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HR 4429 119th Congress House Finance and Financial Sector Administrative law and regulatory procedures Financial services and investments Securities Securities and Exchange Commission (SEC)

Developing and Empowering our Aspiring Leaders Act of 2025

Introduced: July 16, 2025 Introduced by: Wagner, Ann Republican · Missouri See on congress.gov
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 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
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)
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)
Sep 8, 2025
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-246.
Sep 8, 2025
Placed on the Union Calendar, Calendar No. 203.
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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 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.

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.

 Hearings & markups 1
  • Various Measures
    Markup Jul 22, 2025 · 10:00 AM EDT · Financial Services Committee
 Bill text 4 versions

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Lobbying activity 9

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

See all 9 filings →
 Cosponsors 1
All 1 Democratic 1
D
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/)
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