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         <title>DEVELOPING AND EMPOWERING OUR ASPIRING LEADERS ACT OF 2025</title>
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         <subtitle>Report to accompany H.R. 4429</subtitle>
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    <abstract>The Committee on Financial Services, to whom was referred the bill (H.R. 4429) 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, having considered the same, reports favorably thereon with an amendment and recommends that the bill as amended do pass.</abstract>
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         <shortTitle>Developing and Empowering our Aspiring Leaders Act of 2025</shortTitle>
         <recommendation>The Committee on Financial Services, to whom was referred the bill (H.R. 4429) 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, having considered the same, reports favorably thereon with an amendment and recommends that the bill as amended do pass.</recommendation>
         <submittedStatement>Mr. Hill of Arkansas, from the Committee on Financial Services, submitted the following</submittedStatement>
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