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S. 3914 117th Congress Senate

Developing and Empowering our Aspiring Leaders Act of 2022

Official title: A bill to require the Securities and Exchange Commission to revise the definition of a qualifying investment, for purposes of the exemption from registration f… Show full official titleShow less

Official title: A bill 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.

Introduced: March 24, 2022 Introduced by: Mike Rounds Republican · South Dakota 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 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 5, 2022
Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 117-621.
Mar 24, 2022
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Mar 24, 2022
Introduced in Senate
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 Latest action April 5, 2022

Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 117-621.

 Plain-English summary Congressional Research Service

Developing and Empowering our Aspiring Leaders Act of 2022

This bill directs the Securities and Exchange Commission to revise venture capital investment regulations. 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 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.

 Related & companion bills 1
  • HR 4227 Developing and Empowering our Aspiring Leaders Act of 2022
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
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APA
U.S. Congress. (2026). S. 3914: Developing and Empowering our Aspiring Leaders Act of 2022. 117th Congress. Open America. https://openamerica.io/bill/117-S-3914/
MLA
"S. 3914: Developing and Empowering our Aspiring Leaders Act of 2022." 117th Congress, 2026, Open America, https://openamerica.io/bill/117-S-3914/.
Bluebook (legal)
S. 3914, 117th Cong. (2026), https://openamerica.io/bill/117-S-3914/.
Markdown link
[S. 3914: Developing and Empowering our Aspiring Leaders Act of 2022](https://openamerica.io/bill/117-S-3914/)
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