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H.R. 4429 House Finance and Financial Sector

Developing and Empowering our Aspiring Leaders Act of 2025

Introduced
Jul 16, 2025
Sponsor
Rep. Wagner, Ann (R-MO-2)
View on Congress.gov

STAGE 4 OF 8 — HOUSE FLOOR

Currently in the House. Last action: received in the senate and read twice and referred to the committee on banking, housing, and urban affairs on Dec 2, 2025.

  1. House Introduced in House Jul 16, 2025
  2. House Referred to the House Committee on Financial Services. Jul 16, 2025
  3. House Committee Consideration and Mark-up Session Held Jul 22, 2025
  4. House Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 2. Jul 22, 2025
  5. House Reported (Amended) by the Committee on Financial Services. H. Rept. 119-246. Sep 8, 2025
  6. House Placed on the Union Calendar, Calendar No. 203. Sep 8, 2025
  7. House Mr. Davidson moved to suspend the rules and pass the bill, as amended. Dec 1, 2025
  8. House Considered under suspension of the rules. (consideration: CR H4948-4950) Dec 1, 2025
  9. House DEBATE - The House proceeded with forty minutes of debate on H.R. 4429. Dec 1, 2025
  10. House 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) Dec 1, 2025
  11. House On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4949) Dec 1, 2025
  12. House Motion to reconsider laid on the table Agreed to without objection. Dec 1, 2025
  13. Senate Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Dec 2, 2025

Cosponsors

1

Subjects

Administrative law and regulatory proceduresFinancial services and investmentsSecuritiesSecurities and Exchange Commission (SEC)

Committees

  • Banking, Housing, and Urban Affairs Committee
    • [Referred To, Dec 2, 2025]
  • Financial Services Committee
    • [Reported By, Sep 8, 2025]
    • [Markup By, Jul 22, 2025]
    • [Referred To, Jul 16, 2025]

Summary

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.

[Summary as of: Introduced in House]

Bill Text

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