§ 661. — Congressional declaration of policy.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC661]
TITLE 15--COMMERCE AND TRADE
CHAPTER 14B--SMALL BUSINESS INVESTMENT PROGRAM
SUBCHAPTER I--GENERAL PROVISIONS
Sec. 661. Congressional declaration of policy
It is declared to be the policy of the Congress and the purpose of
this chapter to improve and stimulate the national economy in general
and the small-business segment thereof in particular by establishing a
program to stimulate and supplement the flow of private equity capital
and long-term loan funds which small-business concerns need for the
sound financing of their business operations and for their growth,
expansion, and modernization, and which are not available in adequate
supply: Provided, however, That this policy shall be carried out in such
manner as to insure the maximum participation of private financing
sources.
It is the intention of the Congress that the provisions of this
chapter shall be so administered that any financial assistance provided
hereunder shall not result in a substantial increase of unemployment in
any area of the country. It is the intention of the Congress that in the
award of financial assistance under this chapter, when practicable,
priority be accorded to small business concerns which lease or purchase
equipment and supplies which are produced in the United States and that
small business concerns receiving such assistance be encouraged to
continue to lease or purchase such equipment and supplies.
(Pub. L. 85-699, title I, Sec. 102, Aug. 21, 1958, 72 Stat. 689; Pub. L.
102-366, title IV, Sec. 416, Sept. 4, 1992, 106 Stat. 1019.)
References in Text
This chapter, referred to in text, was in the original ``this Act'',
meaning Pub. L. 85-699, which enacted this chapter, amended sections
77c, 77ddd, 80a-18, 633 and 636 of this title, and sections 217 [now
212], 218 [now 213], 221 [now 216], 657, 1006 and 1014 of Title 18,
Crimes and Criminal Procedure, repealed section 352a of Title 12, Banks
and Banking, and enacted notes set out under this section and section
352a of Title 12. For complete classification of this Act to the Code,
see Short Title note set out below and Tables.
Amendments
1992--Pub. L. 102-366 inserted at end ``It is the intention of the
Congress that in the award of financial assistance under this chapter,
when practicable, priority be accorded to small business concerns which
lease or purchase equipment and supplies which are produced in the
United States and that small business concerns receiving such assistance
be encouraged to continue to lease or purchase such equipment and
supplies.''
Short Title of 2001 Amendment
Pub. L. 107-100, Sec. 1, Dec. 21, 2001, 115 Stat. 966, provided
that: ``This Act [amending sections 636, 683, 687d, 687e, and 697 of
this title, section 1833a of Title 12, Banks and Banking, and section
1014 of Title 18, Crimes and Criminal Procedure, and enacting provisions
set out as notes under sections 636, 683, and 697 of this title] may be
cited as the `Small Business Investment Company Amendments Act of
2001'.''
Short Title of 2000 Amendment
Pub. L. 106-554, Sec. 1(a)(8) [Sec. 1(a)], Dec. 21, 2000, 114 Stat.
2763, 2763A-653, provided that: ``This section [enacting part B of
subchapter III of this chapter, amending section 683 of this title,
section 109 of Title 11, Bankruptcy, and section 1464 of Title 12, Banks
and Banking, and amending provisions set out as a note under section 631
of this title] may be cited as the `New Markets Venture Capital Program
Act of 2000'.''
Pub. L. 106-554, Sec. 1(a)(9) [title III, Sec. 301], Dec. 21, 2000,
114 Stat. 2763, 2763A-684, provided that: ``This title [enacting section
697g of this title, amending sections 695 to 697 and 697e of this title,
enacting provisions set out as a note under section 697g of this title,
and repealing provisions set out as a note under section 697e of this
title] may be cited as the `Certified Development Company Program
Improvements Act of 2000'.''
Pub. L. 106-554, Sec. 1(a)(9) [title IV, Sec. 401], Dec. 21, 2000,
114 Stat. 2763, 2763A-690, provided that: ``This title [amending
sections 662, 682, 683, and 687b of this title] may be cited as the
`Small Business Investment Corrections Act of 2000'.''
Short Title of 1999 Amendment
Pub. L. 106-9, Sec. 1, Apr. 5, 1999, 113 Stat. 17, provided that:
``This Act [amending sections 662, 683, 687, and 687m of this title and
provisions set out as notes under this section and section 631 of this
title] may be cited as the `Small Business Investment Improvement Act of
1999'.''
Short Title of 1994 Amendment
Pub. L. 103-403, title V, Sec. 501, Oct. 22, 1994, 108 Stat. 4198,
provided that: ``This title [enacting section 697f of this title and
provisions set out as a note under section 697f of this title] may be
cited as the `Small Business Prepayment Penalty Relief Act of 1994'.''
