H.R. 4227 · 117th Congress

To require the Securities and Exchange Commission to revise the definition of a qualifying investment to include an equity security issued by a qualifying portfolio company, whether acquired directly from the company or in a secondary acquisition, for purposes of the exemption from registration for venture capital fund advisers under the Investment Advisers Act of 1940, and for other purposes.

Introduced on Jun 29, 2021 by Trey Hollingsworth (R-IN-9). Latest action (Jul 27, 2022): Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Stage
Passed one chamber
Introduced
Jun 29, 2021
Cosponsors
0
Policy area
Finance and Financial Sector
Open in the Congress explorerCongress.govAlert me

Progress

The furthest stage the measure reached. Simple and concurrent resolutions do not go to the President.

  1. Introduced
  2. Reported by committee
  3. Passed one chamber
  4. 4Passed both chambers
  5. 5Sent to the President
  6. 6Became law

Subjects

  • Administrative law and regulatory procedures
  • Financial services and investments
  • Securities
  • Securities and Exchange Commission (SEC)

Summary

By the Congressional Research Service (Passed House, Jul 26, 2022). Public domain.

Developing and Empowering our Aspiring Leaders Act of 2022

This bill directs the Securities and Exchange Commission (SEC) to revise venture capital investment regulations if the SEC determines such revisions would facilitate capital formation without compromising investor protection. 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 law, 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, after SEC approval, 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 be acquired directly from a qualifying portfolio company.

Sponsor and cosponsors

Cosponsors by party as of the day they signed on. Original cosponsors signed on the day of introduction.

Trey HollingsworthR-IN-9Sponsor

No cosponsors.

Roll calls

Recorded votes on the measure. Most measures move by voice vote or unanimous consent, which record no individual positions.

No recorded roll call on this measure: it moved by voice vote or unanimous consent, or has not reached the floor.

History

Every action as published, oldest first. Roll calls link to how each member voted.

  1. Jun 29, 2021Introduced in House
  2. Jun 29, 2021Introduced in House
  3. Jun 29, 2021 · HouseReferred to the House Committee on Financial Services.
  4. Jul 26, 2022 · HouseMs. Waters moved to suspend the rules and pass the bill, as amended.
  5. Jul 26, 2022 · HouseConsidered under suspension of the rules. (consideration: CR H7152-7153)
  6. Jul 26, 2022 · HouseDEBATE - The House proceeded with forty minutes of debate on H.R. 4227.
  7. Jul 26, 2022Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H7152)
  8. Jul 26, 2022 · HouseOn motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H7152)
  9. Jul 26, 2022 · HouseMotion to reconsider laid on the table Agreed to without objection.
  10. Jul 26, 2022 · HouseThe title of the measure was amended. Agreed to without objection.
  11. Jul 27, 2022 · SenateReceived in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Committees

Committees and subcommittees the measure was referred to.

Agencies in its committees' jurisdiction

Analisa's mapping of committee jurisdiction to federal agencies; the bill may touch others, or none of these.

Sources and method

Every figure on this page traces to these records.

  • Bill status: bills and resolutions, sponsors, actions, subjects and CRS summaries (U.S. Government Publishing Office (GovInfo), from Congress.gov (Library of Congress))GovInfo Bill Status bulk data (Congress.gov; summaries by the Congressional Research Service) · data current to Oct 10, 2026 · loaded Oct 10, 2026 · license: Public domain (U.S. Government work, 17 U.S.C. § 105)
  • Members of Congress, their terms, committees and identifiers (The @unitedstates project (from the Biographical Directory of the U.S. Congress, the House and the Senate))unitedstates/congress-legislators: legislators, committees and current committee membership · data current to Oct 3, 2026 · loaded Oct 3, 2026 · license: CC0 1.0 (public domain dedication)
  • House roll-call votes (Office of the Clerk, U.S. House of Representatives)Office of the Clerk, U.S. House of Representatives, roll-call vote records · data current to Oct 3, 2026 · loaded Oct 3, 2026 · license: Public domain (U.S. Government work, 17 U.S.C. § 105)
  • Senate roll-call votes and DW-NOMINATE scores (Voteview (UCLA Department of Political Science))Lewis, Jeffrey B., Keith Poole, Howard Rosenthal, Adam Boche, Aaron Rudkin, and Luke Sonnet (2026). Voteview: Congressional Roll-Call Votes Database. https://voteview.com/ · data current to Oct 3, 2026 · loaded Oct 3, 2026 · license: Free to use with the required citation
  • Lobbying disclosures (LD-1 registrations, LD-2 quarterly reports, LD-203 contribution reports) (Clerk of the U.S. House of Representatives)Clerk of the House, Lobbying Disclosure Act filings (organizations only; lobbyists' names are not loaded) · data current to Oct 10, 2026 · loaded Oct 10, 2026 · license: Public domain (U.S. Government work, 17 U.S.C. § 105)
  • Positions are shown only where a roll call recorded them; voice votes and unanimous consent record none.