datamatters24/research-document-archive huggingface dataset:
I 
118TH CONGRESS 
1ST SESSION H. R. 2790 
To amend the Investment Company Act of 1940 with respect to the definition 
of qualifying venture capital funds, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
APRIL 20, 2023 
Mr. TIMMONS introduced the following bill; which was referred to the 
Committee on Financial Services 
A BILL 
To amend the Investment Company Act of 1940 with respect 
to the definition of qualifying venture capital funds, and 
for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Improving Capital Al-
location for Newcomers Act of 2021’’. 
SEC. 2. QUALIFYING VENTURE CAPITAL FUNDS. 
Section 3(c)(1) of the Investment Company Act of 
1940 (15 U.S.C. 80a–3(c)(1)) is amended— 
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(1) in the matter preceding subparagraph (A), 
by striking ‘‘250 persons’’ and inserting ‘‘2,000 per-
sons’’; and 
(2) 
in 
subparagraph 
(C)(i), 
by 
striking 
‘‘$10,000,000’’ and inserting ‘‘$150,000,000’’. 
Æ 
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HR 2811 PCS
property, qualified small wind property, waste 
energy recovery property, or energy property 
described in paragraph (3)(A)(ii), the energy 
percentage determined under paragraph (2) 
shall be equal to— 
‘‘(i) in the case of any property the 
construction of which begins after Decem-
ber 31, 2019, and before January 1, 2023, 
26 percent, and 
‘‘(ii) in the case of any property the 
construction of which begins after Decem-
ber 31, 2022, and before January 1, 2024, 
22 percent. 
‘‘(B) PLACED IN SERVICE DEADLINE.—In 
the case of any energy property described in 
subparagraph (A) which is not placed in service 
before January 1, 2026, the energy percentage 
determined under paragraph (2) shall be equal 
to 0 percent.’’. 
(d) BASE ENERGY PERCENTAGE AMOUNT.—Section 
48(a) is amended— 
(1) in paragraph (2)(A)— 
(A) in clause (i), by striking ‘‘6 percent’’ 
and inserting ‘‘30 percent’’, and 
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court of the State or of a unit of local government 
in the State during that fiscal year: 
(A) The number of cases for which a de-
fendant waived his or her right to counsel, and 
the number of charges in each case, broken 
down by race, ethnicity, and gender of the de-
fendant. 
(B) The number of cases for which a de-
fendant was represented in court by counsel 
who was publicly appointed, broken down by— 
(i) public defender, court-appointed 
private attorney, or contract attorney, and 
the number of charges in each case; and 
(ii) race, ethnicity, and gender of the 
defendant. 
(C) The number of cases for which a de-
fendant was represented in court by counsel 
who was not publicly appointed, and the num-
ber of charges in each case, broken down by 
race, ethnicity, and gender of the defendant. 
(2) 
APPLICABLE
CRIMINAL
OFFENSES.—A 
State shall submit data under paragraph (1) with 
respect to— 
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(A) The rental assistance program under 
section 8 of the United States Housing Act of 
1937 (42 U.S.C. 1437f). 
(B) The public housing program under 
title I of the United States Housing Act of 
1937 (42 U.S.C. 1437 et seq.). 
(C) The Home Investment Partnerships 
Program under title II of the Cranston-Gon-
zalez National Affordable Housing Act (42 
U.S.C. 12721 et seq.). 
(D) The programs for homeless assistance 
under title IV of the McKinney-Vento Homeless 
Assistance Act (42 U.S.C. 11360 et seq.). 
(E) The rural housing programs under 
title V of the Housing Act of 1949 (42 U.S.C. 
1471 et seq.). 
(F) The program for supportive housing 
for elderly persons under section 202 of the 
Housing Act of 1959 (12 U.S.C. 1701q). 
(G) The program for Native American 
housing block grants under the Native Amer-
ican Housing Assistance and Self-Determina-
tion Act of 1996 (25 U.S.C. 4101 et seq.). 
(H) The program for supportive housing 
for persons with disabilities under section 811 
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HR 2796 RFS
ordination with respect to efforts to assist small 
businesses and small business investors.’’. 
