Developing and Empowering Our Aspiring Leaders Act of 2025

Floor Speech

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Mrs. WAGNER. Mr. Speaker, I thank my friend from Ohio for yielding.

Mr. Speaker, I am proud to sponsor H.R. 4429, the Developing and Empowering our Aspiring Leaders, or DEAL, Act.

This bill, which passed with almost unanimous support out of the Financial Services Committee, seeks to ensure the United States remains the most entrepreneurial country in the world, where the next great companies are founded and funded.

It is often said that small businesses are the engine of the American economy, and that is an absolute truth. Small businesses make up 99 percent of U.S. employers, and they are the driving force behind the creation of a majority of new jobs.

The entrepreneurs leading these companies are building something new, taking real risks, and driving growth in communities across the Nation, but too often, they can't get a fair shot at investment.

Right now, our capital markets suffer from an extreme geographic imbalance. The data is stark. Nearly 70 percent of venture capital flows to three States, Mr. Speaker: California, New York, and Massachusetts.

This leaves entire regions of the country struggling to access funding. It leaves communities in the Midwest and the South without the capital they need to build and scale businesses. Access to capital is not just a coastal issue. It is a national economic necessity.

This capital divide is why the DEAL Act is so critically important. This bill is a targeted, forward-looking effort to modernize outdated rules and channel investment to where it is needed most.

The DEAL Act fundamentally strengthens the ability of capital to reach more founders and more communities. It achieves this by allowing larger venture funds to invest directly in smaller, regional funds, a fund-of-funds investment.

This mechanism is a game changer, Mr. Speaker. It means more funding for startups, more opportunities for businesses that might otherwise be overlooked, and more innovation happening everywhere, not just in a handful of elite ZIP Codes.

Newer, regional venture funds are often best positioned to back the entrepreneurs who are building businesses on Main Street. The DEAL Act ensures that these funds can expand that important work, giving them the flexibility to partner with larger institutions to reach a wider base of early-stage companies.

H.R. 4429 ensures our policies are helping capital move efficiently and effectively, empowering those taking risks to build something new, and helping good ideas grow into great companies.

I thank Chairman Hill for his support, and also I thank Congressman Casten for joining me and co-leading this commonsense and bipartisan piece of legislation.

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