 Formatted Text PDF Formatted XML

Related bills identified by Congress.gov

HR 6217 · Expanding Access to Affordable Credit for Small Businesses Act

Source last updated: Jul 24, 2024. Consult Congress.gov for the current record.

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Objective

Analyze H.R.3604 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

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Discuss H.R.3604, 118th Congress: Expanding Access to Affordable Credit for Small Businesses Act

Official record: https://www.congress.gov/bill/118th-congress/house-bill/3604

Text version to examine: Introduced in House · 2023-05-23.

Official full text: https://www.congress.gov/118/bills/hr3604/BILLS-118hr3604ih.htm

Imported record last updated by the source: 2024-07-24T15:21:56Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Analyze H.R.3604 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

Fairness and public impact

Progressive lens

Examine H.R.3604 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

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Discuss H.R.3604, 118th Congress: Expanding Access to Affordable Credit for Small Businesses Act

Official record: https://www.congress.gov/bill/118th-congress/house-bill/3604

Text version to examine: Introduced in House · 2023-05-23.

Official full text: https://www.congress.gov/118/bills/hr3604/BILLS-118hr3604ih.htm

Imported record last updated by the source: 2024-07-24T15:21:56Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.3604 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

Institutions and government scope

Conservative lens

Examine H.R.3604 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

View full prompt & sources

Discuss H.R.3604, 118th Congress: Expanding Access to Affordable Credit for Small Businesses Act

Official record: https://www.congress.gov/bill/118th-congress/house-bill/3604

Text version to examine: Introduced in House · 2023-05-23.

Official full text: https://www.congress.gov/118/bills/hr3604/BILLS-118hr3604ih.htm

Imported record last updated by the source: 2024-07-24T15:21:56Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.3604 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

Individual rights and government power

Liberty lens

Examine H.R.3604 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.

View full prompt & sources

Discuss H.R.3604, 118th Congress: Expanding Access to Affordable Credit for Small Businesses Act

Official record: https://www.congress.gov/bill/118th-congress/house-bill/3604

Text version to examine: Introduced in House · 2023-05-23.

Official full text: https://www.congress.gov/118/bills/hr3604/BILLS-118hr3604ih.htm

Imported record last updated by the source: 2024-07-24T15:21:56Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.3604 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.