{"bill":{"id":"119-hr-4429","congress":119,"type":"HR","number":4429,"title":"Developing and Empowering our Aspiring Leaders Act of 2025","originChamber":"House","introducedDate":"2025-07-16","sponsors":[{"bioguideId":"W000812","fullName":"Rep. Wagner, Ann [R-MO-2]","party":"R","state":"MO","district":2}],"cosponsorsCount":1,"latestAction":{"actionDate":"2025-12-02","text":"Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs."},"policyArea":"Finance and Financial Sector","subjects":["Administrative law and regulatory procedures","Financial services and investments","Securities","Securities and Exchange Commission (SEC)"],"actions":[{"date":"2025-12-02","text":"Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.","type":"IntroReferral","chamber":"Senate","hasVote":false},{"date":"2025-12-01","text":"Motion to reconsider laid on the table Agreed to without objection.","type":"Floor","chamber":"House floor actions","hasVote":false},{"date":"2025-12-01","text":"On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4949)","type":"Floor","chamber":"House floor actions","hasVote":false},{"date":"2025-12-01","text":"Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4949)","type":"Floor","chamber":"Library of Congress","hasVote":false},{"date":"2025-12-01","text":"DEBATE - The House proceeded with forty minutes of debate on H.R. 4429.","type":"Floor","chamber":"House floor actions","hasVote":false},{"date":"2025-12-01","text":"Considered under suspension of the rules. (consideration: CR H4948-4950)","type":"Floor","chamber":"House floor actions","hasVote":false},{"date":"2025-12-01","text":"Mr. Davidson moved to suspend the rules and pass the bill, as amended.","type":"Floor","chamber":"House floor actions","hasVote":false},{"date":"2025-09-08","text":"Placed on the Union Calendar, Calendar No. 203.","type":"Calendars","chamber":"House floor actions","hasVote":false},{"date":"2025-09-08","text":"Reported (Amended) by the Committee on Financial Services. H. Rept. 119-246.","type":"Committee","chamber":"House floor actions","hasVote":false},{"date":"2025-09-08","text":"Reported (Amended) by the Committee on Financial Services. H. Rept. 119-246.","type":"Committee","chamber":"Library of Congress","hasVote":false},{"date":"2025-07-22","text":"Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 2.","type":"Committee","chamber":"House committee actions","hasVote":false},{"date":"2025-07-22","text":"Committee Consideration and Mark-up Session Held","type":"Committee","chamber":"House committee actions","hasVote":false},{"date":"2025-07-16","text":"Referred to the House Committee on Financial Services.","type":"IntroReferral","chamber":"House floor actions","hasVote":false},{"date":"2025-07-16","text":"Introduced in House","type":"IntroReferral","chamber":"Library of Congress","hasVote":false},{"date":"2025-07-16","text":"Introduced in House","type":"IntroReferral","chamber":"Library of Congress","hasVote":false}],"summary":"<p><strong>Developing and Empowering our Aspiring Leaders Act of 2025 </strong></p><p>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.</p><p>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.</p>","updateDate":"2026-02-04T04:26:31Z"},"markets":[],"stateBills":[],"meta":{"sources":["congress.gov"],"latencyMs":3045,"ts":"2026-04-19T08:24:49.771Z"},"nextActions":{"inspect":[],"related":[{"description":"Search related legislation","method":"GET","url":"/api/public/query-gov?q=Developing%20and%20Empowering%20our%20Aspiring%20Leaders%20Act%20of%202025"}]}}