S.Amdt. 6166

SA 6166, submitted by Ms. Warren, aims to add a new section (SEC. 1051A) to bill S. 4784. The purpose of this amendment is to prohibit equity investments for "covered entities."

Key Changes and Additions

• Investment Prohibition: The amendment states that a "covered entity" is not eligible for an equity investment.

• Covered Entities and Individuals: A "covered entity" is one where a "covered individual" holds a "significant interest." Covered individuals include:

  • The President, Vice President, or individuals with Cabinet-level status.
  • Spouses, children, sons-in-law, or daughters-in-law of the individuals listed above.
  • Executive branch officers or employees, including special Government employees, who are involved in the consideration, negotiation, approval, or administration of these equity investments.

• Defining Interests:

  • Significant Interest: Owning, controlling, or holding any "equity interest" that is not a "de minimis interest."
  • Equity Interest: Includes shares in an entity (like a partnership), capital or profit interests in LLCs, venture capital funds, private equity funds, pooled investment funds, or certain warrants and rights to purchase or sell such interests.
  • De Minimis Interest: Interests that do not exceed $15,000, those owned through certain registered diversified open-end companies, or those held in widely diversified government-maintained pension or employee benefit plans.