Developing and Empowering our Aspiring Leaders Act of 2022
Latest action · Jul 27, 2022 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJun 29, 2021
- Passed HouseJul 26, 2022
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Developing and Empowering our Aspiring Leaders Act of 2022
This bill directs the Securities and Exchange Commission (SEC) to revise venture capital investment regulations if the SEC determines such revisions would facilitate capital formation without compromising investor protection. 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, after SEC approval, 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 be acquired directly from a qualifying portfolio company.
Cosponsors
Members who signed on, in the order they did.
Committees 2
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Jun 29, 2021 |
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Jul 27, 2022 |
Actions 9
Everything that happened, newest first.
- Jul 27, 2022Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Jul 26, 2022Ms. Waters moved to suspend the rules and pass the bill, as amended.
- Jul 26, 2022Considered under suspension of the rules. (consideration: CR H7152-7153)
- Jul 26, 2022DEBATE - The House proceeded with forty minutes of debate on H.R. 4227.
- Jul 26, 2022Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H7152)
- Jul 26, 2022Motion to reconsider laid on the table Agreed to without objection.
- Jul 26, 2022The title of the measure was amended. Agreed to without objection.
- Jun 29, 2021Introduced in House
- Jun 29, 2021Referred to the House Committee on Financial Services.
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| House | Debate and remarks H7152, H7153Text printed H7152 | J. French Hill R-AR, Maxine Waters D-CA | Jul 26, 2022 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 167, no. 113, June 29, 2021, page H3308.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| S. Hrg. 117-756 | EXAMINING HOW CAPITAL MARKETS SERVE DIVERSE ENTREPRENEURS AND INVESTORS45 pages | Banking, Housing, and Urban Affairs Committee | Dec 13, 2022 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 3914 | Developing and Empowering our Aspiring Leaders Act of 2022 | Related bill | Apr 5, 2022 |
Titles 5
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To require the Securities and Exchange Commission to revise the definition of a qualifying investment, for purposes of the exemption from registration for venture capital fund advisers under the Investment Advisers Act of 1940, to include an equity security issued by a qualifying portfolio company and to include an investment in another venture capital fund, and for other purposes.
- Official Titles as Amended by House
- To require the Securities and Exchange Commission to revise the definition of a qualifying investment to include an equity security issued by a qualifying portfolio company, whether acquired directly from the company or in a secondary acquisition, for purposes of the exemption from registration for venture capital fund advisers under the Investment Advisers Act of 1940, and for other purposes.
- Short Title(s) as Introduced
- Developing and Empowering our Aspiring Leaders Act of 2021
- Short Title(s) as Passed House
- Developing and Empowering our Aspiring Leaders Act of 2022
- Short Titles from RFS (Referred to Senate) bill text
- Developing and Empowering our Aspiring Leaders Act of 2022
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 3
Each version as it was printed, newest first.
- Jul 27, 2022Referred in Senate
- Jul 26, 2022Engrossed in House
- Jun 29, 2021Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
