The record

LegislationLegislation· Dec 2025
HR 4429 Passed House — in Senate

Sponsored by Ann Wagner (R)

Developing and Empowering our Aspiring Leaders Act of 2025

Lets venture capital funds count secondary deals and other VC investments as qualifying investments.

Tradeoff

Expands what venture capital funds can invest in without triggering stricter SEC oversight. No offsetting cuts or revenue impacts in the bill.

What's in it

See official bill text

Costs less than $500,000 over 2026-2030 with negligible net effect on federal discretionary spending.

The $500,000 is just the federal cost for the SEC to write new rules — the policy's real impact falls on venture capital funds that will pay slightly higher SEC fees and gain flexibility in how they structure their investment portfolios.

H.R. 4429, Developing and Empowering our Aspiring Leaders Act of 2025 · Jan 2026

Passed the House by on December 1, 2025 — now in the Senate.

  1. House

    Introduced

    (Jul 16, 2025)

  2. House

    Committee on Financial Services(Jul 16, 2025)

  3. House

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

    Reported 50 - 2(Jul 22, 2025)

    Committee report H. Rept. 119-246.

  4. House

    Passage of the bill

    Passed by (Dec 1, 2025)

    No individual votes were recorded.

  5. Senate

    Received from the House

    on Banking, Housing, and Urban Affairs(Dec 2, 2025)