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H.R. 2225

U.S. House•In Senate Committee

Summary

H.R. 2225, the Access to Small Business Investor Capital Act, was introduced in the House on Mar 18, 2025 by Rep. Brad Sherman (D) with 25 co-sponsors. It was referred to Banking, Housing, And Urban Affairs, and last saw action on Jun 24, 2025: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Record

Text

H.R. 2225 has 25 co-sponsors.

hb2225/engrossed-in-house.txt
119 HR 2225 EH: Access to Small Business Investor Capital Act
 U.S. House of Representatives
 text/xml
 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 IB
 119th CONGRESS  1st Session
 H. R. 2225
 IN THE HOUSE OF REPRESENTATIVES
 AN ACT
To permit a registered investment company to omit certain fees from the calculation of Acquired Fund Fees and Expenses, and for other purposes.
1.
Short title
This Act may be cited as the   Access to Small Business Investor Capital Act  .
2.
Amendments to acquired fund fees and expenses reporting on investment company registration statements
(a)
Definitions
For purposes of this section:
(1)
Acquired Fund
The term  Acquired Fund  has the meaning given the term in Forms N–1A, N–2, and N–3.
(2)
Acquired Fund Fees and Expenses
The term  Acquired Fund Fees and Expenses  means the Acquired Fund Fees and Expenses sub-caption in the Fee Table Disclosure.
(3)
Business development company
The term  business development company  has the meaning given the term in section 2(a) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–2(a) ).
(4)
Fee table disclosure
The term  Fee Table Disclosure  means the fee table described in Item 3 of Form N–1A, Item 3 of Form N–2, or Item 4 of Form N–3 (as applicable, and with respect to each, in any successor fee table disclosure that the Securities and Exchange Commission adopts).
(5)
Form N–1a
The term  Form N–1A  means the form described in section 274.11A of title 17, Code of Federal Regulations, or any successor regulation.
(6)
Form N–2
The term  Form N–2  means the form described in section 274.11a–1 of title 17, Code of Federal Regulations, or any successor regulation.
(7)
Form N–3
The term  Form N–3  means the form described in section 274.11b of title 17, Code of Federal Regulations, or any successor regulation.
(8)
Registered investment company
The term  registered investment company  means an investment company, as defined under section 3(a) of the Investment Company Act of 1940, registered with the Securities and Exchange Commission under such Act.
(b)
Excluding business development companies from acquired fund fees and expenses
A registered investment company may, on any investment company registration statement filed pursuant to section 8(b) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–8(b) ), omit from the calculation of Acquired Fund Fees and Expenses those fees and expenses that the investment company incurred indirectly as a result of investment in shares of one or more Acquired Funds that is a business development company.
     Passed the House of Representatives June 23, 2025.  Kevin F. McCumber,  Clerk.

Tracker

The tracker indicates the progress of this legislation as it moves through the legislative process.

  1. Introduced2025-03-18
  2. Passed House2025-06-23
  3. Passed Senate
  4. Conference
  5. To President
  6. Became Law

CRS Summary

The summaries are the Congressional Research Service’s, one per stage. Read them in full.

Introduced in House Mar 18, 2025

hb2225/introduced-in-house.md

Shown Here:
Introduced in House (03/18/2025)

Access to Small Business Investor Capital Act

This bill allows a registered investment company to exclude from the calculation of acquired fund fees and expenses those incurred indirectly from investment in a business development company. Acquired fund fees and expenses is a required line item on a fund's fee schedule that provides the operating expenses of the fund.

Sponsors

Rep. Brad Sherman (D) sponsors H.R. 2225, and 25 members have co-sponsored it, 3 of them from the day it was introduced.

Committees

H.R. 2225 went before 2 committees: Banking, Housing, and Urban Affairs and Financial Services.

Banking, Housing, and Urban Affairs
Banking, Housing, and Urban Affairs
Referred To · Jun 24, 2025 · 465 Bills
Financial Services
Financial Services
Reported By · Jun 3, 2025 · 559 Bills

Reports

1 committee report has been filed on H.R. 2225, the latest H. Rept. 119-126.

Actions

H.R. 2225 has taken 13 actions since Mar 18, 2025, the latest on Jun 24, 2025.

ChamberAction
Jun 24, 2025
Senate
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.Banking, Housing, and Urban Affairs Committee
Jun 23, 202516:29
House
Mrs. Wagner moved to suspend the rules and pass the bill, as amended.
Jun 23, 202516:29
House
Considered under suspension of the rules. (consideration: CR H2868-2869)
Jun 23, 202516:29
House
DEBATE - The House proceeded with forty minutes of debate on H.R. 2225.
Jun 23, 202516:41
House
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H2868)

Votes

H.R. 2225 has not gone to a roll call.

1 bill is related to H.R. 2225.

Titles

H.R. 2225 goes by 7 titles, 4 of them short titles.