Passed the House of Representatives May 30, 2023. 
Attest: 
CHERYL L. JOHNSON, 
Clerk. 
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IB 
Union Calendar No. 57 
118TH CONGRESS 
1ST SESSION H. R. 2796 
[Report No. 118–78] 
To amend the Securities Exchange Act of 1934 to require the Advocate 
for Small Business Capital Formation to provide educational resources 
and host events to promote capital raising options for traditionally under-
represented small businesses, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
APRIL 24, 2023 
Ms. WATERS introduced the following bill; which was referred to the 
Committee on Financial Services 
MAY 30, 2023 
Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed 
[Strike out all after the enacting clause and insert the part printed in italic] 
[For text of introduced bill, see copy of bill as introduced on April 24, 2023] 
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118TH CONGRESS 
1ST SESSION H. R. 2795 
AN ACT 
To amend the Securities Exchange Act of 1934 to require 
issuers with a multi-class stock structure to make certain 
disclosures in any proxy or consent solicitation material, 
and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
A BILL 
To amend the Securities Exchange Act of 1934 to require 
the Advocate for Small Business Capital Formation to 
provide educational resources and host events to promote 
capital raising options for traditionally underrepresented 
small businesses, and for other purposes. 
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SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Enhancing Multi-Class 
Share Disclosures Act’’. 
SEC. 2. DISCLOSURE RELATING TO MULTI-CLASS SHARE 
STRUCTURES. 
Section 14 of the Securities Exchange Act of 1934 
(15 U.S.C. 78n) is amended by adding at the end the fol-
lowing: 
‘‘(l) DISCLOSURE RELATING TO MULTI-CLASS SHARE 
STRUCTURES.— 
‘‘(1) DISCLOSURE.—The Commission shall, by 
rule, require each issuer with a multi-class share 
structure to disclose the information described in 
paragraph (2) in any proxy or consent solicitation 
material for an annual meeting of the shareholders 
of the issuer, or any other filing as the Commission 
determines appropriate. 
‘‘(2) CONTENT.—A disclosure made under 
paragraph (1) shall include, with respect to each 
person who is a director, director nominee, or named 
executive officer of the issuer, or who is the bene-
ficial owner of securities with 5 percent or more of 
the total combined voting power of all classes of se-
curities entitled to vote in the election of directors— 
‘‘(A) the number of shares of all classes of 
securities entitled to vote in the election of di-
rectors beneficially owned by such person, ex-
pressed as a percentage of the total number of 
the outstanding securities of the issuer entitled 
to vote in the election of directors; and 
‘‘(B) the amount of voting power held by 
such person, expressed as a percentage of the 
total combined voting power of all classes of the 
securities of the issuer entitled to vote in the 
election of directors. 
‘‘(3) MULTI-CLASS SHARE STRUCTURE.—In this 
subsection, the term ‘multi-class share structure’ 
means a capitalization structure that contains 2 or 
more classes of securities that have differing 
amounts of voting rights in the election of direc-
tors.’’. 
Passed the House of Representatives May 30, 2023. 
Attest: 
Clerk.
118TH CONGRESS 
1ST SESSION 
H. R. 2795 
AN ACT 
To amend the Securities Exchange Act of 1934 to 
require issuers with a multi-class stock structure 
to make certain disclosures in any proxy or con-
sent solicitation material, and for other purposes.
I 
118TH CONGRESS 
1ST SESSION H. R. 2795 
To amend the Securities Exchange Act of 1934 to require issuers with 
a multi-class stock structure to make certain disclosures in any proxy 
or consent solicitation material, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
APRIL 24, 2023 
Mr. MEEKS introduced the following bill; which was referred to the Committee 
on Financial Services 
A BILL 
To amend the Securities Exchange Act of 1934 to require 
issuers with a multi-class stock structure to make certain 
disclosures in any proxy or consent solicitation material, 
and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Enhancing Multi-Class 
Share Disclosures Act’’. 
