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Increased Transparency for Small Business Microloans

New regulations enhance transparency in the microloan program for small businesses, making it easier for citizens to assess how public funds support local enterprises. Information on loans, repayment rates, and support for rural areas will be publicly available, which can help in making decisions about one's own business ventures.
Key points
The government will publish annual reports on the effectiveness of the microloan program, accessible to everyone.
Reports will include details on the number and amount of defaulted loans, fees, interest rates, and support for businesses in rural areas.
This information will help evaluate whether the microloan program effectively supports small businesses and creates jobs, without disclosing borrowers' personal data.
article Official text account_balance Process page
VOTING RESULTS
2021-04-16
99%
For 409
Against 4
Abstain 0
Full voting results open_in_new
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_HR_1487
Sponsor: Rep. Burchett, Tim [R-TN-2]
Process start date: 2021-03-02
Voting date: 2021-04-16
Meeting no: 1
Voting no: 115
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Microloan Transparency and Accountability Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_1487.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-03-02.

What are the main provisions?

Key points include:

  • The government will publish annual reports on the effectiveness of the microloan program, accessible to everyone.
  • Reports will include details on the number and amount of defaulted loans, fees, interest rates, and support for businesses in rural areas.
  • This information will help evaluate whether the microloan program effectively supports small businesses and creates jobs, without disclosing borrowers' personal data.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Where is the official voting record?

The official roll call vote is recorded at: voting record

Who is the primary sponsor?

The primary sponsor is Rep. Burchett, Tim [R-TN-2].

What is the latest detailed status?

The latest detailed status is: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 409 - 4 (Roll no. 115). (text: 04/14/2021 CR H1767)

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Economy