datamatters24/research-document-archive huggingface dataset:
‘‘(ii) includes a closed-end company that 
elects to be treated as a business development 
company pursuant to section 54 of the Invest-
ment Company Act of 1940 (15 U.S.C. 80a– 
53); and 
‘‘(B) the term ‘private fund’ has the meaning 
given in section 202(a) of the Investment Advisers 
Act of 1940 (15 U.S.C. 80b–2(a)).’’. 
(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), in the matter preceding 
subparagraph (A), in the second sentence, by strik-
ing ‘‘subparagraphs (A)(i) and (B)(i)’’ and inserting 
‘‘subparagraphs (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)’’. 
(e) RULES OF CONSTRUCTION.— 
(1) Nothing in this section or the amendments 
made by this section may be construed to limit or 
amend any fiduciary duty owed to a closed-end com-
pany (as defined in section 5(a)(2) of the Investment 
Company Act of 1940 (15 U.S.C. 80a–5(a)(2))) or 
by an investment adviser (as defined under section
I 
119TH CONGRESS 
1ST SESSION 
H. R. 337 
To provide technical and financial assistance for groundwater recharge, 
aquifer storage, and water source substitution projects. 
IN THE HOUSE OF REPRESENTATIVES 
JANUARY 13, 2025 
Mr. COSTA (for himself, Mr. VALADAO, Mr. THOMPSON of California, and Ms. 
LOFGREN) introduced the following bill; which was referred to the Com-
mittee on Natural Resources 
A BILL 
To provide technical and financial assistance for groundwater 
recharge, aquifer storage, and water source substitution 
projects. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. ASSISTANCE FOR GROUNDWATER RECHARGE, 
AQUIFER STORAGE, AND WATER SOURCE 
SUBSTITUTION PROJECTS. 
Section 40910 of the Infrastructure Investment and 
Jobs Act (Public Law 117–58) is amended by adding at 
the end the following: 
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‘‘(g) TRANSFER AUTHORITY.—Of the unobligated 
balances of amounts made available under section 40901, 
there may be made available to the Secretary $3,000,000 
for each of fiscal years 2026 through 2031 to carry out 
subsection (a).’’. 
Æ 
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IB 
Union Calendar No. 86 
119TH CONGRESS 
1ST SESSION H. R. 3381 
[Report No. 119–116] 
To amend the Securities Act of 1933 to expand the ability to use testing 
the waters and confidential draft registration submissions, and for other 
purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 14, 2025 
Mrs. WAGNER (for herself, Mr. MEEKS, and Mr. SESSIONS) introduced the 
following bill; which was referred to the Committee on Financial Services 
JUNE 3, 2025 
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 May 14, 2025] 
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(2) REVISION.—Any regulation revised under 
paragraph (1) shall be revised not later than 3 years 
after the date of enactment of this Act. 
SEC. 3. SHORT-FORM CALL REPORTS FOR ALL BANKS ELI-
GIBLE FOR THE COMMUNITY BANK LEVER-
AGE RATIO. 
The appropriate Federal banking agencies, as defined 
in section 3 of the Federal Deposit Insurance Act (12 
U.S.C. 1813), shall promulgate regulations establishing a 
reduced reporting requirement for all banks eligible for the 
Community Bank Leverage Ratio, as defined in section 
201(a) of the Economic Growth, Regulatory Relief, and 
Consumer Protection Act (12 U.S.C. 5371 note), when 
making the first and third report of condition of a year 
as required by section 7(a) of the Federal Deposit Insur-
ance Act (12 U.S.C. 1817(a)). 
SEC. 4. REPORT TO CONGRESS ON MODERNIZATION OF SU-
PERVISION. 
Not later than 18 months after the date of enactment 
of this Act, the appropriate Federal banking agencies, as 
defined in section 3 of the Federal Deposit Insurance Act 
(12 U.S.C. 1813), in consultation with State bank super-
visors, shall submit to the Committee on Banking, Hous-
ing, and Urban Affairs of the Senate and the Committee 
on Financial Services of the House of Representatives a 
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report on the modernization of bank supervision, including 
the following factors: 
(1) Changing bank business models. 
