[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2790 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 2790

    To amend the Investment Company Act of 1940 with respect to the 
definition of qualifying venture capital funds, and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                             April 20, 2023

 Mr. Timmons 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 with respect to the 
definition of qualifying venture capital funds, and for other purposes.

    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 ``Improving Capital Allocation for 
Newcomers Act of 2021''.

SEC. 2. 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 striking 
        ``250 persons'' and inserting ``2,000 persons''; and
            (2) in subparagraph (C)(i), by striking ``$10,000,000'' and 
        inserting ``$150,000,000''.
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