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119th Congress Finance and Financial Sector

H.R. 3383: Incentivizing New Ventures and Economic Strength Through Capital Formation Act of 2025

Passed HouseDec 11, 2025

  1. Introduced (completed)May 14, 2025
  2. Passed House (completed)Dec 11, 2025, 302–123
  3. Passed Senate (not reached)
  4. To the President (not reached)
  5. Became law (not reached)

Summary

Reported to House, Jun 25, 2025

This bill allows a closed-end fund—a portfolio of pooled assets with a limited number of shares traded on an exchange—to increase its investment in private investment funds. Specifically, the Securities and Exchange Commission is prohibited from limiting the sale or listing of securities of a closed-end fund that invests in private investment funds. This bill also apples to a closed-end company treated as a business development company.

Written by the Congressional Research Service, Library of Congress.

Key votes

House final vote, Dec 11, 2025

On Passage

Passed 302–123

Yea 302majority 213Nay 123

  • Democrats87 yea, 123 nay
  • Republicans214 yea, 0 nay
  • Independents1 yea, 0 nay

Broke with their party: James Walkinshaw (D-VA), George Whitesides (D-CA), Debbie Wasserman Schultz (D-FL), Eugene Vindman (D-VA), Gabriel (Gabe) Vasquez (D-NM), Marc Veasey (D-TX), Derek Tran (D-CA), Shri Thanedar (D-MI), Ritchie Torres (D-NY) and Lori Trahan (D-MA) voted Yea; and 77 more

See how all 425 members voted

Showing 433 of 433 members

Yea 302

Republicans (214)

Democrats (87) broke with their party

Independents (1)

Nay 123

Democrats (123)

Not voting 8

Democrats (3)

Senate

Not yet voted

Passed the House Dec 11, 2025. Awaiting Senate action.

Roll calls

4 votes on this bill

Showing 4 of 4 roll calls

  • Dec 11, 2025HouseOn PassageFinal passagePassed, yea-nay 302–123
    Roll call 328 tally by party
    PartyYeaNayPresentNot voting
    Democrats8712303
    Republicans214005
    Independents1000
    Total30212308

    House roll call 328: On Passage. Passed.

    87 crossed party lines: 87 Democrats

    How each member voted (433)
  • Dec 11, 2025HouseH.Amdt. 127, WatersRejected, yea-nay 214–215
    Roll call 327 tally by party
    PartyYeaNayPresentNot voting
    Democrats212103
    Republicans221306
    Independents0100
    Total21421509

    House roll call 327: On Agreeing to the Amendment. Failed.

    Amendment by Maxine Waters (D-CA)

    3 crossed party lines: 1 Democrat, 2 Republicans

    How each member voted (438)
  • Dec 11, 2025HouseH.Amdt. 125, WatersRejected, yea-nay 211–219
    Roll call 326 tally by party
    PartyYeaNayPresentNot voting
    Democrats207603
    Republicans421205
    Independents0100
    Total21121908

    House roll call 326: On Agreeing to the Amendment. Failed.

    Amendment by Maxine Waters (D-CA)

    10 crossed party lines: 6 Democrats, 4 Republicans

    How each member voted (438)
  • Dec 11, 2025HouseH.Amdt. 123, SelfRejected, yea-nay 54–374
    Roll call 325 tally by party
    PartyYeaNayPresentNot voting
    Democrats120906
    Republicans5316405
    Independents0100
    Total54374011

    House roll call 325: On Agreeing to the Amendment. Failed.

    Amendment by Keith Self (R-TX)

    54 crossed party lines: 1 Democrat, 53 Republicans

    How each member voted (439)

Amendments

5 offered

Showing 4 of 5 amendments

  • H.Amdt. 127Maxine Waters D-CAFailedDec 10, 2025Dec 11, 2025: On agreeing to the Waters amendment (A005) Failed by recorded vote: 214 - 215 (Roll no. 327). (consideration: CR H5792)
  • H.Amdt. 126Maxine Waters D-CAFailedDec 10, 2025Dec 10, 2025: On agreeing to the Waters amendment (A004) Failed by voice vote.
  • H.Amdt. 125Maxine Waters D-CAFailedDec 10, 2025Dec 11, 2025: On agreeing to the Waters amendment (A003) Failed by recorded vote: 211 - 219 (Roll no. 326). (consideration: CR H5791)
  • H.Amdt. 124Keith Self R-TXAgreedDec 10, 2025Dec 10, 2025: On agreeing to the Self amendment (A002) Agreed to by voice vote.
  • H.Amdt. 123Keith Self R-TXFailedDec 10, 2025Dec 11, 2025: On agreeing to the Self amendment (A001) Failed by recorded vote: 54 - 374 (Roll no. 325). (consideration: CR H5790-5791)

Cosponsors

4

Bipartisan support.

Who scored on this bill

1,038 points earned
  1. 1Ann Wagner R-MO SponsorDrew cross-party cosponsors, introduced, marked up, reported, passed House5 events+68
  2. 2Keith Self R-TX1 maverick vote; 2 amendments offered, 1 agreed4 events+30
  3. 3Warren Davidson R-OH3 maverick votes3 events+18
  4. 4Jake Auchincloss D-MA2 maverick votes2 events+12
  5. 4Jim Costa D-CA2 maverick votes2 events+12
See all scorers and every scoring event

Introductions and cosponsorships count toward weekly caps and show no points.

