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![handle is hein.congrecreports/crptxahpo0001 and id is 1 raw text is: AUT-ENTICATED
US. GOVERNMENT
INFORMATION
GP
119TH CONGRESS REPORT
1st Session HOUSE OF REPRESENTATIVES 119-246
DEVELOPING AND EMPOWERING OUR ASPIRING LEADERS
ACT OF 2025
SEPTEMBER 8, 2025.-Committed to the Committee of the Whole House on the State
of the Union and ordered to be printed
Mr. HILL of Arkansas, from the Committee on Financial Services,
submitted the following
REPORT
[To accompany H.R. 4429]
The Committee on Financial Services, to whom was referred the
bill (H.R. 4429) 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 se-
curity issued by a qualifying portfolio company and to include an
investment in another venture capital fund, and for other purposes,
having considered the same, reports favorably thereon with an
amendment and recommends that the bill as amended do pass.
CONTENTS
Page
Purpose and Sum m ary ............................................................................................ 2
Background and Need for Legislation .................................................................... 2
Com m ittee Consideration ........................................................................................ 3
R elated H earings ..................................................................................................... 4
C om m ittee V otes ..................................................................................................... 4
Com m ittee Oversight Findings ............................................................................... 7
Perform ance Goals and Objectives ......................................................................... 7
Com m ittee Cost Estim ate ....................................................................................... 7
New Budget Authority and CBO Cost Estimate ................................................... 7
Unfunded M andates Statem ent ............................................................................. 7
E arm ark Statem ent ................................................................................................. 7
Federal Advisory Committee Act Statement ......................................................... 8
Applicability to the Legislative Branch ................................................................. 8
Duplication of Federal Program s ............................................................................ 8
Section-by-Section Analysis of the Legislation ...................................................... 8
Changes in Existing Law Made by the Bill, as Reported ................. 8
Documents Included by Unanimous Consent ........................................................ 9
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