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H.R. 4429

U.S. House•In Senate Committee

Summary

H.R. 4429, the Developing and Empowering our Aspiring Leaders Act of 2025, was introduced in the House on Jul 16, 2025 by Rep. Ann Wagner (R) with 1 co-sponsor. It was referred to Banking, Housing, And Urban Affairs, and last saw action on Dec 2, 2025: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Record

Text

H.R. 4429 has 1 co-sponsor.

hb4429/engrossed-in-house.txt
119 HR 4429 EH: Developing and Empowering our Aspiring Leaders Act of 2025
 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.
 I
 119th CONGRESS  1st Session
 H. R. 4429
 IN THE HOUSE OF REPRESENTATIVES
 AN ACT
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.
1.
Short title
This Act may be cited as the   Developing and Empowering our Aspiring Leaders Act of 2025  .
2.
Definitions
Not later than the end of the 180-day period beginning on the date of the enactment of this Act, the Securities and Exchange Commission shall—
(1)
revise the definition of a qualifying investment under paragraph (c) of section 275.203(l)–1 of title 17, Code of Federal Regulations—
(A)
to include an equity security issued by a qualifying portfolio company, whether acquired directly from the company or in a secondary acquisition; and
(B)
to specify that an investment in another venture capital fund (as defined in paragraph (a) section 275.203(l)–1 of title 17, Code of Federal Regulations) is a qualifying investment under such definition; and
(2)
revise paragraph (a) of such section to require, as a condition of a private fund qualifying as a venture capital fund under such paragraph, that, immediately after the acquisition of any asset, such fund holds no more than 49 percent of the amount of the fund’s aggregate capital contributions and uncalled committed capital (excluding short-term holdings) in—
(A)
one or more venture capital funds; or
(B)
qualifying investments acquired in a secondary acquisition, valued at cost or fair value, consistently applied by the fund.
     Passed the House of Representatives December 1, 2025.  Kevin F. McCumber,  Clerk.

Tracker

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

  1. Introduced2025-07-16
  2. Passed House2025-12-01
  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 Jul 16, 2025

hb4429/introduced-in-house.md

Shown Here:
Introduced in House (07/16/2025)

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.

Sponsors

Rep. Ann Wagner (R) sponsors H.R. 4429, and 1 member has co-sponsored it.

Committees

H.R. 4429 went before 2 committees: Banking, Housing, and Urban Affairs and Financial Services.

Banking, Housing, and Urban Affairs
Banking, Housing, and Urban Affairs
Referred To · Dec 2, 2025 · 465 Bills
Financial Services
Financial Services
Reported By · Sep 8, 2025 · 559 Bills

Reports

1 committee report has been filed on H.R. 4429, the latest H. Rept. 119-246.

Actions

H.R. 4429 has taken 13 actions since Jul 16, 2025, the latest on Dec 2, 2025.

ChamberAction
Dec 2, 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
Dec 1, 202518:12
House
Mr. Davidson moved to suspend the rules and pass the bill, as amended.
Dec 1, 202518:12
House
Considered under suspension of the rules. (consideration: CR H4948-4950)
Dec 1, 202518:12
House
DEBATE - The House proceeded with forty minutes of debate on H.R. 4429.
Dec 1, 202518:20
House
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4949)

Votes

H.R. 4429 has not gone to a roll call.

Titles

H.R. 4429 goes by 7 titles, 4 of them short titles.

  • Developing and Empowering our Aspiring Leaders Act of 2025 — Display Title
  • Developing and Empowering our Aspiring Leaders Act of 2025 — Short Titles from RFS (Referred to Senate) bill text
  • Developing and Empowering our Aspiring Leaders Act of 2025 — Short Title(s) as Passed House
  • 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 from EH (Engrossed in House) bill text
  • Developing and Empowering our Aspiring Leaders Act of 2025 — Short Title(s) as Reported to House
  • Developing and Empowering our Aspiring Leaders Act of 2025 — Short Title(s) 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 Title as Introduced

Cost estimate

The Congressional Budget Office has filed 1 estimate for H.R. 4429, the latest on Jan 13, 2026.

Lobbying

3 clients hired 3 firms and 105 registered lobbyists who named H.R. 4429 in 11 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, Small Business, Banking, Budget/Appropriations, Health Issues, Housing, Labor Issues/Antitrust/Workplace.

Clients

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

ClientBusinessStateFirmsFilingsReported
CHAMBER OF COMMERCE OF THE U.S.A.—District of Columbia15—
ESHARES, INC. D/B/A CARTA, INC.—California14—
AMERICANS FOR FINANCIAL REFORM—District of Columbia12—

Firms

Registrants who filed on the bill, by filings.

RegistrantClientsFilingsReported
CHAMBER OF COMMERCE OF THE U.S.A.15—
ESHARES, INC. D/B/A CARTA, INC.14—
AMERICANS FOR FINANCIAL REFORM12—

Lobbyists

Named on the filings that cite the bill. The 20 named most often, of 105.

LobbyistFirmsClientsFilings
ABELARDO TORRES115
ALEXA BRANSON115
AMANDA MAYS115
ANDREA PORWOLL115
ASHLEY GUM115
BRADLEY WATTS115
BRINCE MANNING115
BROOKE MILLER115
CASSIA CARVALHO115
CHAD WHITEMAN115
CHANTEL SHEAKS115
CHRISTOPHER CRENSHAW115
CHRISTOPHER EYLER115
CHRISTOPHER GUITH115
CHRISTOPHER ROBERTI115
CLARK JACKSON115
DAN BYERS115
ERIN DELANEY115
ESPERANZA JELALIAN115
FOXHALL PARKER115

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 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
AMERICANS FOR FINANCIAL REFORMAMERICANS FOR FINANCIAL REFORM2025 fourth_quarter$150K4th Quarter - Report
AMERICANS FOR FINANCIAL REFORMAMERICANS FOR FINANCIAL REFORM2025 third_quarter$150K3rd Quarter - Report
ESHARES, INC. D/B/A CARTA, INC.ESHARES, INC. D/B/A CARTA, INC.2026 second_quarter$120K2nd Quarter - Termina…
ESHARES, INC. D/B/A CARTA, INC.ESHARES, INC. D/B/A CARTA, INC.2025 fourth_quarter$120K4th Quarter - Report
ESHARES, INC. D/B/A CARTA, INC.ESHARES, INC. D/B/A CARTA, INC.2026 first_quarter$90K1st Quarter - Report
ESHARES, INC. D/B/A CARTA, INC.ESHARES, INC. D/B/A CARTA, INC.2025 third_quarter$90K3rd Quarter - Report

Classification

The Congressional Research Service files H.R. 4429 under Finance and Financial Sector, one of its 31 policy areas, and gives it 4 legislative subjects.

CRS Subjects

CRS assigns every bill one policy area from its 31; H.R. 4429’s is Finance and Financial Sector.

hr4429/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. 4429 carries 4 of CRS’s legislative subjects, from Administrative law and regulatory procedures to Securities and Exchange Commission (SEC).

hr4429/subjects.txt
Administrative law and regulatory proceduresFinancial services and investmentsSecuritiesSecurities and Exchange Commission (SEC)

Constitutional authority

The clause the sponsor cites as Congress’s power to enact H.R. 4429, as entered in the Congressional Record.

[Congressional Record Volume 171, Number 122 (Wednesday, July 16, 2025)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mrs. WAGNER:H.R. 4429.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8 of the United States Constitution.[Page H3368]

Source: congress.gov · legiscan.com