S. 3351 119th Congress Senate

Developing and Empowering our Aspiring Leaders Act of 2025

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: December 4, 2025 Introduced by: Mike Rounds Republican · South Dakota See on congress.gov

Finance and Financial Sector

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Dec 4, 2025

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

Dec 4, 2025

Introduced in Senate

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What's happening now December 4, 2025

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

Bill text 1 version

Introduced in Senate Formatted Text PDF Formatted XML

Source documents hosted by congress.gov.

Committees of jurisdiction 1

Banking, Housing, and Urban Affairs Committee
Senate

Lobbying activity 3

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

ESHARES, INC. D/B/A CARTA, INC.
for ESHARES, INC. D/B/A CARTA, INC. · California · 2nd Quarter 2026 (Apr 1 - June 30)
ESHARES, INC. D/B/A CARTA, INC.
for ESHARES, INC. D/B/A CARTA, INC. · California · 1st Quarter 2026 (Jan 1 - Mar 31)
ESHARES, INC. D/B/A CARTA, INC.
for ESHARES, INC. D/B/A CARTA, INC. · California · 4th Quarter 2025 (Oct 1 - Dec 31)

Bodies those filers lobbied

HOUSE OF REPRESENTATIVES
3 filings
SENATE
3 filings
Treasury, Dept of
3 filings
Financial Crimes Enforcement Network (FinCEN)
2 filings
Labor, Dept of (DOL)
1 filing
Securities & Exchange Commission (SEC)
1 filing

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.

Cosponsors 1

Warnock, Raphael G.

Georgia · Dec 4, 2025

Cite this page click to expand

APA

U.S. Congress. (2026). S. 3351: Developing and Empowering our Aspiring Leaders Act of 2025. 119th Congress. Open America. https://openamerica.io/bill/119-S-3351/

MLA

"S. 3351: Developing and Empowering our Aspiring Leaders Act of 2025." 119th Congress, 2026, Open America, https://openamerica.io/bill/119-S-3351/.

Bluebook (legal)

S. 3351, 119th Cong. (2026), https://openamerica.io/bill/119-S-3351/.

Markdown link

[S. 3351: Developing and Empowering our Aspiring Leaders Act of 2025](https://openamerica.io/bill/119-S-3351/)