HR 3673 Re-checks Congress.gov for new actions and updates the bill's status, and fills in any sponsors, committees, or related bills that are missing. It does not re-pull sponsors/cosponsors/committees/related — those rarely change — and it skips all work if nothing has changed upstream, so it's cheap to click.
Small Business Investor Capital Access Act
H. R. 3673 To amend the Investment Advisers Act of 1940 to increase the exemption from registration threshold for certain investment advisers of private funds to reflect the change in inflation.
Summary
This bill amends the Investment Advisers Act of 1940 to increase the exemption threshold for certain investment advisers of private funds from $150 million to $175 million, meaning advisers managing assets below that amount do not need to register with the Securities and Exchange Commission. The bill also requires the SEC to automatically adjust this threshold every five years to account for inflation, as measured by the Consumer Price Index, rounding to the nearest $1 million. This change allows smaller private fund advisers to operate without SEC registration.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Rep. Barr, Andy [R-KY-6] (R-KY)
1 cosponsor
Money behind the sponsor
Top reported contributors to Andy Barr’s campaign committee (2024 cycle) — who funds the bill’s sponsor, not a claim about this bill. Data from FEC.
- NULL $274,323
- BANC OF CALIFORNIA $60,083
- APOLLO GLOBAL MANAGEMENT $32,200
- BLACKSTONE $28,900
- WELLS FARGO $23,366
Organizations whose employees gave the most — itemized individual contributions grouped by the donor’s reported employer (FEC Schedule A). Full finance for Andy Barr → · Outside spending →
Actions (6)
- Sep 8, 2025 Placed on the Union Calendar, Calendar No. 211. · house
- Sep 8, 2025 Reported (Amended) by the Committee on Financial Services. H. Rept. 119-254. · house
- Jul 22, 2025 Ordered to be Reported (Amended) by the Yeas and Nays: 51 - 2. · house
- Jul 22, 2025 Committee Consideration and Mark-up Session Held · house
- Jun 3, 2025 Referred to the House Committee on Financial Services. · house
- Jun 3, 2025 Introduced in House
More bills on these subjects (8)
Other bills that carry the most legislative subjects in common with this one (topical discovery — distinct from the procedural related bills above).
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Text versions (2)
Bills are re-published as they move (Introduced → Reported → Engrossed → Enrolled …). Each stage below is a separate text; pick two to see what changed. Data from Congress.gov.
Full text
IN THE HOUSE OF REPRESENTATIVES
June 3, 2025
Mr. Barr (for himself and Ms. Velazquez) introduced the following bill; which was referred to the Committee on Financial Services
September 8, 2025
Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed [Strike out all after the enacting clause and insert the part printed in italic] [For text of introduced bill, see copy of bill as introduced on June 3, 2025]
A BILL
To amend the Investment Advisers Act of 1940 to increase the exemption from registration threshold for certain investment advisers of private funds to reflect the change in inflation.
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 “Small Business Investor Capital Access Act”.
SEC. 2. INFLATION ADJUSTMENT FOR THE EXEMPTION THRESHOLD FOR CERTAIN INVESTMENT ADVISERS OF PRIVATE FUNDS.
Section 203(m) of the Investment Advisers Act of 1940 (15 U.S.C. 80b-3(m)) is amended—
(1) in paragraph (1), by striking “$150,000,000” and inserting “$175,000,000”; and
(2) by adding at the end the following:
“(5) Inflation adjustment.—The Commission shall, every 5 years, adjust the dollar amount described under paragraph (1) to reflect the change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor, and round such dollar amount to the nearest multiple of $1,000,000.”. Union Calendar No. 211
119th CONGRESS
1st Session
H. R. 3673
[Report No. 119-254]
A BILL
To amend the Investment Advisers Act of 1940 to increase the exemption from registration threshold for certain investment advisers of private funds to reflect the change in inflation.
September 8, 2025
Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed
Comments