[Congressional Record Volume 163, Number 146 (Monday, September 11, 2017)]
[Senate]
[Page S5168]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




              SUPPORTING AMERICA'S INNOVATORS ACT OF 2017

  Mr. McCONNELL. Mr. President, I ask unanimous consent that the Senate 
proceed to the immediate consideration of Calendar No. 12, S. 444.
  The PRESIDING OFFICER. The clerk will report the bill by title.
  The senior assistant legislative clerk read as follows:

       A bill (S. 444) 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.

  There being no objection, the Senate proceeded to consider the bill.
  Mr. McCONNELL. Mr. President, I ask unanimous consent that the bill 
be considered read a third time and passed and the motion to reconsider 
be considered made and laid upon the table.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The bill (S. 444) was ordered to be engrossed for a third reading, 
was read the third time, and passed, as follows:

                                 S. 444

       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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