Short Title of 1992 Amendment
Section 401 of title IV of Pub. L. 102-366 provided that: ``This Act
[probably means ``This title'', amending this section and sections 662,
682, 683, 685 to 687, 687b, and 687l of this title, enacting provisions
set out as notes under this section and sections 681 and 687b of this
title, and amending provisions set out as a note under section 631 of
this title] may be cited as the `Small Business Equity Enhancement Act
of 1992'.''
Short Title of 1988 Amendment
Pub. L. 100-590, title II, Sec. 201, Nov. 3, 1988, 102 Stat. 3007,
provided that: ``This title [amending sections 694b and 694c of this
title and enacting provisions set out as notes under section 694b of
this title] may be cited as the `Preferred Surety Bond Guarantee Program
Act of 1988'.''
Short Title of 1972 Amendment
Section 1 of Pub. L. 92-595, Oct. 27, 1972, 86 Stat. 1314, provided:
``That this Act [enacting sections 687i and 687j of this title and
amending sections 80a-18, 633, 636, 662, 681, 683, 684, and 686 of this
title] may be cited as the `Small Business Investment Act Amendments of
1972'.''
Short Title of 1967 Amendment
Section 201 of Pub. L. 90-104, title II, Oct. 11, 1967, 81 Stat.
269, provided that: ``This title [amending sections 681, 682, 683, 684,
686, 687, 687b, and 692 of this title] may be cited as the `Small
Business Investment Act Amendments of 1967'.''
Short Title of 1966 Amendment
Section 1 of Pub. L. 89-779, Nov. 6, 1966, 80 Stat. 1359, provided:
``That this Act [enacting sections 687e, 687f, 687g, and 687h of this
title and amending sections 633, 671, 687, 687a, 687b, and 687c of this
title, and sections 5315 and 5316 of Title 5, Government Organization
and Employees] may be cited as the `Small Business Investment Act
Amendments of 1966'.''
Short Title of 1964 Amendment
Section 1 of Pub. L. 88-273, Feb. 28, 1964, 78 Stat. 146, provided:
``That this Act [enacting section 687d and amending sections 682, 686,
and 687 of this title] may be cited as the `Small Business Investment
Act Amendments of 1963'.''
Short Title of 1961 Amendment
Section 1 of Pub. L. 87-341, Oct. 3, 1961, 75 Stat. 752, provided:
``That this Act [enacting sections 687a, 687b, and 687c of this title,
amending sections 633, 662, 681, 683 to 687, and 696 of this title, and
enacting provisions set out as notes under sections 631 and 686 of this
title] may be cited as the `Small Business Investment Act Amendments of
1961'.''
Short Title of 1960 Amendment
Section 1 of Pub. L. 86-502, June 11, 1960, 74 Stat. 196, provided:
``That this Act [amending sections 662, 681, 682, and 684 of this title,
and section 26-610 of the District of Columbia Code, 1973 edition] may
be cited as the `Small Business Investment Act Amendments of 1960'.''
Short Title
Section 101 of Pub. L. 85-699, as amended by Pub. L. 106-9,
Sec. 2(d)(3), Apr. 5, 1999, 113 Stat. 18, provided that: ``This Act
[enacting this chapter, amending sections 77c, 77ddd, 80a-18, 633 and
636 of this title, and sections 217 [now 212], 218 [now 213], 221 [now
216], 657, 1006 and 1014 of Title 18, Crimes and Criminal Procedure,
repealing section 352a of Title 12, Banks and Banking, and enacting
notes set out under this section and former section 352a of title 12]
may be cited as the `Small Business Investment Act of 1958'.''
Regulations
Section 415 of title IV of Pub. L. 102-366 provided that:
``Notwithstanding any law, rule, regulation or administrative
moratorium, except as otherwise expressly provided in this Act [probably
means ``this title'', see Short Title of 1992 Amendment note above], the
Small Business Administration shall--
``(1) within 90 days after the date of enactment of this Act
[Sept. 4, 1992], publish in the Federal Register proposed rules and
regulations implementing this Act and the amendments made by this
Act; and
``(2) within 180 days after the date of enactment of this Act,
publish in the Federal Register final rules and regulations
implementing this Act, and enter such contracts as are necessary to
implement this Act and the amendments made by this Act.''
Effect of Small Business Equity Enhancement Act of 1992 on Securities
Laws
Section 418 of title IV of Pub. L. 102-366 provided that: ``Nothing
in this Act [probably means ``this title'', see Short Title of 1992
Amendment note above] (and no amendment made by this Act) shall be
construed to affect the applicability of the securities laws, as that
term is defined in section 3(a)(47) of the Securities Exchange Act of
1934 [15 U.S.C. 78c(a)(47)], or any of the rules and regulations
thereunder, or otherwise supersede or limit the jurisdiction of the
Securities and Exchange Commission or the authority at any time
conferred under the securities laws.''