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SEC. 2. DISCLOSURE RELATING TO MULTI-CLASS SHARE 
STRUCTURES. 
Section 14 of the Securities Exchange Act of 1934 
(15 U.S.C. 78n) is amended by adding at the end the fol-
lowing: 
‘‘(l) DISCLOSURE FOR ISSUERS WITH MULTI-CLASS 
SHARE STRUCTURES.— 
‘‘(1) DISCLOSURE.—The Commission shall, by 
rule, require each issuer with a multi-class share 
structure to disclose the information described in 
paragraph (2) in any proxy or consent solicitation 
material for an annual meeting of the shareholders 
of the issuer, or any other filing as the Commission 
determines appropriate. 
‘‘(2) CONTENT.—A disclosure made under 
paragraph (1) shall include, with respect to each 
person who is a director, director nominee, or named 
executive officer of the issuer, or who is the bene-
ficial owner of securities with 5 percent or more of 
the total combined voting power of all classes of se-
curities entitled to vote in the election of directors— 
‘‘(A) the number of shares of all classes of 
securities entitled to vote in the election of di-
rectors beneficially owned by such person, ex-
pressed as a percentage of the total number of 
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the outstanding securities of the issuer entitled 
to vote in the election of directors; and 
‘‘(B) the amount of voting power held by 
such person, expressed as a percentage of the 
total combined voting power of all classes of the 
securities of the issuer entitled to vote in the 
election of directors. 
‘‘(3) MULTI-CLASS SHARE STRUCTURE.—In this 
subsection, the term ‘multi-class share structure’ 
means a capitalization structure that contains 2 or 
more classes of securities that have differing 
amounts of voting rights in the election of direc-
tors.’’. 
Æ 
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IIB 
118TH CONGRESS 
1ST SESSION H. R. 2795 
IN THE SENATE OF THE UNITED STATES 
MAY 31 (legislative day, MAY 30), 2023 
Received; read twice and referred to the Committee on Banking, Housing, and 
Urban Affairs 
AN ACT 
To amend the Securities Exchange Act of 1934 to require 
issuers with a multi-class stock structure to make certain 
disclosures in any proxy or consent solicitation material, 
and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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HR 2795 RFS
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Enhancing Multi-Class 
Share Disclosures Act’’. 
SEC. 2. DISCLOSURE RELATING TO MULTI-CLASS SHARE 
STRUCTURES. 
Section 14 of the Securities Exchange Act of 1934 
(15 U.S.C. 78n) is amended by adding at the end the fol-
lowing: 
‘‘(l) DISCLOSURE RELATING TO MULTI-CLASS SHARE 
STRUCTURES.— 
‘‘(1) DISCLOSURE.—The Commission shall, by 
rule, require each issuer with a multi-class share 
structure to disclose the information described in 
paragraph (2) in any proxy or consent solicitation 
material for an annual meeting of the shareholders 
of the issuer, or any other filing as the Commission 
determines appropriate. 
‘‘(2) CONTENT.—A disclosure made under 
paragraph (1) shall include, with respect to each 
person who is a director, director nominee, or named 
executive officer of the issuer, or who is the bene-
ficial owner of securities with 5 percent or more of 
the total combined voting power of all classes of se-
curities entitled to vote in the election of directors— 
‘‘(A) the number of shares of all classes of 
securities entitled to vote in the election of di-
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HR 2795 RFS
rectors beneficially owned by such person, ex-
pressed as a percentage of the total number of 
the outstanding securities of the issuer entitled 
to vote in the election of directors; and 
‘‘(B) the amount of voting power held by 
such person, expressed as a percentage of the 
total combined voting power of all classes of the 
securities of the issuer entitled to vote in the 
election of directors. 
‘‘(3) MULTI-CLASS SHARE STRUCTURE.—In this 
subsection, the term ‘multi-class share structure’ 
means a capitalization structure that contains 2 or 
more classes of securities that have differing 
amounts of voting rights in the election of direc-
tors.’’. 
Passed the House of Representatives May 30, 2023. 
Attest: 
CHERYL L. JOHNSON, 
Clerk. 
