504 Program Risk Oversight Act
Yearly Risk Review and Public Reports for Small Business 504 Loans
Stalled
No legislative action in over 90 days.
Legislative Progress
Key Points
- The Small Business Administration must run a yearly risk check on all loans in its 504 program, which helps small firms buy buildings and equipment.
- Each year, a report to Congress and online will break down risks by industry, loan size, loan age, whether the borrower is new or established, and special-purpose properties.
- The report lists how many loans and dollars are made, loans that went bad, money recovered, losses written off, enforcement actions taken, and any fines.
- The agency must explain what steps it is taking to reduce the risks it finds, and post the report online within 7 days of sending it to Congress.
- The report groups results for large lenders without naming them, so the public sees patterns while individual lenders are not singled out.
Impact Analysis
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Milestones
Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Motion to reconsider laid on the table Agreed to without objection.
On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H933)
The House fast-tracked this bill — limited debate, no amendments allowed, but needs two-thirds support to pass.
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H933)
The House fast-tracked this bill — limited debate, no amendments allowed, but needs two-thirds support to pass.
DEBATE - The House proceeded with forty minutes of debate on H.R. 5788.
Votes
No votes have been recorded for this legislation yet.
News
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Source Information
Document Type
Congressional Bill
Official Title
504 Program Risk Oversight Act
Data Sources
Sponsor
Cosponsors
(3)Analysis generated by AI. Always verify with official sources.