United StatesBill would require Small Business Administration loan staff to certify they have no conflicts of interest
Small Business Administration employees who help start, review, or approve a loan would have to sign a written statement about conflicts of interest first, starting 270 days after the bill becomes law.
What it does
Small Business Administration employees working on a loan would have to certify in writing, before they start, that they know of no conflict of interest.
If an employee learns of a conflict after signing, they would have to tell their supervisor right away and stop working on that loan.
The agency's Administrator would have to issue rules for the new certification within 180 days after the bill becomes law.
Argument forA signed statement before each loan could remind staff of the conflict rules and make it easier to hold someone to account if they hide a conflict.
Argument againstRequiring a signed certification for every loan an employee works on might add paperwork and slow loan processing for small businesses waiting on a decision.
More detail
An agency employee who will personally and substantially take part in originating, reviewing, or approving a loan must certify in writing to the Administrator before taking part. It covers Small Business Administration employees working on loans the agency administers. The employee must say they know of no conflict of interest barred by federal law and rules. The employee must say they understand the conflict-of-interest rules that apply to them. The requirement begins 270 days after the bill becomes law.
An employee who later learns of a conflict must tell their supervisor right away and step away from that loan. It covers the same agency employees who signed a certification.
The Administrator must issue rules to carry out the bill. It applies to the Small Business Administration's leader. The rules are due within 180 days after the bill becomes law.
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Where it stands
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Jul 13Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.Latest
- Jun 24Considered as unfinished business. (consideration: CR H4226-4227)
- Vote recorded Legislative vote recorded. Result: Passed.House
- Jun 24Passed/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).Passed House
- Jun 24Motion to reconsider laid on the table Agreed to without objection.
- Jun 23Mr. Williams (TX) moved to suspend the rules and pass the bill.
- Jun 23Considered under suspension of the rules. (consideration: CR H4140-4141; text: CR H4140)
- Jun 23DEBATE - The House proceeded with forty minutes of debate on H.R. 7401.
- Jun 23At 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.
- Feb 20Reported by the Committee on Small Business. H. Rept. 119-500.
- Feb 20Placed on the Union Calendar, Calendar No. 426.
- Feb 11Committee Consideration and Mark-up Session Held
- Feb 11Ordered to be Reported by the Yeas and Nays: 24 - 0.
- Feb 5Introduced in House
- Feb 5Referred to the House Committee on Small Business.Introduced
Government & EthicsEconomy & Jobs