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IIB 
118TH CONGRESS 
1ST SESSION H. R. 2796 
IN THE SENATE OF THE UNITED STATES 
MAY 31 (legislative day, MAY 30), 2023 
Received; read twice and referred to the Committee on Banking, Housing, and 
Urban Affairs 
AN ACT 
To amend the Securities Exchange Act of 1934 to require 
the Advocate for Small Business Capital Formation to 
provide educational resources and host events to promote 
capital raising options for traditionally underrepresented 
small businesses, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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HR 2796 RFS
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Promoting Opportuni-
ties for Non-Traditional Capital Formation Act’’. 
SEC. 2. PROMOTING CAPITAL RAISING OPTIONS FOR TRA-
DITIONALLY 
UNDERREPRESENTED 
SMALL 
BUSINESSES. 
Section 4(j)(4) of the Securities Exchange Act of 
1934 (15 U.S.C. 78d(j)(4)) is amended— 
(1) in subparagraph (G), by striking ‘‘and’’ at 
the end; 
(2) in subparagraph (H), by striking the period 
at the end and inserting a semicolon; and 
(3) by adding at the end the following: 
‘‘(I) provide educational resources and host 
events to raise awareness of capital raising op-
tions for— 
‘‘(i) 
underrepresented 
small 
busi-
nesses, including women-owned and minor-
ity-owned small businesses; 
‘‘(ii) businesses located in rural areas; 
and 
‘‘(iii) small businesses affected by hur-
ricanes or other natural disasters; and 
‘‘(J) at least annually, meet with rep-
resentatives of State securities commissions to 
discuss opportunities for collaboration and co-
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after ‘‘the Export-Import Bank of the United 
States,’’; and 
(B) in paragraph (3), by inserting ‘‘the 
Chair of the Bureau of Consumer Financial 
Protection;’’ after ‘‘the President of the Export- 
Import Bank of the United States;’’; and 
(2) in section 415— 
(A) in subsection (a)(1)(A), by striking 
‘‘and the Bureau of Consumer Financial Pro-
tection’’; 
(B) in subsection (c), by striking ‘‘For 
purposes of implementing this section, the 
Chairman of the Board of Governors of the 
Federal Reserve System shall appoint the In-
spector General of the Board of Governors of 
the Federal Reserve System and the Bureau of 
Consumer Financial Protection. The Inspector 
General of the Board of Governors of the Fed-
eral Reserve System and the Bureau of Con-
sumer Financial Protection shall have all of the 
authorities and responsibilities provided by this 
Act with respect to the Bureau of Consumer Fi-
nancial Protection, as if the Bureau were part 
of the Board of Governors of the Federal Re-
serve System.’’; and 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Promoting Opportuni-
ties for Non-Traditional Capital Formation Act’’. 
SEC. 2. PROMOTING CAPITAL RAISING OPTIONS FOR TRADI-
TIONALLY UNDERREPRESENTED SMALL BUSI-
NESSES. 
Section 4(j)(4) of the Securities Exchange Act of 1934 
(15 U.S.C. 78d(j)(4)) is amended— 
(1) in subparagraph (G), by striking ‘‘and’’ at 
the end; 
(2) in subparagraph (H), by striking the period 
at the end and inserting a semicolon; and 
(3) by adding at the end the following: 
‘‘(I) provide educational resources and host 
events to raise awareness of capital raising op-
tions for— 
‘‘(i) underrepresented small businesses, 
including 
women-owned 
and 
minority- 
owned small businesses; 
‘‘(ii) businesses located in rural areas; 
and 
‘‘(iii) small businesses affected by hur-
ricanes or other natural disasters; and 
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‘‘(J) at least annually, meet with represent-
atives of State securities commissions to discuss 
opportunities for collaboration and coordination 
with respect to efforts to assist small businesses 
and small business investors.’’. 
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Union Calendar No. 57 
118TH CONGRESS 
1ST SESSION 
H. R. 2796 
[Report No. 118–78] 
A BILL 
To amend the Securities Exchange Act of 1934 to 
require the Advocate for Small Business Capital 
Formation to provide educational resources and 
host events to promote capital raising options for 
traditionally underrepresented small businesses, 
and for other purposes. 
