H.R. 4429 explained · 119th Congress · Pending in Congress
Developing and Empowering our Aspiring Leaders Act of 2025
Cosponsors: 1 (1 D, 0 R) · per Congress.gov, 2026-10-10
Introduced: 2025-07-16
Latest action (2025-12-02): Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
What H.R. 4429 does, in plain terms
Developing and Empowering our Aspiring Leaders Act of 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.
Official summary by the Congressional Research Service, via Congress.gov.
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