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Passed origin
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119th Congress · H.R. 4429 · Passed Origin

Developing and Empowering our Aspiring Leaders Act of 2025

This bill directs the Securities and Exchange Commission to revise venture capital investment regulations to allow additional types of investments to be considered as qualifying investments. Venture capital funds are exempt from certain regulations applicable to other investment firms, including those related to filings, audits, and restricted communications with investors. Under current regulations, non-qualifying investments—which include secondary transactions and investments in other venture capital funds—may comprise up to 20% of a venture capital fund. The bill allows investments acquired through secondary transactions or investments in other venture capital funds to be considered as qualifying investments for venture capital funds. However, for a private fund to qualify as a venture capital fund, the fund's investments must predominately (1) be acquired directly, or (2) be investments in other venture capital funds.

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SubjectsAdministrative law and regulatory proceduresFinancial services and investmentsSecuritiesSecurities and Exchange Commission (SEC)
Sponsor
Ann Wagner, R-MO-2
7 terms · @RepAnnWagner
2350 Rayburn House Office Building Washington DC 20515-2502 · 202-225-1621
Cosponsors (1)
  • Sean Casten, D-IL-6
    Co-sponsored Jul 21, 2025 · 4 terms · @RepCasten
Committees (2)
  • Banking, Housing, and Urban Affairs Committee
    Senate Standing · Activity Dec 2, 2025
  • Financial Services Committee
    House Standing · Activity Sep 8, 2025
Actions (15)
  1. Dec 2, 2025 · via Senate
    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  2. Dec 1, 2025 · via House floor actions
    Motion to reconsider laid on the table Agreed to without objection.
  3. Dec 1, 2025 · via House floor actions
    On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4949)
  4. Dec 1, 2025 · via Library of Congress
    Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4949)
  5. Dec 1, 2025 · via House floor actions
    DEBATE - The House proceeded with forty minutes of debate on H.R. 4429.
  6. Dec 1, 2025 · via House floor actions
    Considered under suspension of the rules. (consideration: CR H4948-4950)
  7. Dec 1, 2025 · via House floor actions
    Mr. Davidson moved to suspend the rules and pass the bill, as amended.
  8. Sep 8, 2025 · via House floor actions
    Placed on the Union Calendar, Calendar No. 203.
  9. Sep 8, 2025 · via House floor actions
    Reported (Amended) by the Committee on Financial Services. H. Rept. 119-246.
  10. Sep 8, 2025 · via Library of Congress
    Reported (Amended) by the Committee on Financial Services. H. Rept. 119-246.
  11. Jul 22, 2025 · via House committee actions
    Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 2.
  12. Jul 22, 2025 · via House committee actions
    Committee Consideration and Mark-up Session Held
  13. Jul 16, 2025 · via House floor actions
    Referred to the House Committee on Financial Services.
  14. Jul 16, 2025 · via Library of Congress
    Introduced in House
  15. Jul 16, 2025 · via Library of Congress
    Introduced in House
IntroducedJul 16, 2025
Policy areaFinance and Financial Sector

Constitutional authority cited

[Congressional Record Volume 171, Number 122 (Wednesday, July 16, 2025)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mrs. WAGNER:H.R. 4429.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8 of the United States Constitution.[Page H3368]
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