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HR 4429
Passed House 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.

Developing and Empowering our Aspiring Leaders Act of 2025

Introduced Jul 16, 2025

Latest action (Dec 2, 2025) Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Referred to
Banking, Housing, and Urban Affairs Committee Financial Services Committee
Policy area
Finance and Financial Sector
Issues
Education
Legislative subjects (4)
Administrative law and regulatory proceduresFinancial services and investmentsSecuritiesSecurities and Exchange Commission (SEC)

Summary
  • Requires the Securities and Exchange Commission to revise the definition of a qualifying investment for venture capital fund advisers under the Investment Advisers Act of 1940 within 180 days of enactment.
  • Expands the definition of qualifying investment to include equity securities issued by qualifying portfolio companies, acquired either directly or in secondary acquisitions.
  • Expands the definition of qualifying investment to include investments in other venture capital funds.
  • Requires venture capital funds to limit holdings in other venture capital funds or secondary acquisitions to no more than 49 percent of their aggregate capital contributions and uncalled committed capital.

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)
1 cosponsor

Money behind the sponsor

Top reported contributors to Ann Wagner’s campaign committee (2024 cycle) — who funds the bill’s sponsor, not a claim about this bill. Data from FEC.

  • Employer not reported $52,564
  • EDWARD JONES $37,450
  • STIFEL $21,900
  • BARTLETT AND COMPANY $13,200
  • WORLD WIDE TECHNOLOGY $13,200

Organizations whose employees gave the most — itemized individual contributions grouped by the donor’s reported employer (FEC Schedule A). Full finance for Ann Wagner → · Outside spending →

Actions (13)
  1. Dec 2, 2025 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. · senate
  2. Dec 1, 2025 Motion to reconsider laid on the table Agreed to without objection. · house
  3. Dec 1, 2025 On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4949) · house
  4. Dec 1, 2025 Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4949)
  5. Dec 1, 2025 DEBATE - The House proceeded with forty minutes of debate on H.R. 4429. · house
  6. Dec 1, 2025 Considered under suspension of the rules. (consideration: CR H4948-4950) · house
  7. Dec 1, 2025 Mr. Davidson moved to suspend the rules and pass the bill, as amended. · house
  8. Sep 8, 2025 Placed on the Union Calendar, Calendar No. 203. · house
  9. Sep 8, 2025 Reported (Amended) by the Committee on Financial Services. H. Rept. 119-246. · house
  10. Jul 22, 2025 Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 2. · house
  11. Jul 22, 2025 Committee Consideration and Mark-up Session Held · house
  12. Jul 16, 2025 Referred to the House Committee on Financial Services. · house
  13. Jul 16, 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).

  • HR 9329 — SEC Reform and Restructuring Act (shares 4 subjects)
  • HR 3352 — HALOS Act of 2025 (shares 4 subjects)
  • HR 3348 — Accredited Investor Definition Review Act (shares 4 subjects)
  • HR 2478 — Financial Exploitation Prevention Act of 2025 (shares 3 subjects)
  • HR 7314 — Advancing Commonsense Policies Act (shares 3 subjects)
  • HR 4171 — SEED Act of 2025 (shares 3 subjects)
  • HR 6967 — Public Company Advisory Committee Act of 2026 (shares 3 subjects)
  • S 3755 — Digital Commodity Intermediaries Act (shares 3 subjects)

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.

  • S 3351 — Developing and Empowering our Aspiring Leaders Act of 2025 · Introduced Dec 4, 2025 · Cong. 119 93%
  • HR 4431 — Improving Capital Allocation for Newcomers Act of 2025 · Passed House Dec 2, 2025 · Cong. 119 75%
  • S 2906 — Expanding American Entrepreneurship Act · Introduced Sep 18, 2025 · Cong. 119 68%
  • HR 2806 — Venture Capital Marketing Association Charter Act · Introduced Apr 18, 1996 · Cong. 104 65%
  • HR 9574 — Informed Investor Access Act · Introduced Jul 2, 2026 · Cong. 119 64%
  • HR 3383 — Incentivizing New Ventures and Economic Strength Through Capital Formation Act of 2025 · Passed House Dec 15, 2025 · Cong. 119 63%

Text versions (4)
  • Referred in Senate · Dec 2, 2025
  • Engrossed in House · Dec 1, 2025
  • Reported in House · Sep 8, 2025
  • Introduced in House · Jul 16, 2025

Committee action

What happened to this bill in committee — the meetings where it was considered and every recorded vote taken on it.

Meetings where this bill was on the agenda

Full text

AN ACT

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.

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 “Developing and Empowering our Aspiring Leaders Act of 2025”.

SEC. 2. DEFINITIONS.

Not later than the end of the 180-day period beginning on the date of the enactment of this Act, the Securities and Exchange Commission shall—

(1) revise the definition of a qualifying investment under paragraph (c) of section 275.203(l)-1 of title 17, Code of Federal Regulations—

(A) to include an equity security issued by a qualifying portfolio company, whether acquired directly from the company or in a secondary acquisition; and

(B) to specify that an investment in another venture capital fund (as defined in paragraph (a) section 275.203(l)-1 of title 17, Code of Federal Regulations) is a qualifying investment under such definition; and

(2) revise paragraph (a) of such section to require, as a condition of a private fund qualifying as a venture capital fund under such paragraph, that, immediately after the acquisition of any asset, such fund holds no more than 49 percent of the amount of the fund’s aggregate capital contributions and uncalled committed capital (excluding short- term holdings) in—

(A) one or more venture capital funds; or

(B) qualifying investments acquired in a secondary acquisition, valued at cost or fair value, consistently applied by the fund.

Passed the House of Representatives December 1, 2025.

Attest:

Clerk. 119th CONGRESS

1st Session

H. R. 4429

AN ACT

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.

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