MAY 30, 2023 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
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SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Equal Opportunity for 
All Investors Act of 2023’’. 
SEC. 2. CERTIFICATION EXAMINATIONS FOR ACCREDITED 
INVESTORS. 
(a) IN GENERAL.—The Securities and Exchange 
Commission shall revise the definition of ‘‘accredited in-
vestor’’ under Regulation D (section 230.501 of title 15, 
Code of Federal Regulations) to include any natural per-
son who is certified through the examination required 
under subsection (b). 
(b) ESTABLISHMENT OF EXAMINATION.—Not later 
than 1 year after the date of the enactment of this Act, 
the Securities and Exchange Commission shall establish 
an examination (including a test, certification, or examina-
tion program)— 
(1) to certify an individual as an accredited in-
vestor; and 
(2) that— 
(A) is designed with an appropriate level of 
difficulty such that an individual with financial 
sophistication would be unlikely to fail; and 
(B) includes methods to determine whether 
an individual seeking to be certified as an ac-
credited investor demonstrates competency with 
respect to—
(i) the different types of securities; 
(ii) the disclosure requirements under 
the securities laws applicable to issuers 
and private companies as compared to 
public companies; 
(iii) corporate governance; 
(iv) financial statements and the com-
ponents of such statements; 
(v) aspects of unregistered securities, 
securities issued by private companies, and 
investments into private funds, including 
risks associated with— 
(I) limited liquidity; 
(II) limited disclosures; 
(III) variance in valuation meth-
ods; 
(IV) information asymmetry; 
(V) leverage risks; 
(VI) concentration risk; and 
(VII) longer investment horizons; 
(vi) potential conflicts of interest, 
when the interests of the financial profes-
sionals and their clients are misaligned or 
when their professional responsibilities are 
compromised by financial motivations; and
(vii) other criteria the Commission de-
termines necessary or appropriate in the 
public interest or for the protection of in-
vestors. 
(c) ADMINISTRATION.—Beginning not later than 180 
days after the date the examination is established under 
subsection (b), such examination shall be administered 
and offered free of charge to the public by a registered 
national securities association under section 15A of the 
Securities Exchange Act of 1934 (15 U.S.C. 78o–3). 
Passed the House of Representatives May 31, 2023. 
Attest: 
Clerk.
118TH CONGRESS 
1ST SESSION 
H. R. 2797 
AN ACT 
To amend the Securities Act of 1933 to require cer-
tification examinations for accredited investors, 
and for other purposes.
the Investment Company Act of 1940, and in-
cludes a closed-end company that elects to be 
treated as a business development company 
under section 6(f) of such Act; and 
‘‘(ii) the term ‘private fund’ has the mean-
ing given that term under section 2(a) of the 
Investment Company Act of 1940.’’. 
(d) INVESTMENT LIMITATION.—Section 3(c) of the 
Investment Company Act of 1940 (15 U.S.C. 80a–3(c)) 
is amended— 
(1) in paragraph (1), by striking ‘‘subpara-
graphs (A)(i) and (B)(i)’’ and inserting ‘‘subpara-
graphs (A)(i), (B)(i), and (C)’’; and 
(2) in paragraph (7)(D), by striking ‘‘subpara-
graphs (A)(i) and (B)(i)’’ and inserting ‘‘subpara-
graphs (A)(i), (B)(i), and (C)’’. 
TITLE 
V—ACCREDITED 
INVES-
TORS INCLUDE INDIVIDUALS 
RECEIVING 
ADVICE 
FROM 
CERTAIN PROFESSIONALS 
SEC. 3501. ACCREDITED INVESTORS INCLUDE INDIVIDUALS 
RECEIVING ADVICE FROM CERTAIN PROFES-
SIONALS. 
(a) SECURITIES ACT OF 1933.—Section 2(a)(15) of 
the Securities Act of 1933 (15 U.S.C. 77b(a)(15)), as 
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