The record

LegislationLegislation· Dec 2025
HR 3383 Passed House — in Senate

Sponsored by Ann Wagner (R)

Increasing Investor Opportunities Act

Lets closed-end funds invest in private investment funds and expands accredited investor access.

Tradeoff

Removes SEC restrictions on closed-end funds investing in private funds, making those investments available to retail investors through publicly traded funds. Expands who can access private securities by raising crowdfunding caps and broadening accredited investor definitions.

What's in it

See official bill text

Zero net federal cost over 10 years (2026-2035).

The bill imposes rules on national securities exchanges requiring them to allow closed-end investment companies that hold private fund securities to trade on their platforms—the federal enforcement cost is negligible because the SEC is already moving in this direction, but securities exchanges must absorb small compliance costs.

H.R. 3383, Increasing Investor Opportunities Act · Oct 2025

The House passed this 302-123 on December 11, 2025. The bill is now in the Senate.

  1. House

    Introduced

    (May 14, 2025)

  2. House

    Committee on Financial Services(May 14, 2025)

  3. House

    The Committee on Financial Services voted to send it to the floor

    Reported 41 - 10(May 20, 2025)

    Committee report H. Rept. 119-169.

  4. House

    Passage of the bill

    Passed(Roll #328 · Dec 11, 2025)

    302 yeanay 123

  5. Senate

    Received from the House

    on Banking, Housing, and Urban Affairs(Dec 15, 2025)

Passage votes so far· Dec 11, 2025· 119th Congress · 2025–2027