(2) Examiner workforce and training. 
(3) The structure of supervisory activities with-
in banking agencies. 
(4) Improving bank-supervisor communication 
and collaboration. 
(5) The use of supervisory technology. 
(6) Supervisory factors uniquely applicable to 
community banks. 
(7) Changes in statutes necessary to achieve 
more effective supervision. 
Æ 
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I 
119TH CONGRESS 
1ST SESSION H. R. 3381 
To amend the Securities Act of 1933 to expand the ability to use testing 
the waters and confidential draft registration submissions, and for other 
purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 14, 2025 
Mrs. WAGNER (for herself, Mr. MEEKS, and Mr. SESSIONS) introduced the 
following bill; which was referred to the Committee on Financial Services 
A BILL 
To amend the Securities Act of 1933 to expand the ability 
to use testing the waters and confidential draft registra-
tion submissions, 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 ‘‘Encouraging Public 
Offerings Act of 2025’’. 
SEC. 2. EXPANDING TESTING THE WATERS. 
Section 5(d) of the Securities Act of 1933 (15 U.S.C. 
77e(d)) is amended by striking ‘‘an emerging growth com-
pany or any person authorized to act on behalf of an 
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emerging growth company’’ and inserting ‘‘an issuer or 
any person authorized to act on behalf of an issuer’’. 
SEC. 3. CONFIDENTIAL REVIEW OF DRAFT REGISTRATION 
STATEMENTS. 
Section 6(e) of the Securities Act of 1933 (15 U.S.C. 
77f(e)) is amended— 
(1) in the heading, by striking ‘‘EMERGING 
GROWTH COMPANIES’’ and inserting ‘‘CONFIDEN-
TIAL REVIEW
OF DRAFT REGISTRATION STATE-
MENTS’’; and 
(2) by striking paragraph (1) and inserting the 
following: 
‘‘(1) IN GENERAL.—Any issuer may, with re-
spect to an initial public offering, initial registration 
of a security of the issuer under section 12(b) of the 
Securities Exchange Act of 1934 (15 U.S.C. 78l(b)), 
or follow-on offering, confidentially submit to the 
Commission a draft registration statement, for con-
fidential nonpublic review by the staff of the Com-
mission prior to public filing, provided that the ini-
tial confidential submission and all amendments 
thereto shall be publicly filed with the Commission 
not later than— 
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‘‘(A) in the case of an initial public offer-
ing, 10 days before the effective date of such 
registration statement; 
‘‘(B) in the case of an initial registration 
of a security of the issuer under such section 
12(b), 10 days before listing on an exchange; or 
‘‘(C) in the case of any offering after an 
initial public offering or an initial registration 
under such section 12(b), 48 hours before the 
effective date of such registration statement.’’. 
Æ 
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I 
119TH CONGRESS 
1ST SESSION H. R. 3382 
To require the Securities and Exchange Commission to carry out a study 
and rulemaking on the definition of the term ‘‘small entity’’ under 
the securities laws for purposes of chapter 6 of title 5, United States 
Code, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 14, 2025 
Mrs. WAGNER (for herself, Mr. TORRES of New York, Mr. CASTEN, Mr. 
DAVID SCOTT of Georgia, and Mr. SESSIONS) introduced the following 
bill; which was referred to the Committee on Financial Services 
A BILL 
To require the Securities and Exchange Commission to carry 
out a study and rulemaking on the definition of the 
term ‘‘small entity’’ under the securities laws for pur-
poses of chapter 6 of title 5, United States Code, 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 ‘‘Small Entity Update 
Act’’. 
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SEC. 2. STUDIES, REPORTS, AND RULES REGARDING SMALL 
ENTITIES. 
(a) DEFINITIONS.—In this section— 
(1) the term ‘‘Commission’’ means the Securi-
ties and Exchange Commission; and 
(2) the term ‘‘small entity’’— 
(A) has the meaning given the term in sec-
tion 601 of title 5, United States Code, with re-
spect to the activities of the Commission; and 
(B) includes any definition established by 
the Commission of the term ‘‘small business’’, 
‘‘small entity’’, ‘‘small organization’’, or ‘‘small 
governmental jurisdiction’’ under paragraph 
(3), (4), or (5), respectively, of section 601 of 
title 5, United States Code, with respect to the 
activities of the Commission. 
