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Increased Transparency for Small Business Microloans

New rules enhance transparency for the microloan program for small businesses, meaning citizens and Congress will have better insight into how these funds are used. This will make it easier to assess the program's effectiveness and ensure support reaches where it's most needed, without disclosing borrowers' personal information.
Key points
More Microloan Information: The government will publish detailed reports on the number of microloans granted, how many defaulted, and how much was spent on technical assistance for businesses.
Better Program Oversight: Reports will include data on actions taken against non-compliant intermediaries, ensuring fairness and efficiency of the program.
Public Data Access: Information about the microloan program will be publicly available online, allowing anyone to review how this small business support program operates.
Privacy Protection: Reports will not contain any personally identifiable information of borrowers, protecting their privacy.
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Additional Information
Print number: 118_HR_449
Sponsor: Rep. Burchett, Tim [R-TN-2]
Process start date: 2023-01-24
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Microloan Transparency and Accountability Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_449.

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 2023-01-24.

What are the main provisions?

Key points include:

  • More Microloan Information: The government will publish detailed reports on the number of microloans granted, how many defaulted, and how much was spent on technical assistance for businesses.
  • Better Program Oversight: Reports will include data on actions taken against non-compliant intermediaries, ensuring fairness and efficiency of the program.
  • Public Data Access: Information about the microloan program will be publicly available online, allowing anyone to review how this small business support program operates.
  • Privacy Protection: Reports will not contain any personally identifiable information of borrowers, protecting their privacy.
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

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 voice vote. (text: CR H303)

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Economy