Bills of The Day:

Protecting Access to Credit for Small Businesses Act
House of Congress: Senate
Bill Code: S. 3992
Date Introduced: March 20, 2024
Sponsor: Mr. Scott of South Carolina
Co-Sponsor(s): Mr. Kennedy, Mr. Risch, Mr. Cramer, Mr. Grassley, Mr. Daines, Mr. Lankford, Ms. Ernst, Mr. Cornyn, Mr. Budd, Mr. Cotton, Mr. Scott of Florida, Mr. Braun, Mr. Crapo

Summary: This legislation seeks to amend the Small Business Act by prohibiting the Administrator of the Small Business Administration (SBA) from directly making loans under the 7(a) loan program. It specifies that, notwithstanding any existing provisions, the SBA Administrator shall not have the authority to directly issue loans as per the stipulated section of the Small Business Act. However, it allows for the servicing of direct loans that were issued under the 7(a) program prior to the enactment of this Act, ensuring that existing loans are not affected. The bill is aimed at regulating the administration of the 7(a) loan program, ensuring that the SBA does not directly engage in the issuance of loans under this program moving forward.

Next Action: The bill was read twice and referred to the Committee on Small Business and Entrepreneurship.

Save Our Seniors Act (SOS Act)
House of Congress: Senate
Bill Code: S. 3972
Date Introduced: March 19, 2024
Sponsor: Mr. Cassidy
Co-Sponsor(s): Mr. Manchin, Mr. Braun

Summary: This bill proposes an amendment to the Congressional Budget and Impoundment Control Act of 1974 to enhance transparency regarding federal expenditures related to Social Security. It mandates that the Congressional Budget Office (CBO) include in its report a comparison graph regarding the Old-Age and Survivors Insurance Trust Fund and the Disability Insurance Trust Fund. This comparison will illustrate the assumed amounts under section 257(b)(1) of the Balanced Budget and Emergency Deficit Control Act of 1985 against the actual outlays from these trust funds based on the premise that payments align with amounts payable from dedicated funding sources. The inclusion of this comparison seeks to provide Congress with a clearer understanding of the funding status and projections for these crucial social insurance programs.

Next Action: The bill was read twice and referred to the Committee on the Budget.

Put Trafficking Victims First Act of 2024
House of Congress: Senate
Bill Code: S. 4007
Date Introduced: March 20, 2024
Sponsor: Mrs. Gillibrand
Co-Sponsor(s): Mr. Rubio, Mr. Hawley

Summary: This bill aims to direct the Attorney General to undertake a comprehensive study on human trafficking, focusing on improving data collection, analysis, and methodologies related to understanding the prevalence of both sex and labor trafficking. It establishes a working group, including survivors and experts, to address data collection barriers and recommend best practices. Additionally, the bill mandates the development and execution of a survivor survey to enhance victim assistance and identification. It requires a report to Congress detailing Federal efforts to estimate trafficking prevalence, the effectiveness of current victim support policies, demographic analysis of victims, and recommendations for addressing vulnerabilities. Furthermore, it encourages states to adopt measures ensuring the dignity, safety, and well-being of trafficking victims, promoting a trauma-informed approach, and facilitating greater access to services while reducing the criminalization of victims. It also calls for increased restitution efforts for trafficking victims and state adoption of protections and services for victims.

Next Action: The bill was read twice and referred to the Committee on the Judiciary.

College Employment Accountability Act
House of Congress: Senate
Bill Code: S. 3978
Date Introduced: March 19, 2024
Sponsor: Mr. Vance
Co-Sponsor(s): Mr. Hawley, Mr. Cotton, Mr. Rubio, Mr. Budd

Summary: This legislation proposes amendments to the Higher Education Act of 1965 to enforce employment legality within institutions of higher education. It specifies that any institution found employing “unauthorized aliens” will be ineligible to receive federal student assistance or institutional aid. Additionally, to maintain eligibility for any programs under Title IV of the Higher Education Act, institutions are mandated to participate in the E-Verify Program. This act aims to strengthen the compliance of higher education institutions with federal immigration laws and ensure that employment practices are in line with legal standards. The Department of Homeland Security is tasked with monitoring institutions’ participation in the E-Verify Program bi-annually and notifying the Secretary of Education about any institutions found violating employment or E-Verify participation requirements.

Next Action: The bill was read twice and referred to the Committee on Health, Education, Labor, and Pensions.

American Innovation Act
House of Congress: Senate
Bill Code: S. 3997
Date Introduced: March 20, 2024
Sponsor: Mr. Durbin
Co-Sponsor(s): Mr. Brown, Ms. Duckworth, Mr. Padilla, Mr. Schatz, Mr. Van Hollen, Mr. Welch

Summary: The "American Innovation Act" is designed to significantly boost national investment in basic science research by authorizing and appropriating increased funding for several key federal research agencies from fiscal year 2025 through 2035, with provisions for annual adjustments based on the Consumer Price Index thereafter. Specifically, the legislation targets the National Science Foundation, the Office of Science at the Department of Energy, the Department of Defense science and technology programs, the scientific and technical research and services of the National Institute of Standards and Technology, and the Science Mission Directorate at NASA. The bill outlines specific annual funding amounts for each entity, representing a sustained and escalating investment in science and technology research. Additionally, it includes mechanisms to ensure the funds are exempt from sequestration and provides for the budgetary effects of these appropriations to be exempt from certain statutory and Senate PAYGO scorecard requirements, thereby facilitating a focused investment in fostering innovation and maintaining America's competitive edge in global science and technology fields.

Next Action: The bill was read twice and referred to the Committee on Health, Education, Labor, and Pensions.