Ann Wagner (R-MO)
Developing and Empowering our Aspiring Leaders Act of 2025
A Republican bill with 1 Democratic cosponsor · See the cosponsor
Last activity — Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
In the other chamber's committee
Passed one chamber and has been handed to a committee in the other.
The committee decides whether it goes any further, and most bills that reach a committee never leave it. A committee that simply does nothing kills a bill without anyone ever voting against it, so no news from here is usually the news.
Its path through Congress
- Introduced
- Passed House voice vote
- In Senate committee
The House by voice vote (members called out yes or no together): no member's position on it was recorded.
What this bill would do
This Act, titled the ``Developing and Empowering our Aspiring Leaders Act of 2025'', directs the Securities and Exchange Commission to update specific definitions. It requires a revision to what constitutes a "qualifying investment" for venture capital fund advisers. The changes would include equity securities from qualifying portfolio companies, whether bought directly or through secondary acquisition. Additionally, it would clarify that investing in another venture capital fund counts as a qualifying investment. The Act also establishes a cap on how much capital a fund can hold in certain types of investments.
Yes· 3 of 4
- Scored +4
Does this make it easier to run a small business?
Allowing secondary acquisitions and investments in other funds as qualifying investments helps venture capital reach growing companies more easily.
- Scored +4
Would business owners be better off under this?
The bill makes it easier for venture capital fund managers to invest in diverse ways, potentially benefiting startup founders and business owners.
- Scored +3
Is this likely to create jobs?
By expanding the definition of qualifying investments, the bill facilitates easier capital flow into portfolio companies which can support job growth.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
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Broadened Investment Definitions: The bill allows for the inclusion of an equity security issued by a qualifying portfolio company, whether acquired directly or via a secondary acquisition, which expands the scope of qualifying investments (Section 2, paragraph 1(A)).
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Support for Fund Structures: By specifying that an investment in another venture capital fund is a qualifying investment, the bill provides more clarity for fund structures (Section 2, paragraph 1(B)).
Potential Negative Impacts for People
- Strict Capital Limitations: The bill imposes a new condition requiring that a fund holds no more than 49 percent of its aggregate capital and uncalled committed capital in certain assets, such as other venture capital funds or qualifying investments acquired in a secondary acquisition (Section 2, paragraph 2).
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Tap or hover a score for the reason it gave.
- Economy And Finance
- Does this make it easier to run a small business? — Allowing secondary acquisitions and investments in other funds as qualifying investments helps venture capital reach growing companies more easily. Is this likely to grow the economy? — The expansion of qualifying investments is intended to facilitate more efficient venture capital deployment. Is this likely to create jobs? — By expanding the definition of qualifying investments, the bill facilitates easier capital flow into portfolio companies which can support job growth.
- Demographic And Interest Groups
- Would business owners be better off under this? — The bill makes it easier for venture capital fund managers to invest in diverse ways, potentially benefiting startup founders and business owners.
- 12/2/2025
- Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 12/1/2025
- Motion to reconsider laid on the table Agreed to without objection.
- 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)
- 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.
- 9/8/2025
- Reported (Amended) by the Committee on Financial Services. H. Rept. 119-246.
- Placed on the Union Calendar, Calendar No. 203.
- 7/22/2025
- Committee Consideration and Mark-up Session Held
- Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 2.
- 7/21/2025
- 1 Cosponsor added.
- 7/16/2025
- Referred to the House Committee on Financial Services.
- Introduced in House
Sean CastenDemocrat · Illinois