(b) STUDIES AND REPORTS.—Not later than 1 year 
after the date of enactment of this Act, and again 5 years 
thereafter, the Commission shall— 
(1) conduct a study of the definition of the 
term ‘‘small entity’’ with respect to the activities of 
the Commission for the purposes of chapter 6 of 
title 5, United States Code, which shall consider— 
(A) the extent to which the definition of 
the term ‘‘small entity’’, as in effect during the 
period in which the study is conducted, aligns 
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more types of securities that have differing amounts 
of voting rights in the election of directors.’’. 
Passed the House of Representatives December 11, 
2025. 
Attest: 
Clerk.
with the findings and declarations made under 
section 2(a) of the Regulatory Flexibility Act (5 
U.S.C. 601 note); 
(B) the amount by which financial markets 
in the United States have grown since the last 
time the Commission amended the definition of 
the term ‘‘small entity’’, if applicable; and 
(C) how the Commission should define the 
term ‘‘small entity’’ to ensure that a meaningful 
number of entities would fall under that defini-
tion; and 
(2) submit to Congress a report that includes— 
(A) the results of the applicable study con-
ducted under paragraph (1); and 
(B) specific and detailed recommendations 
on the ways in which the Commission could 
amend the definition of the term ‘‘small entity’’ 
to— 
(i) be consistent with the results de-
scribed in subparagraph (A); and 
(ii) expand the number of entities cov-
ered by such definition. 
(c) RULEMAKING.—Concurrently with, or after the 
completion of, each study required under subsection (b), 
the Commission shall, subject to public notice and com-
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ment, revise the rules of the Commission consistent with 
the results of such study. 
(d) INFLATION ADJUSTMENTS.—After the Commis-
sion issued the final rule revisions required under sub-
section (c), and every 5 years thereafter, the Commission 
shall adjust any dollar figures under the definition of small 
entity established by the Commission to reflect the change 
in the Consumer Price Index for All Urban Consumers 
published by the Bureau of Labor Statistics of the Depart-
ment of Labor. 
Æ 
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IIB 
119TH CONGRESS 
1ST SESSION H. R. 3382 
IN THE SENATE OF THE UNITED STATES 
JULY 22, 2025 
Received; read twice and referred to the Committee on Banking, Housing, and 
Urban Affairs 
AN ACT 
To require the Securities and Exchange Commission to carry 
out a study and rulemaking on the definition of the 
term ‘‘small entity’’ under the securities laws for pur-
poses of chapter 6 of title 5, United States Code, and 
for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
VerDate Sep 11 2014 
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HR 3382 RFS
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Small Entity Update 
Act’’. 
SEC. 2. STUDIES, REPORTS, AND RULES REGARDING SMALL 
ENTITIES. 
(a) DEFINITIONS.—In this section— 
(1) the term ‘‘Commission’’ means the Securi-
ties and Exchange Commission; and 
(2) the term ‘‘small entity’’— 
(A) has the meaning given the term in sec-
tion 601 of title 5, United States Code, with re-
spect to the activities of the Commission; and 
(B) includes any definition established by 
the Commission of the term ‘‘small business’’, 
‘‘small organization’’, ‘‘small governmental ju-
risdiction’’, or ‘‘small entity’’ under paragraph 
(3), (4), (5), or (6), respectively, of section 601 
of title 5, United States Code, with respect to 
the activities of the Commission. 