  • To permit a registered investment company to omit certain fees from the calculation of Acquired Fund Fees and Expenses, and for other purposes. — Official Titles from EH (Engrossed in House) bill text
  • Access to Small Business Investor Capital Act — Short Titles from RFS (Referred to Senate) bill text
  • Access to Small Business Investor Capital Act — Short Title(s) as Passed House
  • Access to Small Business Investor Capital Act — Short Title(s) as Reported to House
  • Access to Small Business Investor Capital Act — Display Title
  • Access to Small Business Investor Capital Act — Short Title(s) as Introduced
  • To permit a registered investment company to omit certain fees from the calculation of Acquired Fund Fees and Expenses, and for other purposes. — Official Title as Introduced

Lobbying

16 clients hired 14 firms and 168 registered lobbyists who named H.R. 2225 in 60 quarterly filings, 2025 to 2026. Reported under the Lobbying Disclosure Act; a filing’s income covers everything its registrant worked that quarter, so the amounts below are the filings’, not this bill’s.

Filed under Financial Institutions/Investments/Securities, Taxation/Internal Revenue Code, Retirement, Banking, Small Business, Labor Issues/Antitrust/Workplace, Health Issues, Budget/Appropriations.

Clients

Who paid to be heard, by how many filings named the bill.

ClientBusinessStateFirmsFilingsReported
COALITION FOR BUSINESS DEVELOPMENTBDC CoalitionDistrict of Columbia16$540K
SMALL BUSINESS INVESTOR ALLIANCE (SBIA)Advocate for small business investorsDistrict of Columbia16$120K
CHAMBER OF COMMERCE OF THE U.S.A.—District of Columbia16—
FRANKLIN RESOURCES, INC. (FRANKLIN TEMPLETON) AND AFFILIATESInvestment ManagerCalifornia16—
FUTURE STANDARD—Pennsylvania16—
AMERICAN INVESTMENT COUNCIL F/K/A PEGCC—District of Columbia15—
SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION—District of Columbia15—
ARES MANAGEMENT——14$290K
ARES CAPITAL CORPORATION——13$190K
INVESTMENT COMPANY INSTITUTE (ICI)The national association of U.S. investment companies.District of Columbia13$60K
INVESTMENT COMPANY INSTITUTE—District of Columbia13—
BLUE OWL CAPITAL HOLDINGS LLCalternative asset managerNew York12$160K
SMALL BUSINESS & ENTREPRENEURSHIP COUNCIL (SBE COUNCIL)—Virginia12—
FUTURE STANDARD (FKA FS INVESTMENT CORPORATION)Business Development Company-investment management.Pennsylvania11$50K
SMALL BUSINESS INVESTOR ALLIANCETrade association of senior investment professionals focused on the lower middle marketDistrict of Columbia11$20K
AMERICANS FOR FINANCIAL REFORM—District of Columbia11—

Firms

Registrants who filed on the bill, by filings.

RegistrantClientsFilingsReported
BROWNSTEIN HYATT FARBER SCHRECK, LLP313$1M
CHAMBER OF COMMERCE OF THE U.S.A.16—
FRANKLIN RESOURCES, INC. (FRANKLIN TEMPLETON) AND AFFILIATES16—
FUTURE STANDARD16—
THORN RUN PARTNERS16$120K
AMERICAN INVESTMENT COUNCIL F/K/A PEGCC15—
SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION15—
ADVANCED POLICY CONSULTING, LLC13$60K
INVESTMENT COMPANY INSTITUTE13—
ARNOLD & PORTER KAYE SCHOLER LLP12$160K
SMALL BUSINESS & ENTREPRENEURSHIP COUNCIL (SBE COUNCIL)12—
AKIN GUMP STRAUSS HAUER & FELD11$50K
AMERICANS FOR FINANCIAL REFORM11—
BPO STRATEGIES11$20K

Lobbyists

Named on the filings that cite the bill. The 20 named most often, of 168.

LobbyistFirmsClientsFilings
DAVID COHEN1313
LEAH DEMPSEY129
MATT GRINNEY239
ROBERT ROBILLIARD129
NORMAN BROWNSTEIN127
ABELARDO TORRES116
ALEXA BRANSON116
ANDREA PORWOLL116
ASHLEY GUM116
BRADLEY WATTS116
BRINCE MANNING116
BROOKE MILLER116
CASSIA CARVALHO116
CHAD WHITEMAN116
CHANTEL SHEAKS116
CHRISTOPHER CRENSHAW116
CHRISTOPHER EYLER116
CHRISTOPHER GUITH116
CHRISTOPHER ROBERTI116
CLARK JACKSON116

Filings

The documents themselves, on the Senate’s Lobbying Disclosure site, largest reported first.

