119th Congress · introduced in the House · Jul 16, 2025
Developing and Empowering our Aspiring Leaders Act of 2025
Official title from Congress.gov
Latest action (Dec 2, 2025): Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
View on Congress.govPolicy area: Finance and Financial Sector
Congressional Research Service summary, version: Introduced in House (Jul 16, 2025)
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.
Includes amendment, cloture, and procedural votes. Each is labeled with its exact question; only a passage question is a vote to pass the bill.
No recorded roll calls on this bill in coverage.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Motion to reconsider laid on the table Agreed to without objection.
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4949)
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)
DEBATE - The House proceeded with forty minutes of debate on H.R. 4429.
Considered under suspension of the rules. (consideration: CR H4948-4950)
Mr. Davidson moved to suspend the rules and pass the bill, as amended.
Placed on the Union Calendar, Calendar No. 203.
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-246.
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-246.
Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 2.
Committee Consideration and Mark-up Session Held
Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
Actions from Congress.gov, newest first.
Administrative law and regulatory procedures · Financial services and investments · Securities · Securities and Exchange Commission (SEC)
LD-2 reports whose issue descriptions explicitly cite this bill (bill type and number validated against Congress.gov records). A citation does not establish the client's position or any contact with a member.
Loading lobbying reportsCoverage: reports for 2025 onward, posted Jan 1, 2025 through Oct 24, 2026.
11 citations.
CHAMBER OF COMMERCE OF THE U.S.A. · lobbying firm or registrant: CHAMBER OF COMMERCE OF THE U.S.A.
2026 Q3 report (Jul 1, 2026 – Sep 30, 2026) · posted Oct 20, 2026 · issue area: Financial Institutions/Investments/Securities
$16,480,000
Spent on own lobbying
…ht Council Improvement Act of 2025 H.R. 3959, Protecting Private Job Creators Act H.R. 4171, Small Entrepreneurs Empowerment and Development (SEED) Act of 2025 H.R. 4429, Developing and Empowering Our Aspiring Leaders (DEAL) Act H.R. 4430, Expanding WKSI Eligibility Act H.R. 4431, Improving Capital Formation for Newcomers (ICAN…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
CHAMBER OF COMMERCE OF THE U.S.A. · lobbying firm or registrant: CHAMBER OF COMMERCE OF THE U.S.A.
2026 Q2 report (Apr 1, 2026 – Jun 30, 2026) · posted Jul 20, 2026 · issue area: Financial Institutions/Investments/Securities
$16,950,000
Spent on own lobbying
…ht Council Improvement Act of 2025 H.R. 3959, Protecting Private Job Creators Act H.R. 4171, Small Entrepreneurs Empowerment and Development (SEED) Act of 2025 H.R. 4429, Developing and Empowering Our Aspiring Leaders (DEAL) Act H.R. 4430, Expanding WKSI Eligibility Act H.R. 4431, Improving Capital Formation for Newcomers (ICAN…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
ESHARES, INC. D/B/A CARTA, INC. · lobbying firm or registrant: ESHARES, INC. D/B/A CARTA, INC.
2026 Q2 report (Apr 1, 2026 – Jun 30, 2026) · posted Jul 20, 2026 · issue area: Financial Institutions/Investments/Securities
$120,000
Spent on own lobbying
…d modernizing private markets regulation--Private markets & capital formation generally. H.R. 4431, the Improving Capital Allocation for Newcomers Act of 2025; H.R. 4429, the Developing and Empowering our Aspiring Leaders Act of 2025; H.R. 3394, the Fair Investment Opportunities for Professional Experts Act; H.R. 3348, the Accr…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
CHAMBER OF COMMERCE OF THE U.S.A. · lobbying firm or registrant: CHAMBER OF COMMERCE OF THE U.S.A.
2026 Q1 report (Jan 1, 2026 – Mar 31, 2026) · amended · posted Jul 14, 2026 · issue area: Financial Institutions/Investments/Securities
$19,750,000
Spent on own lobbying
…ht Council Improvement Act of 2025 H.R. 3959, Protecting Private Job Creators Act H.R. 4171, Small Entrepreneurs Empowerment and Development (SEED) Act of 2025 H.R. 4429, Developing and Empowering Our Aspiring Leaders (DEAL) Act H.R. 4430, Expanding WKSI Eligibility Act H.R. 4431, Improving Capital Formation for Newcomers (ICAN…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
ESHARES, INC. D/B/A CARTA, INC. · lobbying firm or registrant: ESHARES, INC. D/B/A CARTA, INC.
