MARKET FOR LOANS TO SMALL BUSINESSES.

SEC. 311. SECONDARY MARKET FOR LOANS TO SMALL BUSINESSES. (a) Study.—The Secretary of the Treasury, the Director of the Congressional Budget Office, and the Chairman of the Securities and Exchange Commission, in consultation with the Administrator of the Small Business Administration, shall conduct a study of the potential benefits of, and legal, regulatory, and market-based barriers to, developing a secondary market for loans to small businesses. The study shall include consideration of— (1) market perceptions and the reasons for the slow development of a secondary market for loans to small businesses; (2) any means to standardize loan documents and underwriting for loans to small businesses relating to retail and office space; (3) the probable effects of the development of a secondary market for loans to small businesses on financial institutions and intermediaries, borrowers, lenders, real estate markets, and the credit markets generally; (4) legal and regulatory barriers that may be impeding the development of a secondary market for loans to small businesses; and (5) the risks posed by investments in loans to small businesses. (b) Report.—Not later than 1 year after the date of enactment of this Act, the Secretary of the Treasury, the Director of the Congressional Budget Office, and the Chairman of the Securities and Exchange Commission shall transmit to the Congress a report on the results of the study under paragraph (1). The report shall include recommendations for legislation to facilitate the development of a secondary market for loans to small businesses.