H.R. 3383 · 119th Congress

Incentivizing New Ventures and Economic Strength Through Capital Formation Act of 2025

Introduced on May 14, 2025 by Ann Wagner (R-MO-2). 4 cosponsors, 3 of them from another party. Latest action (Dec 15, 2025): Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Stage
Passed one chamber
Introduced
May 14, 2025
Cosponsors
4
3 from the other party
Policy area
Finance and Financial Sector
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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

Official title

To amend the Investment Company Act of 1940 with respect to the authority of closed-end companies to invest in private funds.

Subjects

  • Banking and financial institutions regulation
  • Financial services and investments
  • Securities

Summary

By the Congressional Research Service (Reported to House, Jun 25, 2025). Public domain.

Increasing Investor Opportunities Act

This bill allows a closed-end fund—a portfolio of pooled assets with a limited number of shares traded on an exchange—to increase its investment in private investment funds. Specifically, the Securities and Exchange Commission is prohibited from limiting the sale or listing of securities of a closed-end fund that invests in private investment funds. This bill also apples to a closed-end company treated as a business development company.

Sponsor and cosponsors

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

Ann WagnerR-MO-2Sponsor

Democrats · 3

Republicans · 1

Roll calls

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

  1. On Agreeing to the Amendment
    Dec 11, 2025· House· Amendments· Failed 54–374
  2. On Agreeing to the Amendment
    Dec 11, 2025· House· Amendments· Failed 211–219
  3. On Agreeing to the Amendment
    Dec 11, 2025· House· Amendments· Failed 214–215
  4. On Passage
    Dec 11, 2025· House· Passage· Passed 302–123

History

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

  1. May 14, 2025Introduced in House
  2. May 14, 2025Introduced in House
  3. May 14, 2025 · HouseReferred to the House Committee on Financial Services.
  4. May 20, 2025 · HouseCommittee Consideration and Mark-up Session Held
  5. May 20, 2025 · HouseOrdered to be Reported (Amended) by the Yeas and Nays: 41 - 10.
  6. Jun 25, 2025Reported (Amended) by the Committee on Financial Services. H. Rept. 119-169.
  7. Jun 25, 2025 · HouseReported (Amended) by the Committee on Financial Services. H. Rept. 119-169.
  8. Jun 25, 2025 · HousePlaced on the Union Calendar, Calendar No. 135.
  9. Dec 9, 2025 · HouseRules Committee Resolution H. Res. 936 Reported to House. Rule provides for consideration of H.R. 3898, H.R. 3383, H.R. 3638, H.R. 3628, H.R. 3668 and S. 1071. The resolution provides for consideration of H.R. 3898, H.R. 3383, H.R. 3638, and H.R. 3628 under a structured rule; and H.R. 3668 and S. 1071 under a closed rule. The resolution provides for one motion to recommit on H.R. 3898, H.R. 3383, H.R. 3638, H.R. 3628, and H.R. 3668; and one motion to commit on S. 1071.
  10. Dec 10, 2025 · HouseConsidered under the provisions of rule H. Res. 936. (consideration: CR H5534-5555; text: CR H5540-5546)
  11. Dec 10, 2025 · HouseRule provides for consideration of H.R. 3898, H.R. 3383, H.R. 3638, H.R. 3628, H.R. 3668 and S. 1071. The resolution provides for consideration of H.R. 3898, H.R. 3383, H.R. 3638, and H.R. 3628 under a structured rule; and H.R. 3668 and S. 1071 under a closed rule. The resolution provides for one motion to recommit on H.R. 3898, H.R. 3383, H.R. 3638, H.R. 3628, and H.R. 3668; and one motion to commit on S. 1071.
  12. Dec 10, 2025 · HouseHouse resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 936 and Rule XVIII.
  13. Dec 10, 2025 · HouseThe Speaker designated the Honorable James C. Moylan to act as Chairman of the Committee.
  14. Dec 10, 2025 · HouseGENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 3383.
  15. Dec 10, 2025 · HouseDEBATE - Pursuant to the provisions of H.Res. 936, the Committee of the Whole proceeded with 10 minutes of debate on the Self amendment No. 1.
  16. Dec 10, 2025 · HousePOSTPONED PROCEEDINGS - At the conclusion of debate on the Self amendment No. 1, the Chair put the question on agreeing to the amendment and by voice vote, announced the noes had prevailed. Mr. Self demanded a recorded vote, and the Chair postponed further proceedings until a time to be announced.
  17. Dec 10, 2025 · HouseDEBATE - Pursuant to the provisions of H.Res. 936, the Committee of the Whole proceeded with 10 minutes of debate on the Self amendment No. 2.
  18. Dec 10, 2025 · HouseDEBATE - Pursuant to the provisions of H.Res. 936, the Committee of the Whole proceeded with 10 minutes of debate on the Waters amendment No. 3.
  19. Dec 10, 2025 · HousePOSTPONED PROCEEDINGS - At the conclusion of debate on the Waters amendment No. 3, the Chair put the question on agreeing to the amendment and by voice vote, announced the noes had prevailed. Ms. Waters demanded a recorded vote, and the Chair postponed further proceedings until a time to be announced.
  20. Dec 10, 2025 · HouseDEBATE - Pursuant to the provisions of H.Res. 936, the Committee of the Whole proceeded with 10 minutes of debate on the Waters amendment No. 4.
  21. Dec 10, 2025 · HouseDEBATE - Pursuant to the provisions of H.Res. 936, the Committee of the Whole proceeded with 10 minutes of debate on the Waters amendment No. 5.
  22. Dec 10, 2025 · HousePOSTPONED PROCEEDINGS - At the conclusion of debate on the Waters amendment No. 5, the Chair put the question on agreeing to the amendment and by voice vote, announced the noes had prevailed. Ms. Waters demanded a recorded vote, and the Chair postponed further proceedings until a time to be announced.
  23. Dec 10, 2025 · HouseMrs. Wagner moved that the committee rise.
  24. Dec 10, 2025 · HouseOn motion that the committee rise Agreed to by voice vote.
  25. Dec 10, 2025 · HouseCommittee of the Whole House on the state of the Union rises leaving H.R. 3383 as unfinished business.
  26. Dec 11, 2025 · HouseConsidered as unfinished business. (consideration: CR H5790-5793)
  27. Dec 11, 2025 · HouseThe House resolved into Committee of the Whole House on the state of the Union for further consideration.
  28. Dec 11, 2025 · HouseThe House rose from the Committee of the Whole House on the state of the Union to report H.R. 3383.
  29. Dec 11, 2025 · HouseThe previous question was ordered pursuant to the rule.
  30. Dec 11, 2025 · HouseThe House adopted the amendments en gros as agreed to by the Committee of the Whole House on the state of the Union.
  31. Dec 11, 2025Passed/agreed to in House: On passage Passed by recorded vote: 302 - 123 (Roll no. 328).House · Roll call 328
  32. Dec 11, 2025 · HouseOn passage Passed by recorded vote: 302 - 123 (Roll no. 328).House · Roll call 328
  33. Dec 11, 2025 · HouseMotion to reconsider laid on the table Agreed to without objection.
  34. Dec 15, 2025 · 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.

