H.R. 4429 Passed the House Finance and Financial Sector

Developing and Empowering our Aspiring Leaders Act of 2025

To require the Securities and Exchange Commission to revise the definition of a qualifying investment, for purposes of the exemption from registration for venture capital fund advisers under the Investment Advisers Act of 1940, to include an equity security issued by a qualifying portfolio company and to include an investment in another venture capital fund, and for other purposes.

  1. Introduced
  2. Committee
  3. Passed House
  4. Passed Senate
  5. To President
  6. Became law
Sponsor Rep. Wagner, Ann [R-MO-2] Introduced July 16, 2025 Cosponsors 1 (1 D) Latest action December 2, 2025

Summary

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.

Summary by the Congressional Research Service, Library of Congress.

Congress.gov

Actions

  1. Dec 2, 2025 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  2. Dec 1, 2025 Motion to reconsider laid on the table Agreed to without objection.
  3. Dec 1, 2025 On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4949)
  4. Dec 1, 2025 DEBATE - The House proceeded with forty minutes of debate on H.R. 4429.
  5. Dec 1, 2025 Considered under suspension of the rules. (consideration: CR H4948-4950)
  6. Dec 1, 2025 Mr. Davidson moved to suspend the rules and pass the bill, as amended.
  7. Sep 8, 2025 Placed on the Union Calendar, Calendar No. 203.
  8. Sep 8, 2025 Reported (Amended) by the Committee on Financial Services. H. Rept. 119-246.
  9. Jul 22, 2025 Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 2.
  10. Jul 22, 2025 Committee Consideration and Mark-up Session Held
  11. Jul 16, 2025 Referred to the House Committee on Financial Services.
  12. Jul 16, 2025 Introduced in House

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