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HR 7401 - Small Business Lending Fraud Prevention Act - National Key Vote

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Title: Small Business Lending Fraud Prevention Act

Vote Smart's Synopsis:

Vote to pass a bill that requires Small Business Administration (SBA) employees who participate in loan granting to disclose any conflicts of interest.

Highlights:

  • 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 (Sec. 2):

    • 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 to SBA employees.

  • Requires the SBA to issue regulations implementing the requirements of this bill (Sec. 2).

NOTE: THIS VOTE WAS TAKEN UNDER A SUSPENSION OF THE RULES TO CUT OFF DEBATE EARLY AND VOTE TO PASS THE BILL, THEREBY REQUIRING A TWO-THIRDS MAJORITY FOR PASSAGE.

Full Bill Text

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