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EconomyH.R. 7401Comments

Small Business Lending Fraud Prevention Act

Official title: To require employees of the Small Business Administration to certify that the employee does not have any prohibited conflicts of interest with respect to loans in which the employee is involved, and for other purposes.

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Where the Bill Stands

  1. Introduced, done
  2. Committee, done
  3. Floor Vote, done
  4. Outcome, current stage

How Congress Voted

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What This Bill Does

This bill requires Small Business Administration (SBA) employees who participate in the origination, review, or approval of SBA loans to certify in writing prior to such participation that the employee

  • does not have any conflict of interest with respect to the loan,
  • will disclose any such conflict of interest arising after the certification is made, and
  • understands the requirements with respect to conflicts of interest applicable SBA employees.

Under current law, federal employees must disclose financial conflicts of interest with respect to a particular matter and recuse themselves from such matter (with limited exceptions upon authorization from the employee's agency designee).

The SBA must issue regulations implementing the requirements of this bill.

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Related Documents

Bill on Congress.govWeb Page ↗ (opens in a new tab)

Timeline

  1. SenateReceived in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
  2. House floor actionsConsidered as unfinished business. (consideration: CR H4226-4227)
  3. Floor Vote
  4. Passed the House
  5. House floor actionsMr. Williams (TX) moved to suspend the rules and pass the bill.
  6. House floor actionsReported by the Committee on Small Business. H. Rept. 119-500.
  7. House committee actionsCommittee Consideration and Mark-up Session Held
  8. Library of CongressIntroduced in House
  9. House floor actionsReferred to the House Committee on Small Business.
  10. Introduced
  11. Committee

Comments

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