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H.R. 4429 · 119th Congress

Developing and Empowering our Aspiring Leaders Act of 2025

Introduced Jul 16, 2025Policy area: Finance and Financial Sector

Read the textOn Congress.gov

Status: Passed House

  1. Introduced
  2. Committee
  3. Passed House
  4. Passed Senate
  5. To President
  6. Law

Latest action

: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summary

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.

Summary by the Congressional Research Service.

Actions

  1. Senate

    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

  2. House

    Motion to reconsider laid on the table Agreed to without objection.

  3. House

    On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4949)

  4. House

    DEBATE - The House proceeded with forty minutes of debate on H.R. 4429.

  5. House

    Considered under suspension of the rules. (consideration: CR H4948-4950)

  6. House

    Mr. Davidson moved to suspend the rules and pass the bill, as amended.

  7. House

    Placed on the Union Calendar, Calendar No. 203.

  8. House

    Reported (Amended) by the Committee on Financial Services. H. Rept. 119-246.

  9. House

    Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 2.

  10. House

    Committee Consideration and Mark-up Session Held

  11. House

    Referred to the House Committee on Financial Services.

  12. Introduced in House