H.R. 4429

119th Congress

In Committee

Developing and Empowering our Aspiring Leaders Act of 2025

Sponsored byRepublican:Rep. Wagner, Ann [R-MO-2]MO· Introduced 16 July 2025
Open on Congress.gov

1

Cosponsors

15

Actions

0

Amendments

2

Committees

—

Since introduced

Introduced
Committee
Passed Chamber
Passed Both
Enacted
Step 1 of 0
Latest action

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

2 December 2025·7 months ago

Summary

Introduced in House · Updated 26 November 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.

Timeline

15 actions

  1. Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    2 December 2025 · IntroReferral

  2. Mr. Davidson moved to suspend the rules and pass the bill, as amended.

    1 December 2025 · Floor

  3. DEBATE - The House proceeded with forty minutes of debate on H.R. 4429.

    1 December 2025 · Floor

  4. Considered under suspension of the rules. (consideration: CR H4948-4950)

    1 December 2025 · Floor

  5. 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)

    1 December 2025 · Floor

  6. On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4949)

    1 December 2025 · Floor

  7. Motion to reconsider laid on the table Agreed to without objection.

    1 December 2025 · Floor

  8. Placed on the Union Calendar, Calendar No. 203.

    8 September 2025 · Calendars

  9. Reported (Amended) by the Committee on Financial Services. H. Rept. 119-246.

    8 September 2025 · Committee

  10. Reported (Amended) by the Committee on Financial Services. H. Rept. 119-246.

    8 September 2025 · Committee

  11. Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 2.

    22 July 2025 · Committee

  12. Committee Consideration and Mark-up Session Held

    22 July 2025 · Committee

  13. Referred to the House Committee on Financial Services.

    16 July 2025 · IntroReferral

  14. Introduced in House

    16 July 2025 · IntroReferral

  15. Introduced in House

    16 July 2025 · IntroReferral

Sponsorship

1 cosponsors

Sponsor

Republican:Rep. Wagner, Ann [R-MO-2]MO

Cosponsors

  • Democrat1100%

Classification

Policy area

Finance and Financial Sector

Legislative subjects

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

Committees

2

  • Financial Services Committee

    House · Standing

    • Referred To16 Jul 2025
    • Markup By22 Jul 2025
    • Reported By8 Sept 2025

  • Banking, Housing, and Urban Affairs Committee

    Senate · Standing

    • Referred To2 Dec 2025

Reports

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