H.R. 4429, Developing and Empowering our Aspiring Leaders Act of 2025

3.0.0 4429 2026-02-04T04:26:31Z 2026-02-04T04:26:31Z House H HR 2025-07-16 119 https://www.congress.gov/bill/119th-congress/house-bill/4429 <pre>[Congressional Record Volume 171, Number 122 (Wednesday, July 16, 2025)][House]From the Congressional Record Online through the Government Publishing Office [<a href="https://www.gpo.gov">www.gpo.gov</a>]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]</pre> ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred To 2025-12-02T23:19:09Z hsba00 Financial Services Committee House Standing Reported By 2025-09-08T16:54:19Z Markup By 2025-07-22T15:40:00Z Referred To 2025-07-16T14:03:50Z H. Rept. 119-246 2025-12-02 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2025-12-01 18:20:55 Motion to reconsider laid on the table Agreed to without objection. Floor H38310 2 House floor actions 2025-12-01 18:20:51 On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4949) Floor H37300 2 House floor actions 2025-12-01 18:20:51 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) Floor 8000 9 Library of Congress 2025-12-01 18:12:32 DEBATE - The House proceeded with forty minutes of debate on H.R. 4429. Floor H8D000 2 House floor actions 2025-12-01 18:12:31 Considered under suspension of the rules. (consideration: CR H4948-4950) Floor H30000 2 House floor actions 2025-12-01 18:12:19 Mr. Davidson moved to suspend the rules and pass the bill, as amended. Floor H30300 2 House floor actions 2025-09-08 Placed on the Union Calendar, Calendar No. 203. Calendars H12410 2 House floor actions U00203 2025-09-08 Reported (Amended) by the Committee on Financial Services. H. Rept. 119-246. Committee H12200 2 House floor actions hsba00 Financial Services Committee 2025-09-08 Reported (Amended) by the Committee on Financial Services. H. Rept. 119-246. Committee 5000 9 Library of Congress hsba00 Financial Services Committee 2025-07-22 hsba00 Financial Services Committee 1 House committee actions Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 2. Committee 2025-07-22 hsba00 Financial Services Committee 1 House committee actions Committee Consideration and Mark-up Session Held Committee 2025-07-16 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2025-07-16 Introduced in House IntroReferral Intro-H 9 Library of Congress 2025-07-16 Introduced in House IntroReferral 1000 9 Library of Congress W000812 Rep. Wagner, Ann [R-MO-2] Ann Wagner R MO 2 N C001117 Rep. Casten, Sean [D-IL-6] Sean Casten D IL 6 2025-07-21 False 2026-01-13T18:42:00Z H.R. 4429, Developing and Empowering our Aspiring Leaders Act of 2025 https://www.cbo.gov/publication/62011 As passed by the House of Representatives on December 1, 2025 Finance and Financial Sector Administrative law and regulatory procedures 2025-08-28T19:35:19Z Financial services and investments 2025-08-28T19:35:19Z Securities 2025-08-28T19:35:19Z Securities and Exchange Commission (SEC) 2025-08-28T19:35:19Z Finance and Financial Sector 2025-07-29T13:59:12Z

00 2025-07-16 Introduced in House 2025-11-26T19:24:36Z 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.

Developing and Empowering our Aspiring Leaders Act of 2025 Short Titles from RFS (Referred to Senate) bill text 255 Developing and Empowering our Aspiring Leaders Act of 2025 2025-12-05T04:08:21Z S Senate Referred in Senate RFS Official Titles from EH (Engrossed in House) bill text 259 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. 2025-12-03T04:38:20Z H House Engrossed in House EH Short Title(s) as Passed House 104 Developing and Empowering our Aspiring Leaders Act of 2025 2025-12-03T04:38:20Z H House Engrossed in House EH Short Title(s) as Reported to House 102 Developing and Empowering our Aspiring Leaders Act of 2025 2025-09-09T08:08:21Z H House Reported in House RH Display Title 45 Developing and Empowering our Aspiring Leaders Act of 2025 2025-07-23T14:12:20Z Short Title(s) as Introduced 101 Developing and Empowering our Aspiring Leaders Act of 2025 2025-07-17T11:38:22Z Introduced in House IH Official Title as Introduced 6 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. 2025-07-17T11:33:39Z Introduced in House IH Referred in Senate 2025-12-02T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-119hr4429rfs/xml/BILLS-119hr4429rfs.xml Engrossed in House 2025-12-01T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-119hr4429eh/xml/BILLS-119hr4429eh.xml Reported in House 2025-09-08T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-119hr4429rh/xml/BILLS-119hr4429rh.xml Introduced in House 2025-07-16T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-119hr4429ih/xml/BILLS-119hr4429ih.xml 2025-12-02 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.