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H.R. 4227 117th Congress House

Developing and Empowering our Aspiring Leaders Act of 2022

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: June 29, 2021 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 117th Congress ended
It never became law before the 117th Congress (2021–2022) 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 10 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 27, 2022
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jul 26, 2022
The title of the measure was amended. Agreed to without objection.
Jul 26, 2022
Motion to reconsider laid on the table Agreed to without objection.
Jul 26, 2022
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H7152)
Jul 26, 2022
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H7152)
Jul 26, 2022
DEBATE - The House proceeded with forty minutes of debate on H.R. 4227.
Jul 26, 2022
Considered under suspension of the rules. (consideration: CR H7152-7153)
Jul 26, 2022
Ms. Waters moved to suspend the rules and pass the bill, as amended.
Jun 29, 2021
Referred to the House Committee on Financial Services.
Jun 29, 2021
Introduced in House
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 Latest action July 27, 2022

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

 Plain-English summary Congressional Research Service

Developing and Empowering our Aspiring Leaders Act of 2022

This bill directs the Securities and Exchange Commission (SEC) to revise venture capital investment regulations if the SEC determines such revisions would facilitate capital formation without compromising investor protection. 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 law, 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, after SEC approval, 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 be acquired directly from a qualifying portfolio company.

 Related & companion bills 1
  • S 3914 Developing and Empowering our Aspiring Leaders Act of 2022
 Bill text 3 versions

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
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APA
U.S. Congress. (2026). H.R. 4227: Developing and Empowering our Aspiring Leaders Act of 2022. 117th Congress. Open America. https://openamerica.io/bill/117-HR-4227/
MLA
"H.R. 4227: Developing and Empowering our Aspiring Leaders Act of 2022." 117th Congress, 2026, Open America, https://openamerica.io/bill/117-HR-4227/.
Bluebook (legal)
H.R. 4227, 117th Cong. (2026), https://openamerica.io/bill/117-HR-4227/.
Markdown link
[H.R. 4227: Developing and Empowering our Aspiring Leaders Act of 2022](https://openamerica.io/bill/117-HR-4227/)
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