{"format":1,"id":"119-hr-3383","congress":119,"number":"H.R. 3383","kind":"bill","group":"bills","title":"Incentivizing New Ventures and Economic Strength Through Capital Formation Act of 2025","title_source":"Short Title(s) as Passed House","official_title":"To amend the Investment Company Act of 1940 with respect to the authority of closed-end companies to invest in private funds.","titles":[{"type":"Official Title as Introduced","title":"To amend the Investment Company Act of 1940 with respect to the authority of closed-end companies to invest in private funds."},{"type":"Short Titles from RFS (Referred to Senate) bill text","title":"Incentivizing New Ventures and Economic Strength Through Capital Formation Act of 2025"},{"type":"Short Titles from RFS (Referred to Senate) bill text","title":"INVEST Act of 2025"},{"type":"Display Title","title":"Incentivizing New Ventures and Economic Strength Through Capital Formation Act of 2025"},{"type":"Official Title from EH (Engrossed in House) bill text","title":"To amend the Investment Company Act of 1940 with respect to the authority of closed-end companies to invest in private funds."},{"type":"Short Title(s) as Passed House","title":"Incentivizing New Ventures and Economic Strength Through Capital Formation Act of 2025"},{"type":"Short Title(s) as Reported to House","title":"Increasing Investor Opportunities Act"},{"type":"Short Title(s) as Introduced","title":"Increasing Investor Opportunities Act"}],"outcome":"passed_house","law_number":null,"introduced":"2025-05-14","chambers":{"house":{"status":"roll_call","date":"2025-12-11","vote":{"id":"119-2025-h328","question":"On Passage","title":"Increasing Investor Opportunities Act","result":"Passed","yea":302,"nay":123,"present":0,"not_voting":8,"source":"https://clerk.house.gov/evs/2025/roll328.xml"}},"senate":{"status":"pending","date":null,"vote":null}},"president":{"status":"not_yet","date":null},"vice_president_tie_breaker":null,"latest_action":{"text":"Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.","date":"2025-12-15"},"nominees":null,"amendments":[{"number":"H.Amdt. 123","sponsor":"Rep. Self, Keith [R-TX-3]","purpose":"Amendment sought to strike section 307 relating to enhancing multi-class share disclosures.","result":"Failed","date":"2025-12-11","yea":54,"nay":374,"present":0,"not_voting":11,"source":"https://clerk.house.gov/evs/2025/roll325.xml"},{"number":"H.Amdt. 125","sponsor":"Rep. Waters, Maxine [D-CA-43]","purpose":"Amendment sought to require investment advisers and hedge funds to perform know-your-customer verification and implement anti-money laundering procedures for foreign clients.","result":"Failed","date":"2025-12-11","yea":211,"nay":219,"present":0,"not_voting":8,"source":"https://clerk.house.gov/evs/2025/roll326.xml"},{"number":"H.Amdt. 127","sponsor":"Rep. Waters, Maxine [D-CA-43]","purpose":"Amendment sought to define and prohibit fees charged by Securities and Exchange Commission-registered individuals and entities that are not clearly disclosed or proportional to the services provided.","result":"Failed","date":"2025-12-11","yea":214,"nay":215,"present":0,"not_voting":9,"source":"https://clerk.house.gov/evs/2025/roll327.xml"}],"other_votes":[{"chamber":"house","date":"2025-12-11","question":"On Agreeing to the Amendment","title":"","result":"Failed","yea":54,"nay":374,"present":0,"not_voting":11,"kind":"amendment","source":"https://clerk.house.gov/evs/2025/roll325.xml"},{"chamber":"house","date":"2025-12-11","question":"On Agreeing to the Amendment","title":"","result":"Failed","yea":211,"nay":219,"present":0,"not_voting":8,"kind":"amendment","source":"https://clerk.house.gov/evs/2025/roll326.xml"},{"chamber":"house","date":"2025-12-11","question":"On Agreeing to the Amendment","title":"","result":"Failed","yea":214,"nay":215,"present":0,"not_voting":9,"kind":"amendment","source":"https://clerk.house.gov/evs/2025/roll327.xml"}],"crs_summary":{"date":"2025-06-25","stage":"Reported to House","blocks":[{"k":"h","t":"Increasing Investor Opportunities Act"},{"k":"p","t":"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."