Who lobbied on it

Organizations whose lobbying reports (LD-2) name this measure. Spending is what they reported for those quarters on all issues, not on this measure alone.

  1. INVESTMENT COMPANY INSTITUTE11 reports
    $6.1M reported (all issues)
  2. THE VANGUARD GROUP8 reports
    $1.9M reported (all issues)
  3. ENVELOPE MANUFACTURERS ASSOCIATION6 reports
    $60K reported (all issues)
  4. AMERIPRISE FINANCIAL INC.5 reports
    $1.8M reported (all issues)
  5. Chamber of Commerce of the U.S.A.5 reports
    $87.7M reported (all issues)
  6. ESHARES, INC. D/B/A CARTA, INC.5 reports
    $560K reported (all issues)
  7. FRANKLIN RESOURCES, INC. (FRANKLIN TEMPLETON)5 reports
    $1.4M reported (all issues)
  8. John Hancock Life Insurance Company (U.S.A)5 reports
    $800K reported (all issues)Federal contractor: JOHN HANCOCK LIFE INSURANCE CO.AI match · 100%
  9. SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION5 reports
    $11M reported (all issues)
  10. National Council on Teacher Retirement, 9370 Studio Court, Elk Grove CA 957584 reports
    $240K reported (all issues)
  11. AMERICAN COUNCIL OF LIFE INSURERS3 reports
    $4.1M reported (all issues)
  12. AMERICAN SECURITIES ASSOCIATION3 reports
    $260K reported (all issues)
  13. American Federation of Teachers3 reports
    $1.4M reported (all issues)
  14. Angel Capital Association3 reports
    $34K reported (all issues)
  15. BA Securities, LLC3 reports
    $60K reported (all issues)
  16. COMMITTEE OF ANNUITY INSURERS3 reports
  17. EDWARD D. JONES & Co., L.P.3 reports
    $4.1M reported (all issues)
  18. FINSECA3 reports
    $1.9M reported (all issues)
  19. FMR LLC3 reports
    $1.5M reported (all issues)
  20. Future Standard3 reports
    $400K reported (all issues)
  21. INSURED RETIREMENT INSTITUTE3 reports
    $590K reported (all issues)
  22. Investment Company Institute (ICI)3 reports
    $60K reported (all issues)
  23. MANAGED FUNDS ASSOCIATION3 reports
    $4M reported (all issues)
  24. NAREIT3 reports
    $4.6M reported (all issues)
  25. PRIMERICA INC3 reports
    $180K reported (all issues)
  26. PRINTING UNITED ALLIANCE3 reports
    $150K reported (all issues)
  27. PRUDENTIAL FINANCIAL, INC.3 reports
  28. Primerica Life Insurance Company3 reports
    $1.5M reported (all issues)
  29. SMALL BUSINESS & ENTREPRENEURSHIP COUNCIL (SBE COUNCIL)3 reports
    $110K reported (all issues)
  30. SYMETRA LIFE INSURANCE COMPANY3 reports
    $10K reported (all issues)
  31. T. ROWE PRICE GROUP, INC.3 reports
    $192K reported (all issues)
  32. THE AMERICAN SOCIETY OF PENSION PROFESSIONALS AND ACTUARIES3 reports
    $1.2M reported (all issues)
  33. TIAA3 reports
    $1.5M reported (all issues)
  34. The SPARK Institute3 reports
    $20K reported (all issues)
  35. Americans for Financial Reform2 reports
    $300K reported (all issues)
  36. MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY2 reports
  37. PACIFIC LIFE INSURANCE COMPANY2 reports
    $900K reported (all issues)
  38. SECURITY TRADERS ASSOCIATION2 reports
    $80K reported (all issues)
  39. AMERICAN BENEFITS COUNCIL1 report
    $280K reported (all issues)
  40. American Retirement Association1 report
    $60K reported (all issues)

Reports filed in 2025, 2026.

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 6, 2026 · loaded Oct 6, 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 6, 2026 · loaded Oct 6, 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.
  • Money and votes are shown side by side; neither explains the other.