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Small Business Investor Capital Access Act
To amend the Investment Advisers Act of 1940 to address the exemption of, and reporting by, certain private fund advisers, and for other purposes.
Summary
This bill amends the Investment Advisers Act of 1940 to increase the asset threshold for a private fund adviser exemption from $150 million to $175 million. The bill requires the Securities and Exchange Commission to adjust this dollar threshold every five years to account for inflation based on the Consumer Price Index, rounding to the nearest $1 million. This adjustment mechanism will periodically update the exemption requirement to reflect changes in the cost of living and asset values.
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. Rounds, Mike [R-SD] (R-SD)
1 cosponsor
- Sen. Gallego, Ruben [D-AZ] (D-AZ)
Money behind the sponsor
Top reported contributors to Mike Rounds’s campaign committee (2024 cycle) — who funds the bill’s sponsor, not a claim about this bill. Data from FEC.
- APOLLO GLOBAL MANAGEMENT $30,350
- NULL $26,450
- APOLLO $19,250
- ROCKET MORTGAGE $15,700
- APOLLO MGMT. $13,200
Organizations whose employees gave the most — itemized individual contributions grouped by the donor’s reported employer (FEC Schedule A). Full finance for Mike Rounds → · Outside spending →
Actions (2)
- Feb 12, 2026 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. · senate
- Feb 12, 2026 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
February 12, 2026
Mr. Rounds (for himself 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 Advisers Act of 1940 to address the exemption of, and reporting by, certain private fund advisers, 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 “Small Business Investor Capital Access Act”.
SEC. 2. SMALL BUSINESS INVESTOR CAPITAL ACCESS.
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 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, setting the threshold to the nearest multiple of $1,000,000.”. <all>
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