Developing and Empowering Our Aspiring Leaders Act of 2025
Floor Speech
BREAK IN TRANSCRIPT
Mr. DAVIDSON. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 4429) to require the Securities and Exchange Commission to revise the definition of a qualifying investment, for purposes of the exemption from registration for venture capital fund advisers under the Investment Advisers Act of 1940, to include an equity security issued by a qualifying portfolio company and to include an investment in another venture capital fund, and for other purposes, as amended.
The Clerk read the title of the bill.
The text of the bill is as follows: H.R. 4429
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE.
This Act may be cited as the ``Developing and Empowering our Aspiring Leaders Act of 2025''. SEC. 2. DEFINITIONS.
Not later than the end of the 180-day period beginning on the date of the enactment of this Act, the Securities and Exchange Commission shall--
(1) revise the definition of a qualifying investment under paragraph (c) of section 275.203(l)-1 of title 17, Code of Federal Regulations--
(A) to include an equity security issued by a qualifying portfolio company, whether acquired directly from the company or in a secondary acquisition; and
(B) to specify that an investment in another venture capital fund (as defined in paragraph (a) section 275.203(l)- 1 of title 17, Code of Federal Regulations) is a qualifying investment under such definition; and
(2) revise paragraph (a) of such section to require, as a condition of a private fund qualifying as a venture capital fund under such paragraph, that, immediately after the acquisition of any asset, such fund holds no more than 49 percent of the amount of the fund's aggregate capital contributions and uncalled committed capital (excluding short-term holdings) in--
(A) one or more venture capital funds; or
(B) qualifying investments acquired in a secondary acquisition, valued at cost or fair value, consistently applied by the fund.
BREAK IN TRANSCRIPT
Mr. DAVIDSON. Mr. Speaker, I include in the Record the CBO estimate for this bill. Legislation Considered Under Suspension of the Rules
The Majority Leader of the House of Representatives announces bills that will be considered under suspension of the rules in that chamber. Under suspension, floor debate is limited, all floor amendments are prohibited, points of order against the bill are waived, and final passage requires a two-thirds majority vote.
At the request of the Majority Leader and the House Committee on the Budget, CBO estimates the effects of those bills on direct spending and revenues. CBO has limited time to review the legislation before consideration. Although it is possible in most cases to determine whether the legislation would affect direct spending or revenues, time may be insufficient to estimate the magnitude of those effects. If CBO has prepared estimates for similar or identical legislation, a more detailed assessment of budgetary effects, including effects on spending subject to appropriation, may be included. EFFECTS ON DIRECT SPENDING AND REVENUES OF LEGISLATION CONSIDERED UNDER SUSPENSION OF THE RULES IN THE HOUSE OF REPRESENTATIVES WEEK OF DECEMBER 1, 2025 ---------------------------------------------------------------------------------------------------------------- Additional information Bill number Title Effect on direct Effect on on direct spending and spending revenues revenue effects ---------------------------------------------------------------------------------------------------------------- H.R. 176....................... No Immigration Reduce by Less None............. ...................... Benefits for Than $500K. Hamas Terrorists Act of 2025, as amended. H.R. 225....................... HUD Transparency None............. None............. ...................... Act, as amended. H.R. 1262...................... Mikaela Naylon Increase by at Increase by at Section 3 would Give Kids a Least $500K. Least $500K. increase revenues by Chance Act, as an insignificant amended. amount. Section 10 would reduce direct spending and increase revenues for a net $1.219 billion reduction in the deficit. Section 11 would appropriate $1.219 billion to the Medicare Improvement Fund. On net, the bill would reduce the deficit by an insignificant amount over the 2026-2035 period. H.R. 2066...................... Investing in All None............. None............. ...................... of America Act of 2025, as amended. H.R. 2159...................... Count the Crimes Increase by Less None............. Includes insignificant to Cut Act, as Than $500K. costs for Postal amended. Service Fund, which are classified as off- budget direct spending. H.R. 3174...................... Made in America None............. None............. ...................... Manufacturing Finance Act, as amended. H.R. 3716...................... Systemic Risk Increase by Less Reduce by Less ...................... Authority Than $500K. Than $500K. Transparency Act. H.R. 4313...................... Hospital Change by Less None............. ...................... Inpatient Than $500K, Services Direction Modernization Unknown. Act, as amended. H.R. 4323...................... Trafficking None............. None............. ...................... Survivors Relief Act, as amended. H.R. 4423...................... No New Burma None............. None............. ...................... Funds Act, as amended. H.R. 4429...................... Developing and None............. None............. ...................... Empowering our Aspiring Leaders Act of 2025, as amended. H.R. 4430...................... Expanding WKSI None............. None............. ...................... Eligibility Act, as amended. H.R. 4431...................... Improving Capital None............. None............. ...................... Allocation for Newcomers Act of 2025, as amended. H.R. 4491...................... SBA IT None............. None............. ...................... Modernization Reporting Act. H.R. 4495...................... SBA Fraud Reduce by at Increase by Less ...................... Enforcement Least $500K. Than $500K. Extension Act. H.R. 4549...................... Office of Rural None............. None............. ...................... Affairs Enhancement Act. H.R. 5284...................... Claiming Age None............. None............. ...................... Clarity Act, as amended. H.R. 5345...................... ImprovIng Social None............. None............. ...................... Security's Service to Victims of Identity Theft Act, as amended. H.R. 5346...................... Fair and None............. Increase by at Would increase Accountable IRS Least $500K. revenues by $117 Reviews Act, as million over 2026- amended. 2036. H.R. 5348...................... Social Security None............. None............. ...................... Child Protection Act of 2025, as amended. H.R. 5349...................... Tax Court None............. Increase by at Would increase Improvement Act, Least $500K. revenues by $6 as amended. million over 2026- 2036. S. 616......................... Foundation of the None............. None............. ...................... Federal Bar Association Charter Amendments Act of 2025. ---------------------------------------------------------------------------------------------------------------- Source: Congressional Budget Office; Joint Committee on Taxation
For reasons I explained earlier, I urge all of my colleagues to support this bill, and I yield back the balance of my time.
BREAK IN TRANSCRIPT
Source