}],"words":71},"summary":{"main_subject":{"text":"Amends federal securities laws on how companies raise capital and how investors access offerings, including private-fund investment by closed-end companies, accredited investor definitions, electronic delivery of documents, and public offering procedures.","cites":[{"label":"Title I","href":"https://www.congress.gov/bill/119th-congress/house-bill/3383/text/eh#toc-HDBF9E5CDDFA94DD9B457A6F873637F4C"},{"label":"Title II","href":"https://www.congress.gov/bill/119th-congress/house-bill/3383/text/eh#toc-H1892C01875E64F31B1C6772091E87246"},{"label":"Title III","href":"https://www.congress.gov/bill/119th-congress/house-bill/3383/text/eh#toc-H2C0064BA431C4A41AB922A5156AE69F7"}]},"core_areas":["Small business capital formation and Securities and Exchange Commission small business offices","Accredited investor definitions and examination","Closed-end company investment in private funds","Electronic delivery of investor regulatory documents","Confidential review of draft registration statements and emerging growth company rules","Well-known seasoned issuer eligibility and multi-class share disclosure"],"what_it_does":[{"text":"Requires the Securities and Exchange Commission to revise Regulation D so the ban on general solicitation does not apply to presentations by issuers at events that meet listed conditions.","cite":{"label":"Sec. 102","href":"https://www.congress.gov/bill/119th-congress/house-bill/3383/text/eh#toc-HF715D8D6520E41AD841EBFD35540320C"}},{"text":"Changes the Securities Act of 1933 crowdfunding limits in section 4A from $100,000 to $250,000, and lets the Commission raise those amounts to no more than $400,000.","cite":{"label":"Sec. 103","href":"https://www.congress.gov/bill/119th-congress/house-bill/3383/text/eh#toc-HD0D1B027E2414B1289A56CCDE6C34075"}},{"text":"Adds to the accredited investor definition natural persons who meet a net worth test exceeding $1,000,000 (primary residence excluded), an income test, a licensed broker or investment adviser test, or a Commission-determined education or job experience test.","cite":{"label":"Sec. 201","href":"https://www.congress.gov/bill/119th-congress/house-bill/3383/text/eh#toc-HDE111107FB0A4ABEABADA33ECB1BBE67"}},{"text":"Requires the Commission to establish an examination that certifies an individual as an accredited investor, and requires a registered national securities association to offer it to the public free of charge.","cite":{"label":"Sec. 203","href":"https://www.congress.gov/bill/119th-congress/house-bill/3383/text/eh#toc-H074956C832B04EA78D65A7FFA158E5A5"}},{"text":"Bars the Commission from prohibiting or limiting a closed-end company from investing in securities issued by private funds, or from limiting the sale or exchange listing of such a company's securities, subject to stated exceptions.","cite":{"label":"Sec. 206","href":"https://www.congress.gov/bill/119th-congress/house-bill/3383/text/eh#toc-H54C9BDCFA50846B182F4A555C9E4F335"}},{"text":"Requires the Commission to propose and finalize rules letting covered entities deliver regulatory documents to investors electronically, with paper notice and opt-out provisions for investors who do not receive all documents electronically.","cite":{"label":"Sec. 205","href":"https://www.congress.gov/bill/119th-congress/house-bill/3383/text/eh#toc-H6C589A7E79F2416681163CB5E083A508"}}],"unexpected":[{"category":"off_subject","items":[{"cite":{"label":"Sec. 202","href":"https://www.congress.gov/bill/119th-congress/house-bill/3383/text/eh#toc-H350429720F5D46DFAF7D5D6F7571231B"},"heading":"Retirement fairness for charities and educational institutions","effect":"Amends the Investment Company Act of 1940, Securities Act of 1933 and Securities Exchange Act of 1934 to address how section 403(b) retirement plans and collective trust funds holding their assets are treated under those laws.","amount":null,"quote":"plans which meet the requirements of section 403(b) of the Internal Revenue Code of 1986"},{"cite":{"label":"Sec. 204","href":"https://www.congress.gov/bill/119th-congress/house-bill/3383/text/eh#toc-H56F2568BDC054372A01F2FFB1148D09A"},"heading":"Senior Security","effect":"Establishes a Senior Investor Taskforce within the Securities and Exchange Commission that reports every 2 years and ends after 10 years, and directs a Comptroller General study of financial exploitation of senior citizens.","amount":null,"quote":"There is established within the Commission the Senior Investor Taskforce (in this subsection referred to as the “Taskforce”)."