Other bills by Ann Wagner

History

  1. Dec 11, 2025Passed the House, 302–123.
  2. May 14, 2025Introduced in the House by Ann Wagner.
Show the full action history (32 actions)
  1. Dec 15, 2025Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  2. Dec 11, 2025Considered as unfinished business. (consideration: CR H5790-5793)
  3. Dec 11, 2025The House resolved into Committee of the Whole House on the state of the Union for further consideration.
  4. Dec 11, 2025The House rose from the Committee of the Whole House on the state of the Union to report H.R. 3383.
  5. Dec 11, 2025The previous question was ordered pursuant to the rule.
  6. Dec 11, 2025The House adopted the amendments en gros as agreed to by the Committee of the Whole House on the state of the Union.
  7. Dec 11, 2025Passed/agreed to in House: On passage Passed by recorded vote: 302 - 123 (Roll no. 328).
  8. Dec 11, 2025On passage Passed by recorded vote: 302 - 123 (Roll no. 328).
  9. Dec 11, 2025Motion to reconsider laid on the table Agreed to without objection.
  10. Dec 10, 2025Considered under the provisions of rule H. Res. 936. (consideration: CR H5534-5555; text: CR H5540-5546)
  11. Dec 10, 2025Rule provides for consideration of H.R. 3898, H.R. 3383, H.R. 3638, H.R. 3628, H.R. 3668 and S. 1071. The resolution provides for consideration of H.R. 3898, H.R. 3383, H.R. 3638, and H.R. 3628 under a structured rule; and H.R. 3668 and S. 1071 under a closed rule. The resolution provides for one motion to recommit on H.R. 3898, H.R. 3383, H.R. 3638, H.R. 3628, and H.R. 3668; and one motion to commit on S. 1071.
  12. Dec 10, 2025House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 936 and Rule XVIII.
  13. Dec 10, 2025The Speaker designated the Honorable James C. Moylan to act as Chairman of the Committee.
  14. Dec 10, 2025GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 3383.
  15. Dec 10, 2025DEBATE - Pursuant to the provisions of H.Res. 936, the Committee of the Whole proceeded with 10 minutes of debate on the Self amendment No. 1.
  16. Dec 10, 2025POSTPONED PROCEEDINGS - At the conclusion of debate on the Self amendment No. 1, the Chair put the question on agreeing to the amendment and by voice vote, announced the noes had prevailed. Mr. Self demanded a recorded vote, and the Chair postponed further proceedings until a time to be announced.
  17. Dec 10, 2025DEBATE - Pursuant to the provisions of H.Res. 936, the Committee of the Whole proceeded with 10 minutes of debate on the Self amendment No. 2.
  18. Dec 10, 2025DEBATE - Pursuant to the provisions of H.Res. 936, the Committee of the Whole proceeded with 10 minutes of debate on the Waters amendment No. 3.
  19. Dec 10, 2025POSTPONED PROCEEDINGS - At the conclusion of debate on the Waters amendment No. 3, the Chair put the question on agreeing to the amendment and by voice vote, announced the noes had prevailed. Ms. Waters demanded a recorded vote, and the Chair postponed further proceedings until a time to be announced.
  20. Dec 10, 2025DEBATE - Pursuant to the provisions of H.Res. 936, the Committee of the Whole proceeded with 10 minutes of debate on the Waters amendment No. 4.
  21. Dec 10, 2025DEBATE - Pursuant to the provisions of H.Res. 936, the Committee of the Whole proceeded with 10 minutes of debate on the Waters amendment No. 5.
  22. Dec 10, 2025POSTPONED PROCEEDINGS - At the conclusion of debate on the Waters amendment No. 5, the Chair put the question on agreeing to the amendment and by voice vote, announced the noes had prevailed. Ms. Waters demanded a recorded vote, and the Chair postponed further proceedings until a time to be announced.
  23. Dec 10, 2025Mrs. Wagner moved that the committee rise.
  24. Dec 10, 2025On motion that the committee rise Agreed to by voice vote.
  25. Dec 10, 2025Committee of the Whole House on the state of the Union rises leaving H.R. 3383 as unfinished business.
  26. Dec 9, 2025Rules Committee Resolution H. Res. 936 Reported to House. Rule provides for consideration of H.R. 3898, H.R. 3383, H.R. 3638, H.R. 3628, H.R. 3668 and S. 1071. The resolution provides for consideration of H.R. 3898, H.R. 3383, H.R. 3638, and H.R. 3628 under a structured rule; and H.R. 3668 and S. 1071 under a closed rule. The resolution provides for one motion to recommit on H.R. 3898, H.R. 3383, H.R. 3638, H.R. 3628, and H.R. 3668; and one motion to commit on S. 1071.
  27. Jun 25, 2025Reported (Amended) by the Committee on Financial Services. H. Rept. 119-169.
  28. Jun 25, 2025Placed on the Union Calendar, Calendar No. 135.
  29. May 20, 2025Committee Consideration and Mark-up Session Held
  30. May 20, 2025Ordered to be Reported (Amended) by the Yeas and Nays: 41 - 10.
  31. May 14, 2025Introduced in House
  32. May 14, 2025Referred to the House Committee on Financial Services.