2026 Q1 report (Jan 1, 2026 – Mar 31, 2026) · posted Apr 20, 2026 · issue area: Financial Institutions/Investments/Securities
$90,000
Spent on own lobbying
…nizing private markets regulation--Private markets & capital formation generally. H.R. 4431, the Improving Capital Allocation for Newcomers (ICAN) Act of 2025; H.R. 4429, the Developing and Empowering our Aspiring Leaders (DEAL) Act of 2025; H.R. 3394, the Fair Investment Opportunities for Professional Experts Act; H.R. 3348, t…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
AMERICANS FOR FINANCIAL REFORM · lobbying firm or registrant: AMERICANS FOR FINANCIAL REFORM
2025 Q4 report (Oct 1, 2025 – Dec 31, 2025) · posted Feb 3, 2026 · issue area: Financial Institutions/Investments/Securities
$150,000
Spent on own lobbying
…rotecting Privacy in Purchases Act Credit Card Competition Act HR 6544 The Regulatory Efficiency, Verification, Itemization, and Enhanced Workflow (REVIEW) Act H.R. 4429, the Developing and Empowering our Aspiring Leaders (DEAL) Act H.R. 4430, the Expanding WKSI Eligibility Act H.R. 4431, the Improving Capital Allocation for Ne…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
CHAMBER OF COMMERCE OF THE U.S.A. · lobbying firm or registrant: CHAMBER OF COMMERCE OF THE U.S.A.
2025 Q4 report (Oct 1, 2025 – Dec 31, 2025) · posted Jan 20, 2026 · issue area: Financial Institutions/Investments/Securities
$17,960,000
Spent on own lobbying
…ess Investor Capital Access Act H.R. 3682/S. 3578, Financial Stability Oversight Council Improvement Act of 2025 H.R. 3959, Protecting Private Job Creators Act H.R. 4429, Developing and Empowering Our Aspiring Leaders (DEAL) Act H.R. 4430, Expanding WKSI Eligibility Act H.R. 4431, Improving Capital Formation for Newcomers (ICAN…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
ESHARES, INC. D/B/A CARTA, INC. · lobbying firm or registrant: ESHARES, INC. D/B/A CARTA, INC.
2025 Q4 report (Oct 1, 2025 – Dec 31, 2025) · posted Jan 20, 2026 · issue area: Financial Institutions/Investments/Securities
$120,000
Spent on own lobbying
…rnizing private markets regulation--Private markets & capital formation generally H.R. 4431, the Improving Capital Allocation for Newcomers (ICAN) Act of 2025; H.R. 4429, the Developing and Empowering our Aspiring Leaders (DEAL) Act; H.R. 3383, the Increasing Investor Opportunities Act; H.R. 3394, the Fair Investment Opportunit…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
AMERICANS FOR FINANCIAL REFORM · lobbying firm or registrant: AMERICANS FOR FINANCIAL REFORM
2025 Q3 report (Jul 1, 2025 – Sep 30, 2025) · posted Oct 31, 2025 · issue area: Financial Institutions/Investments/Securities
$150,000
Spent on own lobbying
…ing companies to disclose payments to both U.S. and foreign governments for resource extraction projects HR 3673 the Small Business Investor Capital Access Act H.R. 4429, the Developing and Empowering our Aspiring Leaders (DEAL) Act H.R. 4430, the Expanding WKSI Eligibility Act H.R. 4431, the Improving Capital Allocation for Ne…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
CHAMBER OF COMMERCE OF THE U.S.A. · lobbying firm or registrant: CHAMBER OF COMMERCE OF THE U.S.A.
2025 Q3 report (Jul 1, 2025 – Sep 30, 2025) · posted Oct 20, 2025 · issue area: Financial Institutions/Investments/Securities
$13,650,000
Spent on own lobbying
…ll Business Investor Capital Access Act H.R. 3682, Financial Stability Oversight Council Improvement Act of 2025 H.R. 3959, Protecting Private Job Creators Act H.R. 4429, Developing and Empowering Our Aspiring Leaders (DEAL) Act H.R. 4430, Expanding WKSI Eligibility Act H.R. 4431, Improving Capital Formation for Newcomers (ICAN…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
ESHARES, INC. D/B/A CARTA, INC. · lobbying firm or registrant: ESHARES, INC. D/B/A CARTA, INC.
2025 Q3 report (Jul 1, 2025 – Sep 30, 2025) · posted Oct 20, 2025 · issue area: Financial Institutions/Investments/Securities
$90,000
Spent on own lobbying
…rnizing private markets regulation--Private markets & capital formation generally H.R. 4431, the Improving Capital Allocation for Newcomers (ICAN) Act of 2025; H.R. 4429, the Developing and Empowering our Aspiring Leaders (DEAL) Act; H.R. 3383, the Increasing Investor Opportunities Act; H.R. 3394, the Fair Investment Opportunit…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing