H.R. 6591

[Congressional Bills 118th Congress] [From the U.S. Government Publishing Office] [H.R. 6591 Referred in Senate (RFS)] <DOC> 118th CONGRESS 2d Session H. R. 6591 _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES February 29, 2024 Received; read twice and referred to the Committee on Small Business and Entrepreneurship _______________________________________________________________________ AN ACT To amend section 8(a) of the Small Business Act to require the Administrator of the Small Business Administration to regularly reassess the asset and net worth thresholds for qualifying as an economically disadvantaged individual, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Encouraging Success Act''. SEC. 2. REGULAR REASSESSMENT OF THE THRESHOLDS FOR ECONOMICALLY DISADVANTAGED INDIVIDUALS. (a) In General.--Section 8(a)(6) of the Small Business Act (15 U.S.C. 637(a)(6)) is amended by adding at the end the following new subparagraph: ``(F)(i) Not later than 1 year after the date of the enactment of this subparagraph, and not less frequently than every 4 years thereafter, the Administrator shall assess and, if appropriate, revise the maximum value of asset and the maximum net worth an individual may have to qualify as an economically disadvantaged individual under subparagraph (A) to account for changes in the economy, including inflation and other factors as determined appropriate by the Administrator. ``(ii) The Administrator shall make each covered revision by issuing a rule after an opportunity for public notice and comment. ``(iii) To the extent practicable, the Administrator shall coordinate the activities carried out under clause (i) with the activities required under section 1344(a)(2) of the Small Business Jobs Act of 2010 (15 U.S.C. 632 note). ``(iv) In this subparagraph, the term `covered revision' means a revision described in clause (i) that the Administrator determines is appropriate pursuant to an assessment under such clause.''. (b) Compliance With Cutgo.--No additional amounts are authorized to be appropriated to carry out this Act or the amendments made by this Act. Passed the House of Representatives February 28, 2024. Attest: KEVIN F. MCCUMBER, Clerk.