President Trump signed 4 bills into law today 6/21/18

President Donald Trump signed four bills into law Thursday. One concerning the Department of Veterans Affairs, two with regards to small business lending and one that designates a new National Veterans Memorial and Museum.

On Thursday, June 21, 2018, the President signed into law:

• H.R. 1900, the “National Veterans Memorial and Museum Act,” which designates a museum in Columbus, Ohio, as the National Veterans Memorial and Museum
• H.R. 2333, the Small Business Investment Opportunity Act of 2017, which increases the amount of leverage available to a Small Business Investment Company from $150 million to $175 million
• H.R. 2772, the “Department of Veterans Affairs Senior Executive Accountability Act of 2018 or the SEA Act of 2018,” which prohibits VA from reassigning a member of the SES to a similar position within the Department without the written approval of the Secretary
• H.R. 4743, the Small Business 7(a) Lending Oversight Reform Act of 2018, which enhances the Small Business Administration (SBA) oversight authorities of its small business guaranteed lending program, the 7(a) loan program.

H.R. 1900 – National Veterans Memorial and Museum Act

“Subject to the condition described in subsection (b), the memorial and museum that is, as of the date of the enactment of this Act, being constructed on an approximately 7-acre area on West Broad Street, Columbus, Ohio, bounded by the Scioto River and the Scioto Greenway, shall be designated as the “National Veterans Memorial and Museum”.

This bill designates the veterans memorial and museum currently being constructed in Columbus, Ohio, as the “National Veterans Memorial and Museum.”

Such designation may be withdrawn if Congress finds the museum’s progress and operation to be unsatisfactory, but no earlier than five years after the museum opens to the public.

As a condition of designation, the director of the museum shall report to Congress regarding: (1) a projected five-year budget, (2) outreach to veterans about the design and contents of the museum, (3) the exhibit decision-making process, (4) organizational structure, (5) bylaws and rules, and (6) organizations that have accredited the museum.

H.R. 2333 – Small Business Investment Opportunity Act of 2017

“This bill amends the Small Business Investment Act of 1958 to increase the maximum amount of outstanding leverage (i.e., borrowing power) made available to any licensed small business investment company from $150 million to $175 million.”

H.R. 2772 – Department of Veterans Affairs Senior Executive Accountability Act of 2018 or the SEA Act of 2017

“(Sec. 2) This bill prohibits an individual employed in a senior executive position at the Department of Veterans Affairs (VA) from being reassigned to another such position unless such reassignment is approved in writing and signed by the Secretary of Veterans Affairs.”

“§ 727. Reassignment of senior executives

“(a) Approval Of Reassignments.—No individual employed in a senior executive position at the Department may be reassigned to another such position at the Department unless such reassignment is approved in writing and signed by the Secretary.

“(b) Semiannual Reports Required.— (1) Not later than June 30 and December 31 of each year, the Secretary shall submit to Congress a report on the reassignment of individuals employed in senior executive positions at the Department to other such positions at the Department during the period covered by the report.

“(2) Each report submitted under paragraph (1) shall describe the purpose of each reassignment and the costs associated with such reassignment.

“(3) For purposes of paragraph (2), costs associated with a reassignment may only include the following:

“(A) A salary increase.

“(B) Temporary travel expenses for the individual or the family of the individual.

“(C) Moving expenses.

“(D) A paid incentive.

H.R. 4743 – Small Business 7(a) Lending Oversight Reform Act of 2018

“To amend the Small Business Act to strengthen the Office of Credit Risk Management within the Small Business Administration, and for other purposes.”

Establishes two new entities within the Small Business Administration (SBA):

• The Office of Credit Risk Management
• The Lender Oversight Committee

The law also gives the Administrator authority to increase the amount for general business loans:

If the Administrator determines that the amount of commitments by the Administrator for general business loans authorized under section 7(a) for a fiscal year could exceed the limit on the total amount of commitments the Administrator may make for those loans under this Act, an appropriations Act, or any other provision of law, the Administrator may make commitments for those loans for that fiscal year in an aggregate amount equal to not more than 115 percent of that limit.

Lastly, H.R. 4743 eliminates a bureaucratic report that served little purpose.

“Subsection (b) of section 10 of the Small Business Act (15 U.S.C. 639(b)) is repealed.”