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House bill · H.R. 4429 (119th Congress)

Developing and Empowering our Aspiring Leaders Act of 2025

U.S. House of Representatives

Latest action Dec 2, 2025

Sponsor: Ann Wagner (U.S. Representative, MO-2, Republican)

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From Congress.gov and official rosters. This record was last updated Sep 23, 2026. About our data

Summary

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.

Summary from the Congressional Research Service. How we handle summaries

Where it stands

Passed one of the two chambers; it still needs the other.

  1. Introduced
  2. In committee
  3. Up for a vote
  4. Passed one chamber
  5. Passed
  6. Enacted

Committee

House Committee on Financial Services · U.S. House of Representatives

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Cosponsors

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  • Democratic1

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Full history

  1. Dec 2, 2025

    Sent to the executive

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

    U.S. Senate

  2. Dec 2, 2025

    In committee

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

    U.S. House

  3. Dec 1, 2025

    Considered Under Suspension of the rules. (consideration: cr H4948-4950)

    Considered under suspension of the rules. (consideration: CR H4948-4950)

  4. Dec 1, 2025

    Considered Under Suspension of the rules. (consideration: cr H4948-4950)

    Considered under suspension of the rules. (consideration: CR H4948-4950)

  5. Dec 1, 2025

    Debate - the House Proceeded With Forty Minutes of Debate on H.R. 4429.

    DEBATE - The House proceeded with forty minutes of debate on H.R. 4429.

    U.S. House of Representatives

Show full history (14 earlier events)
  1. Dec 1, 2025

    Passed a chamber

    Motion to reconsider laid on the table Agreed to without objection.

  2. Dec 1, 2025

    Passed a chamber

    Motion to reconsider laid on the table Agreed to without objection.

  3. Dec 1, 2025

    Passed a chamber

    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)

    U.S. House of Representatives

  4. Sep 8, 2025

    Placed on the Union Calendar, Calendar No. 203.

  5. Sep 8, 2025

    Placed on the Union Calendar, Calendar No. 203.

  6. Sep 8, 2025

    Reported out of committee

    Reported (Amended) by the Committee on Financial Services. H. Rept. 119-246.

  7. Sep 8, 2025

    Reported out of committee

    Reported (Amended) by the Committee on Financial Services. H. Rept. 119-246.

  8. Jul 22, 2025

    Committee vote

    Committee Consideration and Mark-up Session Held

  9. Jul 22, 2025

    Committee vote

    Committee Consideration and Mark-up Session Held

  10. Jul 22, 2025

    Reported out of committee

    Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 2.

  11. Jul 22, 2025

    Reported out of committee

    Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 2.

  12. Jul 21, 2025

    Introduced

    Introduced in U.S. House

    U.S. House

  13. Jul 16, 2025

    Introduced

    Introduced in House

    U.S. House of Representatives

  14. Jul 16, 2025

    Referred to committee

    Referred to the House Committee on Financial Services.

    U.S. House of Representatives

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