},{"cite":{"label":"Sec. 302","href":"https://www.congress.gov/bill/119th-congress/house-bill/3383/text/eh#toc-H9638E90044E74C0CA086768E06F868CB"},"heading":"Access to small business investor capital","effect":"Allows a registered investment company to leave out of its Acquired Fund Fees and Expenses calculation the fees and expenses incurred indirectly through investment in business development companies.","amount":null,"quote":"A registered investment company may, on any investment company registration statement filed pursuant to section 8(b) of the Investment Company Act of 1940 (15 U.S.C. 80a–8(b)), omit from the calculation of Acquired Fund Fees and Expenses"}]},{"category":"selective_carve_out","items":[{"cite":{"label":"Sec. 102","href":"https://www.congress.gov/bill/119th-congress/house-bill/3383/text/eh#toc-HF715D8D6520E41AD841EBFD35540320C"},"heading":"Helping angels lead our startups","effect":"Directs the SEC to revise Regulation D so the general solicitation ban does not apply to issuer presentations at events run by listed sponsors, and excludes events held in facilities owned or operated by a religious organization.","amount":null,"quote":"that is not held in any facility that is owned or operated by a religious organization, other than an institution of higher education that is accredited and operated primarily for post-secondary education"},{"cite":{"label":"Sec. 205","href":"https://www.congress.gov/bill/119th-congress/house-bill/3383/text/eh#toc-H6C589A7E79F2416681163CB5E083A508"},"heading":"Improving disclosure for investors","effect":"Exempts rules issued under a Federal statute that specifically requires paper delivery of documents to investors from the requirement to allow electronic delivery of documents required \"in writing\". Subsection (c) also makes section 101(c) of the Electronic Signatures in Global and National Commerce Act inapplicable to documents delivered under this section.","amount":null,"quote":"This subsection shall not apply to a rule or regulation issued pursuant to a Federal statute if that Federal statute specifically requires delivery of paper documents to investors."}]},{"category":"process_change","items":[{"cite":{"label":"Sec. 107","href":"https://www.congress.gov/bill/119th-congress/house-bill/3383/text/eh#toc-HA302BE85AFBB408D8176701D9AA10423"},"heading":"Improving access to small business information","effect":"Provides that actions of the Advocate for Small Business Capital Formation are not a \"collection of information\" under the Paperwork Reduction Act, and relieves the Commission of certain Office of Management and Budget submission and control-number requirements for them.","amount":null,"quote":"shall not be a “collection of information” for purposes of subchapter I of chapter 35 of title 44, United States Code"}]}],"version":{"type":"Engrossed in House","date":"2025-12-11","rule":"passed","href":"https://www.congress.gov/bill/119th-congress/house-bill/3383/text/eh"},"current":true,"model":"claude-sonnet-5-5","approved":"2026-10-12","approved_by":"checks"},"sources":{"congress_gov":"https://www.congress.gov/bill/119th-congress/house-bill/3383","text":"https://www.congress.gov/bill/119th-congress/house-bill/3383/text"},"card":{"image":"card/item/119-hr-3383.png","v":"aadca568ecc3","alt":"Votes on Record. H.R. 3383, 119th Congress: Incentivizing New Ventures and Economic Strength Through Capital Formation Act of 2025. House: 302 Yea, 123 Nay. Senate: not yet considered. Outcome: Passed House, 11 Dec 2025."}}