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HR 8603 116th Congress House

Developing and Empowering our Aspiring Leaders Act of 2020

Official title: To require the Securities and Exchange Commission to revise the definition of a qualifying investment to include an equity security issued by a qualifying port… Show full official titleShow less

Official title: To require the Securities and Exchange Commission to revise the definition of a qualifying investment to include an equity security issued by a qualifying portfolio company, whether acquired directly from the company or in a secondary acquisition, for purposes of the exemption from registration for venture capital fund advisers under the Investment Advisers Act of 1940, and for other purposes.

Introduced: October 16, 2020 See on congress.gov
Finance and Financial Sector Administrative law and regulatory proceduresFinancial services and investmentsSecuritiesSecurities and Exchange Commission (SEC)
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This bill died when the 116th Congress ended
It never became law before the 116th Congress (2019–2020) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 16, 2020
Referred to the House Committee on Financial Services.
Oct 16, 2020
Introduced in House
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 Latest action October 16, 2020

Referred to the House Committee on Financial Services.

 Plain-English summary Congressional Research Service

Developing and Empowering our Aspiring Leaders Act of 2020

This bill directs the Securities and Exchange Commission (SEC) to revise venture capital investment regulations. Specifically, the bill allows investments acquired through secondary transactions to be considered as qualifying investments for venture capital funds. However, for a private fund to qualify as a venture capital fund, the investments predominately must be acquired directly. Under current law, non-qualifying investments—which include secondary transactions—may comprise up to 20% of a venture capital fund.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
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APA
U.S. Congress. (2026). H.R. 8603: Developing and Empowering our Aspiring Leaders Act of 2020. 116th Congress. Open America. https://openamerica.io/bill/116-HR-8603/
MLA
"H.R. 8603: Developing and Empowering our Aspiring Leaders Act of 2020." 116th Congress, 2026, Open America, https://openamerica.io/bill/116-HR-8603/.
Bluebook (legal)
H.R. 8603, 116th Cong. (2026), https://openamerica.io/bill/116-HR-8603/.
Markdown link
[H.R. 8603: Developing and Empowering our Aspiring Leaders Act of 2020](https://openamerica.io/bill/116-HR-8603/)
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