Small Business Lending Fraud Prevention Act
Small Business Administration: New Conflict of Interest Rules for Loans
Legislative Progress
Key Points
- This bill requires employees at the Small Business Administration (SBA) to sign a written statement before they work on any government loan. They must promise they do not have any personal or financial conflicts of interest that would make their work unfair.
- If an employee discovers a conflict of interest after they start working on a loan, they must tell their supervisor immediately. They are then required to step away from that loan process to ensure the decision stays neutral.
- The policy aims to prevent fraud and corruption by making sure government workers aren't helping themselves, friends, or family members get taxpayer-funded loans. It adds a formal step to hold workers accountable for following ethics laws.
- If passed, the SBA would have about six months to create the new rules. Employees would be required to start signing these conflict-of-interest forms roughly nine months after the bill is signed into law.
Impact Analysis
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Milestones
Motion to reconsider laid on the table Agreed to without objection.
On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 415 - 0, 1 Present (Roll no. 225).
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 the Yeas and Nays: (2/3 required): 415 - 0, 1 Present (Roll no. 225).
The House fast-tracked this bill — limited debate, no amendments allowed, but needs two-thirds support to pass.
Considered as unfinished business.
At the conclusion of debate, the chair put the question on the motion to suspend the rules. Mr. Williams (TX) objected to the vote on the grounds that a quorum was not present. Further proceedings on the motion were postponed. The point of no quorum was considered as withdrawn.
The House fast-tracked this bill — limited debate, no amendments allowed, but needs two-thirds support to pass.
Vote Results
1 voteOn Motion to Suspend the Rules and Pass
News
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Source Information
Document Type
Congressional Bill
Official Title
Small Business Lending Fraud Prevention Act
Data Sources
Sponsor
Cosponsors
(1)Analysis generated by AI. Always verify with official sources.