H.R. 4429 119th Congress House

Developing and Empowering our Aspiring Leaders Act of 2025

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: July 16, 2025 Introduced by: Ann Wagner Republican · Missouri See on congress.gov

Finance and Financial Sector Administrative law and regulatory proceduresFinancial services and investmentsSecuritiesSecurities and Exchange Commission (SEC)

Everywhere this bill has been 13 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Dec 2, 2025

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

Dec 1, 2025

DEBATE - The House proceeded with forty minutes of debate on H.R. 4429.

Dec 1, 2025

Considered under suspension of the rules. (consideration: CR H4948-4950)

Dec 1, 2025

Mr. Davidson moved to suspend the rules and pass the bill, as amended.

Dec 1, 2025

Motion to reconsider laid on the table Agreed to without objection.

Dec 1, 2025

On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4949)

Dec 1, 2025

Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4949)

Sep 8, 2025

Placed on the Union Calendar, Calendar No. 203.

Sep 8, 2025

Reported (Amended) by the Committee on Financial Services. H. Rept. 119-246.

Jul 22, 2025

Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 2.

Jul 22, 2025

Committee Consideration and Mark-up Session Held

Jul 16, 2025

Referred to the House Committee on Financial Services.

Jul 16, 2025

Introduced in House

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What's happening now December 2, 2025

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 2025

This bill directs the Securities and Exchange Commission to revise venture capital investment regulations to allow additional types of investments to be considered as qualifying investments. 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 regulations, 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.

Hearings & markups 1

Various Measures
Markup Jul 22, 2025 · 10:00 AM EDT · Financial Services Committee

Bill text 4 versions

Engrossed in House Formatted Text PDF Formatted XML
Introduced in House Formatted Text PDF Formatted XML
Referred in Senate Formatted Text PDF Formatted XML
Reported in House Formatted Text PDF Formatted XML

Source documents hosted by congress.gov.

Committees of jurisdiction 2

Financial Services Committee
House of Representatives
Banking, Housing, and Urban Affairs Committee
Senate

Lobbying activity 12

Registered lobbyists who named this bill in their disclosure filings. Source: federal Lobbying Disclosure Act filings.

CHAMBER OF COMMERCE OF THE U.S.A.
for CHAMBER OF COMMERCE OF THE U.S.A. · District of Columbia · 3rd Quarter 2026 (July 1 - Sep 30)
CHAMBER OF COMMERCE OF THE U.S.A.
for CHAMBER OF COMMERCE OF THE U.S.A. · District of Columbia · 2nd Quarter 2026 (Apr 1 - June 30)
ESHARES, INC. D/B/A CARTA, INC.
for ESHARES, INC. D/B/A CARTA, INC. · California · 2nd Quarter 2026 (Apr 1 - June 30)
CHAMBER OF COMMERCE OF THE U.S.A.
for CHAMBER OF COMMERCE OF THE U.S.A. · District of Columbia · 1st Quarter 2026 (Jan 1 - Mar 31)
CHAMBER OF COMMERCE OF THE U.S.A.
for CHAMBER OF COMMERCE OF THE U.S.A. · District of Columbia · 1st Quarter 2026 (Jan 1 - Mar 31)
ESHARES, INC. D/B/A CARTA, INC.
for ESHARES, INC. D/B/A CARTA, INC. · California · 1st Quarter 2026 (Jan 1 - Mar 31)

Bodies those filers lobbied

HOUSE OF REPRESENTATIVES
12 filings
SENATE
12 filings
Treasury, Dept of
10 filings
Federal Reserve System
7 filings
Labor, Dept of (DOL)
7 filings
Office of the Comptroller of the Currency (OCC)
7 filings
Securities & Exchange Commission (SEC)
7 filings
Agriculture, Dept of (USDA)
6 filings

A filing lists the bills it worked on and the parts of government it contacted in separate sections, so these are the bodies those filers named anywhere in the filing, not a per-bill breakdown.

See all 12 filings →

Cosponsors 1

Casten, Sean

Illinois · Jul 21, 2025

Cite this page click to expand

APA

U.S. Congress. (2026). H.R. 4429: Developing and Empowering our Aspiring Leaders Act of 2025. 119th Congress. Open America. https://openamerica.io/bill/119-HR-4429/

MLA

"H.R. 4429: Developing and Empowering our Aspiring Leaders Act of 2025." 119th Congress, 2026, Open America, https://openamerica.io/bill/119-HR-4429/.

Bluebook (legal)

H.R. 4429, 119th Cong. (2026), https://openamerica.io/bill/119-HR-4429/.

Markdown link

[H.R. 4429: Developing and Empowering our Aspiring Leaders Act of 2025](https://openamerica.io/bill/119-HR-4429/)