H.R. 4227 · 117th Congress
Developing and Empowering our Aspiring Leaders Act of 2022
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Passed the House without a recorded vote, then expired. It passed by voice vote or unanimous consent, which don't record how each member voted, but didn't become law before the 117th Congress ended.
R
HollingsworthSponsorNo cosponsors.
- House Introduced Jun 29, 2021
- House Passed Jul 26, 2022
This bill directs the Securities and Exchange Commission (SEC) to revise venture capital investment regulations if the SEC determines such revisions would facilitate capital formation without compromising investor protection.
What it does: CRS summary · Passed House · Jul 26, 2022
Developing and Empowering our Aspiring Leaders Act of 2022
This bill directs the Securities and Exchange Commission (SEC) to revise venture capital investment regulations if the SEC determines such revisions would facilitate capital formation without compromising investor protection. 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 law, 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, after SEC approval, 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 be acquired directly from a qualifying portfolio company.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: To require the Securities and Exchange Commission to revise the definition of a qualifying investment to include an equity security issued by a qualifying portfolio company, whether acquired directly from the company or in a secondary acquisition, for purposes of the exemption from registration for venture capital fund advisers under the Investment Advisers Act of 1940, and for other purposes.
Also known as: Developing and Empowering our Aspiring Leaders Act of 2021
Latest action (Jul 27, 2022): Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Jun 29, 2021
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
- House Introduced Jun 29, 2021
- House Passed Jul 26, 2022
No recorded floor vote found.