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Expanding American Entrepreneurship Act
To amend the Investment Company Act of 1940 to address entities that are not considered to be investment companies for the purposes of that Act, and for other purposes.
Summary
The bill amends federal investment regulations to raise the thresholds for which private investment funds must register as formal investment companies. Currently, certain private investment funds can operate without federal registration if they have no more than 250 investors or less than $10 million in assets. This bill increases these limits to 500 investors and $50 million in assets. The changes allow larger private investment funds to avoid the regulatory requirements that typically apply to registered investment companies.
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)
- Sen. Moran, Jerry [R-KS] (R-KS)
3 cosponsors
- Sen. Gallego, Ruben [D-AZ] (D-AZ)
- Sen. Scott, Tim [R-SC] (R-SC)
- Sen. Warner, Mark R. [D-VA] (D-VA)
Actions (2)
- Sep 18, 2025 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. · senate
- Sep 18, 2025 Introduced in Senate
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.
Full text
IN THE SENATE OF THE UNITED STATES
September 18 (legislative day, September 16), 2025
Mr. Moran (for himself, Mr. Warner, Mr. Scott of South Carolina, and Mr. Gallego) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
A BILL
To amend the Investment Company Act of 1940 to address entities that are not considered to be investment companies for the purposes of that Act, 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 “Expanding American Entrepreneurship Act”.
SEC. 2. INVESTMENT COMPANIES.
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), in the first sentence, by striking “250 persons” and inserting “500 persons”; and
(2) in subparagraph (C)(i), by striking “$10,000,000” and inserting “$50,000,000”. <all>
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