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HR 4620 117th Congress House Finance and Financial Sector Business records Financial services and investments Securities Small business

To amend the Investment Advisers Act of 1940 to limit the exemption provided for family offices from the definition of an investment adviser, and for other purposes.

Introduced: July 22, 2021 Introduced by: Ocasio-Cortez, Alexandria Democratic · New York See on congress.gov
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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 5 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 29, 2021
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 27 - 22.
Jul 29, 2021
Committee Consideration and Mark-up Session Held.
Jul 28, 2021
Committee Consideration and Mark-up Session Held.
Jul 22, 2021
Referred to the House Committee on Financial Services.
Jul 22, 2021
Introduced in House
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 Plain-English summary Congressional Research Service

This bill limits the exemption for family offices from the Securities and Exchange Commission's (SEC's) regulations applicable to investment advisers. A family office is a privately held company that manages a single family's wealth. Currently, a family office is generally not considered an investment adviser for purposes of SEC regulation regardless of the amount of managed assets, and is therefore not subject to regulations relating to duties, recordkeeping, and disclosures.

The bill limits the exemption to include only family offices with less than $750 million in managed assets. Furthermore, the SEC must exclude from the exemption certain persons subject to a final order regarding fraudulent conduct, among other activities.

What's happening now July 29, 2021

Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 27 - 22.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1
D
Green, Al
Texas · Jul 29, 2021
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 4620: To amend the Investment Advisers Act of 1940 to limit the exemption provided for family offices from the definition of an investment adviser, and for other purposes.. 117th Congress. Open America. https://openamerica.io/bill/117-HR-4620/
MLA
"H.R. 4620: To amend the Investment Advisers Act of 1940 to limit the exemption provided for family offices from the definition of an investment adviser, and for other purposes.." 117th Congress, 2026, Open America, https://openamerica.io/bill/117-HR-4620/.
Bluebook (legal)
H.R. 4620, 117th Cong. (2026), https://openamerica.io/bill/117-HR-4620/.
Markdown link
[H.R. 4620: To amend the Investment Advisers Act of 1940 to limit the exemption provided for family offices from the definition of an investment adviser, and for other purposes.](https://openamerica.io/bill/117-HR-4620/)
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