Developing and Empowering our Aspiring Leaders Act of 2025
The summary
What this bill does
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.
Legislative timeline
From introduction
Jul 16, 2025
Introduced & referred to committee
Congressional support
Sponsors & Cosponsors
U.S. Representative - MO District 2 · R-MO
Roll-call vote
The vote, by member
The vote, by member
VERSION CHANGES
What changed,
and where.
Loading the bill text comparison.
Bill Metadata
| Congress | 119 |
| Bill Type | HR |
| Bill Number | 4429 |
| Origin Chamber | House |
| Current Status | Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. |
| Policy Area | Finance and Financial Sector |
| Primary Committee | Not assigned |
| Introduced | July 16, 2025 |
| Latest Action | December 2, 2025 |
| Cosponsors | 1 · House vote — · 1 views |