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119th Congress Finance and Financial Sector

H.R. 4429: Developing and Empowering our Aspiring Leaders Act of 2025

Passed HouseDec 1, 2025

  1. Introduced (completed)Jul 16, 2025
  2. Passed House (completed)Dec 1, 2025
  3. Passed Senate (not reached)
  4. To the President (not reached)
  5. Became law (not reached)

Summary

Introduced in House, Jul 16, 2025

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.

Written by the Congressional Research Service, Library of Congress.

Roll calls

0 votes on this bill

No roll call votes have been held on this bill.

Amendments

0 offered

No amendments were offered to this bill.

Cosponsors

1

Bipartisan support.

Who scored on this bill

72 points earned
  1. 1Ann Wagner R-MO SponsorIntroduced, drew cross-party cosponsors, marked up, reported, passed House5 events+68
  2. 2Sean Casten D-ILCosponsored; cosponsored bill passed2 events+4
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 1, 2025Passed the House by voice vote.
  2. Jul 16, 2025Introduced in the House by Ann Wagner.
Show the full action history (13 actions)
  1. Dec 2, 2025Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  2. Dec 1, 2025Mr. Davidson moved to suspend the rules and pass the bill, as amended.
  3. Dec 1, 2025Considered under suspension of the rules. (consideration: CR H4948-4950)
  4. Dec 1, 2025DEBATE - The House proceeded with forty minutes of debate on H.R. 4429.
  5. 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)
  6. Dec 1, 2025On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4949)
  7. Dec 1, 2025Motion to reconsider laid on the table Agreed to without objection.
  8. Sep 8, 2025Reported (Amended) by the Committee on Financial Services. H. Rept. 119-246.
  9. Sep 8, 2025Placed on the Union Calendar, Calendar No. 203.
  10. Jul 22, 2025Committee Consideration and Mark-up Session Held
  11. Jul 22, 2025Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 2.
  12. Jul 16, 2025Introduced in House
  13. Jul 16, 2025Referred to the House Committee on Financial Services.