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H.R. 2579 118th Congress House

Developing and Empowering our Aspiring Leaders Act of 2023

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

Official title: 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: April 13, 2023 Introduced by: Andy Barr Republican · Kentucky 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 118th Congress ended
It never became law before the 118th Congress (2023–2024) 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
Apr 13, 2023
Referred to the House Committee on Financial Services.
Apr 13, 2023
Introduced in House
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 Latest action April 13, 2023

Referred to the House Committee on Financial Services.

 Plain-English summary Congressional Research Service

Developing and Empowering our Aspiring Leaders Act of 2023

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 2799 Expanding Access to Capital Act of 2023
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Lobbying activity 1

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APA
U.S. Congress. (2026). H.R. 2579: Developing and Empowering our Aspiring Leaders Act of 2023. 118th Congress. Open America. https://openamerica.io/bill/118-HR-2579/
MLA
"H.R. 2579: Developing and Empowering our Aspiring Leaders Act of 2023." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-HR-2579/.
Bluebook (legal)
H.R. 2579, 118th Cong. (2026), https://openamerica.io/bill/118-HR-2579/.
Markdown link
[H.R. 2579: Developing and Empowering our Aspiring Leaders Act of 2023](https://openamerica.io/bill/118-HR-2579/)
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