118th Congress Finance and Financial Sector
H.R. 2579: Developing and Empowering our Aspiring Leaders Act of 2023
Introduced
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
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Summary
This bill directs the Securities and Exchange Commission to revise venture capital investment regulations. 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 law, 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.
Written by the Congressional Research Service, Library of Congress.
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History
- Introduced in the House by Garland Barr.
Show the full action history (2 actions)
- Introduced in House
- Referred to the House Committee on Financial Services.