H.R. 4431 · 119th Congress

Improving Capital Allocation for Newcomers Act of 2025

Introduced on Jul 16, 2025 by William R. Timmons IV (R-SC-4). One cosponsor. Latest action (Dec 2, 2025): Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Stage
Passed one chamber
Introduced
Jul 16, 2025
Cosponsors
1
1 from the other party
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

Official title

To amend the Investment Company Act of 1940 with respect to the definition of qualifying venture capital funds, and for other purposes.

Subjects

  • Banking and financial institutions regulation
  • Business investment and capital
  • Business records
  • Securities

Summary

By the Congressional Research Service (Introduced in House, Jul 16, 2025). Public domain.

Improving Capital Allocation for Newcomers Act of 2025

This bill expands qualification requirements for venture capital funds to include investment firms with more owners and capital contributions. Venture capital funds are exempt from certain regulations applicable to other investment firms, including those related to filings, audits, and restricted communications with investors. Currently, an investment firm qualifies as a venture capital fund if, among other requirements (1) the fund's securities are owned by 250 persons or less, and (2) the fund has $10 million or less in aggregate capital contributions and uncalled committed capital. The bill increases these amounts to 2,000 persons and $150 million, respectively.

Sponsor and cosponsors

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

William R. Timmons IVR-SC-4Sponsor

Democrats · 1

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. Jul 16, 2025Introduced in House
  2. Jul 16, 2025Introduced in House
  3. Jul 16, 2025 · HouseReferred to the House Committee on Financial Services.
  4. Jul 22, 2025 · HouseCommittee Consideration and Mark-up Session Held
  5. Jul 22, 2025 · HouseOrdered to be Reported (Amended) by the Yeas and Nays: 50 - 2.
  6. Sep 8, 2025Reported (Amended) by the Committee on Financial Services. H. Rept. 119-248.
  7. Sep 8, 2025 · HouseReported (Amended) by the Committee on Financial Services. H. Rept. 119-248.
  8. Sep 8, 2025 · HousePlaced on the Union Calendar, Calendar No. 205.
  9. Dec 1, 2025 · HouseMr. Davidson moved to suspend the rules and pass the bill, as amended.
  10. Dec 1, 2025 · HouseConsidered under suspension of the rules. (consideration: CR H4950-4952)
  11. Dec 1, 2025 · HouseDEBATE - The House proceeded with forty minutes of debate on H.R. 4431.
  12. Dec 1, 2025Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4950-4951)
  13. Dec 1, 2025 · HouseOn motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4950-4951)
  14. Dec 1, 2025 · HouseMotion to reconsider laid on the table Agreed to without objection.
  15. Dec 2, 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. Chamber of Commerce of the U.S.A.4 reports
    $68.3M reported (all issues)
  2. ESHARES, INC. D/B/A CARTA, INC.4 reports
    $420K reported (all issues)
  3. Americans for Financial Reform2 reports
    $300K 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 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.
  • Money and votes are shown side by side; neither explains the other.