[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1219 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 1219

  To amend the Investment Company Act of 1940 to expand the investor 
limitation for qualifying venture capital funds under an exemption from 
                the definition of an investment company.


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                    IN THE HOUSE OF REPRESENTATIVES

                           February 27, 2017

 Mr. McHenry (for himself and Ms. Velazquez) introduced the following 
    bill; which was referred to the Committee on Financial Services

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                                 A BILL


 
  To amend the Investment Company Act of 1940 to expand the investor 
limitation for qualifying venture capital funds under an exemption from 
                the definition of an investment company.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Supporting America's Innovators Act 
of 2017''.

SEC. 2. INVESTOR LIMITATION FOR QUALIFYING VENTURE CAPITAL FUNDS.

    Section 3(c)(1) of the Investment Company Act of 1940 (15 U.S.C. 
80a-3(c)(1)) is amended--
            (1) in the matter preceding subparagraph (A), by inserting 
        ``(or, in the case of a qualifying venture capital fund, 250 
        persons)'' after ``one hundred persons''; and
            (2) by adding at the end the following:
                    ``(C)(i) The term `qualifying venture capital fund' 
                means a venture capital fund that has not more than 
                $10,000,000 in aggregate capital contributions and 
                uncalled committed capital, with such dollar amount to 
                be indexed for inflation once every 5 years by the 
                Commission, beginning from a measurement made by the 
                Commission on a date selected by the Commission, 
                rounded to the nearest $1,000,000.
                    ``(ii) The term `venture capital fund' has the 
                meaning given the term in section 275.203(l)-1 of title 
                17, Code of Federal Regulations, or any successor 
                regulation.''.
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