H.R. 4429 · 119th Congress
Developing and Empowering our Aspiring Leaders Act of 2025
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Passed the House without a recorded vote. It passed by voice vote or unanimous consent, which don't record how each member voted. Its text can still change before it becomes law.
R
WagnerSponsor1 cosponsor · 1 D
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
- House Introduced Jul 16, 2025
- House Passed Dec 1, 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.
What it does: CRS summary · Introduced in House · Jul 16, 2025
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Developing and Empowering our Aspiring Leaders Act of 2025
Latest action (Dec 2, 2025): 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: Jul 16, 2025
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
- House Introduced Jul 16, 2025
- House Passed Dec 1, 2025
No recorded floor vote found.