U.S. Department of the Treasury

DATE: May 16, 2011

REAFFRIMED: February 20, 2019

SUBJECT: Delegation of Authority for Small Business Lending Fund and State Small Business Credit Initiative Established by the Small Business Jobs Act of 2010

1. PURPOSE.This Directive delegates to the Deputy Assistant Secretary for Small Business, Community Development and Affordable Housing Policy certain authorities relating to the State Small Business Credit Initiative (the SSBCI) and the Small Business Lending Fund (the SBLF) established by the Small Business Jobs Act of 2010, Public Law No. 111-240 (September 27, 2010) (the Act).
2. SCOPE.This Directive applies to all bureaus, offices, and organizations in the Department of the Treasury, including the offices of Inspectors General within the Department. The provisions of this Directive shall not be construed to interfere with or impede the authorities or independence of the Department’s Inspectors General.
3. DELEGATION.
   1. The authority of the Secretary of the Treasury under title III of the Act (establishing the SSBCI) and title IV, subtitle A, of the Act (establishing the SBLF) to exercise and perform rights, powers, duties, and obligations of the Secretary relating to the SSBCI and SBLF, respectively, which authority is vested in the Under Secretary for Domestic Finance (the Under Secretary) pursuant to Treasury Order 101-05, is hereby delegated to the Deputy Assistant Secretary for Small Business, Community Development and Affordable Housing Policy (the Deputy Assistant Secretary) in the following categories:
      1. 1) Approving states, territories, and (under circumstances set out in the Act) municipalities as “participating states” under the SSBCI; approving state credit support programs as “approved state programs” under the SSBCI; and approving transfers of allocated federal funds to states, territories, and municipalities under the SSBCI;
      2. 2) Entering into agreements on behalf of the Department of the Treasury relating to the transfer of allocated federal funds to states, territories, and municipalities under the SSBCI, and modifications to such agreements;
      3. 3) In general, performing all functions in the operation and management of the SSBCI that are consistent with the Act and the policies approved by the Under Secretary;
      4. 4) Approving purchases of preferred stock and other financial instruments from eligible institutions under the SBLF;
      5. 5) Entering into agreements on behalf of the Department of the Treasury relating to the purchase of preferred stock and other financial instruments from eligible institutions under the SBLF, and modifications to such agreements; and
      6. 6) In general, performing all functions in the operation and management of the SBLF that are consistent with the Act and the policies approved by the Under Secretary.
   2. The Deputy Assistant Secretary will be responsible for referring to the Under Secretary any matter on which action would appropriately be taken by the Under Secretary or the Secretary.
4. REDELEGATION. The Deputy Assistant Secretary may redelegate the authority delegated in paragraphs 3.a.3 and 3.a.6 of this directive to any official under the supervision of the Deputy Assistant Secretary.
5. RESERVED AUTHORITY. The authority to approve and modify policies that will apply to the SSBCI and SBLF is reserved to the Under Secretary.
6. PARTIAL TERMINATION OF DELEGATION. Certain of the Secretary’s authorities under the Act are subject to statutory termination dates. A delegation under this directive that is based on such a provision of the Act will terminate concurrently with the underlying statutory authority.
7. AUTHORITIES.
   1. Title III and title IV, subtitle A, of the Small Business Jobs Act of 2010 (Public Law No. 111-240, September 27, 2010).
   2. Treasury Order 101-05, “Reporting Relationships and Supervision of Officials, Offices and Bureaus, and Delegation of Certain Authority in the Department of the Treasury,” dated January 10, 2011.
8. OFFICE OF PRIMARY INTEREST. Office of the Deputy Assistant Secretary for Small Business, Community Development and Affordable Housing Policy, Office of the Under Secretary for Domestic Finance.