President Bush appointed Sandy Baruah (bah-roo-ah), left, as Acting Administrator of SBA on August 15. The President had previously nominated him to fill that position, which requires Senate confirmation. Deputy Administrator Jovita Carranza had been serving in that capacity, and she remains at SBA in the Deputy role. Baruah had previously been at the Department of Commerce as Assistant Secretary of Economic Development. His Department of Commerce resume can be read HERE. I have met Administrator Baruah, and he has expressed great interest in the SBIC program and in attending our 50th Anniversary Annual Meeting in October. He has only a short time remaining before a new Administration takes office next January, but he hopes to make a positive impact in the time he has allotted to him.
Congress Returns For One Month—Chance For SBIC Legislation Slim
The Senate is scheduled to reconvene September 4 and the House on September 8. Both houses of Congress will likely adjourn for the year in late September, although there is always the possibility (however unlikely at this point) that Congress will simply go on recess until after the election and then reconvene for a lame duck session.
As previously reported in past newsletters, SBIC legislation (to increase the overline limit and to increase maximum leverage limits) is still pending, having been passed by the House and awaiting action by the Senate. On the positive side, the Administration is not opposed to the legislation—which includes several sections in addition to the SBIC provisions. However, it is by no means certain that the Senate will be able to pass the legislation given that Senator Tom Coburn (R-OK) is still threatening to filibuster any attempt to pass the bill. Even were the Senate to pass the bill it is unlikely there would be enough time remaining in the session to reconcile differences with the House-passed bill through the congressional “conference” process. It looks like we will have to wait until next year for passage of the provisions. That will likely be easier given the expected increase in Democrat numbers in the Senate.
VCI Is Less Than Two Weeks Away; Seats Are Still Available
It's not too late . . . seats are still open to all qualified candidates for the 34th Annual Venture Capital Institute, set for September 15-18, at the Emory Conference Center in Atlanta, GA. VCI remains the premier professional educational experience for executives in the venture investing industry, with over 4,500 graduates to date. The Institute is the cornerstone of our association’s educational offerings and provides NASBIC members a significant discount off the registration fee, which includes course materials, meals, and lodging in a private room at the Emory Conference Center or Emory Inn. We hope that you or another member of your firm will take advantage of this exceptional member benefit. For more information about this year’s VCI, including full program and registration details, visit the Institute’s website, www.vcinstitute.org, or call Jeanette Paschal at (202) 628-5055, ext. 206.
Don’t Miss NASBIC’s 50th Anniversary Meeting In October
The 50th NASBIC Annual Meeting & Private Equity Conference, set for October 26-28 at The Ritz-Carlton in Palm Beach, FL, will be a grand celebration and, most important, one of the most valuable networking and educational meetings you can attend. If you haven’t done so already, visit our Annual Meeting website at www.nasbic50.org to review the program and register for the meeting.
– LWM
