Developing and Empowering our Aspiring Leaders Act of 2025
Introduced Jul 16, 2025 by Rep. Ann Wagner
The House passed it. The Senate has to pass it before it can reach the President.
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.
No recorded roll-call vote on this bill — it may have passed by voice vote or unanimous consent, which don't record individual votes.
- Dec 2, 2025Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Dec 1, 2025Motion to reconsider laid on the table Agreed to without objection.
- Dec 1, 2025On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4949)
- Dec 1, 2025Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4949)
- Dec 1, 2025DEBATE - The House proceeded with forty minutes of debate on H.R. 4429.
- Dec 1, 2025Considered under suspension of the rules. (consideration: CR H4948-4950)
- Dec 1, 2025Mr. Davidson moved to suspend the rules and pass the bill, as amended.
- Sep 8, 2025Placed on the Union Calendar, Calendar No. 203.
- Sep 8, 2025Reported (Amended) by the Committee on Financial Services. H. Rept. 119-246.
- Jul 22, 2025Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 2.
- Jul 22, 2025Committee Consideration and Mark-up Session Held
- Jul 16, 2025Referred to the House Committee on Financial Services.
- Jul 16, 2025Introduced in House