ClientRegistrantPeriodReportedDocument
CHAMBER OF COMMERCE OF THE U.S.A.CHAMBER OF COMMERCE OF THE U.S.A.2026 first_quarter$19.8M1st Quarter - Amendme…
CHAMBER OF COMMERCE OF THE U.S.A.CHAMBER OF COMMERCE OF THE U.S.A.2026 first_quarter$19.8M1st Quarter - Report
CHAMBER OF COMMERCE OF THE U.S.A.CHAMBER OF COMMERCE OF THE U.S.A.2025 second_quarter$19.3M2nd Quarter - Report
CHAMBER OF COMMERCE OF THE U.S.A.CHAMBER OF COMMERCE OF THE U.S.A.2025 fourth_quarter$18M4th Quarter - Report
CHAMBER OF COMMERCE OF THE U.S.A.CHAMBER OF COMMERCE OF THE U.S.A.2026 second_quarter$17M2nd Quarter - Report
CHAMBER OF COMMERCE OF THE U.S.A.CHAMBER OF COMMERCE OF THE U.S.A.2025 third_quarter$13.7M3rd Quarter - Report
SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATIONSECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION2025 fourth_quarter$3.2M4th Quarter - Report
SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATIONSECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION2025 second_quarter$2.1M2nd Quarter - Report
SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATIONSECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION2026 second_quarter$1.9M2nd Quarter - Report
SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATIONSECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION2025 third_quarter$1.9M3rd Quarter - Report
SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATIONSECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION2026 first_quarter$1.9M1st Quarter - Report
INVESTMENT COMPANY INSTITUTEINVESTMENT COMPANY INSTITUTE2025 third_quarter$1.5M3rd Quarter - Report
INVESTMENT COMPANY INSTITUTEINVESTMENT COMPANY INSTITUTE2025 second_quarter$1.3M2nd Quarter - Report
AMERICAN INVESTMENT COUNCIL F/K/A PEGCCAMERICAN INVESTMENT COUNCIL F/K/A PEGCC2025 fourth_quarter$1M4th Quarter - Report
INVESTMENT COMPANY INSTITUTEINVESTMENT COMPANY INSTITUTE2025 fourth_quarter$916.5K4th Quarter - Report
AMERICAN INVESTMENT COUNCIL F/K/A PEGCCAMERICAN INVESTMENT COUNCIL F/K/A PEGCC2026 first_quarter$680K1st Quarter - Report
AMERICAN INVESTMENT COUNCIL F/K/A PEGCCAMERICAN INVESTMENT COUNCIL F/K/A PEGCC2025 third_quarter$680K3rd Quarter - Report
AMERICAN INVESTMENT COUNCIL F/K/A PEGCCAMERICAN INVESTMENT COUNCIL F/K/A PEGCC2025 second_quarter$620K2nd Quarter - Report
AMERICAN INVESTMENT COUNCIL F/K/A PEGCCAMERICAN INVESTMENT COUNCIL F/K/A PEGCC2026 second_quarter$610K2nd Quarter - Report
FRANKLIN RESOURCES, INC. (FRANKLIN TEMPLETON) AND AFFILIATESFRANKLIN RESOURCES, INC. (FRANKLIN TEMPLETON) AND AFFILIATES2025 fourth_quarter$320K4th Quarter - Report

Classification

The Congressional Research Service files H.R. 2225 under Finance and Financial Sector, one of its 31 policy areas, and gives it 3 legislative subjects.

CRS Subjects

CRS assigns every bill one policy area from its 31; H.R. 2225’s is Finance and Financial Sector.

hr2225/policy-areas.txt
Finance and Financial SectorAgriculture and FoodAnimalsArmed Forces and National SecurityArts, Culture, ReligionCivil Rights and Liberties, Minority IssuesCommerceCongressCrime and Law EnforcementEconomics and Public FinanceEducationEmergency ManagementEnergyEnvironmental ProtectionFamiliesForeign Trade and International FinanceGovernment Operations and PoliticsHealthHousing and Community DevelopmentImmigrationInternational AffairsLabor and EmploymentLawNative AmericansPublic Lands and Natural ResourcesScience, Technology, CommunicationsSocial WelfareSports and RecreationTaxationTransportation and Public WorksWater Resources Development

Legislative Subjects

H.R. 2225 carries 3 of CRS’s legislative subjects, from Business investment and capital to User charges and fees.

hr2225/subjects.txt
Business investment and capitalFinancial services and investmentsUser charges and fees

Constitutional authority

The clause the sponsor cites as Congress’s power to enact H.R. 2225, as entered in the Congressional Record.

[Congressional Record Volume 171, Number 50 (Tuesday, March 18, 2025)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. SHERMAN:H.R. 2225.Congress has the power to enact this legislation pursuantto the following:Article I Section 8 Clause 3 of the US Constitution[Page H1173]

Source: congress.gov · legiscan.com