Bill · S. 3351· Senate(119-S-3351)
Developing and Empowering our Aspiring Leaders Act of 2025
- Introduced
- 12/4/2025
- Last activity
- 12/4/2025 — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Sponsored by
- Mike Rounds
- Cosponsors
- - 0 - 1
- Introduced
- In Committee
What this bill would do
This bill, titled the "Developing and Empowering our Aspiring Leaders Act of 2025," directs the Securities and Exchange Commission to make specific changes to regulatory definitions. It focuses on revising how a "qualifying investment" is defined under the Investment Advisers Act of 1940. The changes would include equity securities from qualifying portfolio companies and investments in other venture capital funds. Additionally, the bill seeks to establish new ownership limits for private funds to qualify as venture capital funds.
Yes
Would business owners be better off under this?+4
By broadening what qualifies as a qualifying investment, the bill helps venture capital funds more easily support portfolio companies through various acquisition methods.
Does this make it easier to run a small business?+4
The bill expands the definition of qualifying investments to include equity securities from portfolio companies and fund-to-fund investments, which can facilitate easier access to capital for growing companies.
Would people with substantial wealth be better off under this?+3
The expanded definitions for qualifying investments provide more flexibility for high-net-worth investment strategies via venture capital funds.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
-
Expanded Investment Definitions: The bill requires the SEC to include equity securities issued by a qualifying portfolio company—whether bought directly or through a secondary acquisition—as a qualifying investment under section 275.203(l)-1(c). This expands what can be considered a qualifying investment (Section 2).
-
Inclusion of Fund-to-Fund Investments: The bill specifies that an investment in another venture capital fund would be considered a qualifying investment under the updated definition (Section 2).
Potential Negative Impacts for People
- New Ownership Restrictions: To qualify as a venture capital fund, a private fund must ensure that, immediately after acquiring any asset, it holds no more than 49 percent of its aggregate capital and uncalled committed capital in certain types of investments, such as other venture capital funds or qualifying investments from secondary acquisitions (Section 2).
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Demographic And Interest Groups
- Good For Business Owners+4Good For High Net Worth Individuals+3
- Economy And Finance
- Improves Small Business Support+4
- 12/4/2025
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 1 Cosponsor added.
- Introduced in Senate
Raphael WarnockDemocrat · Georgia