(b) STUDIES AND REPORTS.—Not later than 1 year 
after the date of enactment of this Act, and again 5 years 
thereafter, the Commission shall— 
(1) conduct a study of the definition of the 
term ‘‘small entity’’ with respect to the activities of 
the Commission for the purposes of chapter 6 of 
title 5, United States Code, which shall consider— 
VerDate Sep 11 2014 
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HR 3382 RFS
(A) the extent to which the definition of 
the term ‘‘small entity’’, as in effect during the 
period in which the study is conducted, aligns 
with the findings and declarations made under 
section 2(a) of the Regulatory Flexibility Act (5 
U.S.C. 601 note); 
(B) the amount by which financial markets 
in the United States have grown since the last 
time the Commission amended the definition of 
the term ‘‘small entity’’, if applicable; and 
(C) how the Commission should define the 
term ‘‘small entity’’ to ensure that a meaningful 
number of entities would fall under that defini-
tion; and 
(2) submit to Congress a report that includes— 
(A) the results of the applicable study con-
ducted under paragraph (1); and 
(B) specific and detailed recommendations 
on the ways in which the Commission could 
amend the definition of the term ‘‘small entity’’ 
to— 
(i) be consistent with the results de-
scribed in subparagraph (A); and 
(ii) expand the number of entities cov-
ered by such definition. 
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119TH CONGRESS 
1ST SESSION 
H. R. 3383 
AN ACT 
To amend the Investment Company Act of 1940 
with respect to the authority of closed-end com-
panies to invest in private funds.
HR 3382 RFS
(c) RULEMAKING.—Concurrently with, or after the 
completion of, each study required under subsection (b), 
the Commission shall, subject to public notice and com-
ment, revise the rules of the Commission consistent with 
the results of such study. 
(d) INFLATION ADJUSTMENTS.—After the Commis-
sion issued the final rule revisions required under sub-
section (c), and every 5 years thereafter, the Commission 
shall adjust any dollar figures under the definition of small 
entity established by the Commission to reflect the change 
in the Consumer Price Index for All Urban Consumers 
published by the Bureau of Labor Statistics of the Depart-
ment of Labor. 
Passed the House of Representatives July 21, 2025. 
Attest: 
KEVIN F. MCCUMBER, 
Clerk. 
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I 
119TH CONGRESS 
1ST SESSION H. R. 3383 
To amend the Investment Company Act of 1940 with respect to the authority 
of closed-end companies to invest in private funds. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 14, 2025 
Mrs. WAGNER (for herself, Mr. MEEKS, Mr. TORRES of New York, Mr. DAVID 
SCOTT of Georgia, and Mr. SESSIONS) 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 authority of closed-end companies to invest in 
private funds. 
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 ‘‘Increasing Investor 
Opportunities Act’’. 
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Union Calendar No. 95 
119TH CONGRESS 
1ST SESSION 
H. R. 3382 
[Report No. 119–125] 
A BILL 
To require the Securities and Exchange Commis-
sion to carry out a study and rulemaking on the 
definition of the term ‘‘small entity’’ under the 
securities laws for purposes of chapter 6 of title 
5, United States Code, and for other purposes. 
JUNE 3, 2025 
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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SEC. 2. CLOSED-END COMPANY AUTHORITY TO INVEST IN 
PRIVATE FUNDS. 
(a) IN GENERAL.—Section 5 of the Investment Com-
pany Act of 1940 (15 U.S.C. 80a–5) is amended by add-
ing at the end the following: 
‘‘(d) CLOSED-END COMPANY AUTHORITY TO INVEST 
IN PRIVATE FUNDS.— 
‘‘(1) IN GENERAL.—Except as otherwise pro-
hibited or restricted by this Act (or any rule issued 
under this Act), the Commission may not prohibit or 
otherwise limit a closed-end company from investing 
any or all of the assets of the closed-end company 
in securities issued by private funds. 
‘‘(2) OTHER RESTRICTIONS ON COMMISSION AU-
THORITY.—Except as otherwise prohibited or re-
stricted by this Act (or any rule issued under this 
Act), the Commission may not impose any condition 
on, restrict, or otherwise limit— 
‘‘(A) the offer to sell, or the sale of, securi-
ties issued by a closed-end company that in-
vests, or proposes to invest, in securities issued 
by private funds; or 
‘‘(B) the listing of the securities of a 
closed-end company described in subparagraph 
(A) on a national securities exchange. 
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957 
(ii) in subsection (b)(2)(B), by striking 
‘‘joint military requirement (as defined in 
section 181(g)(1) of this title) at less cost’’ 
and inserting ‘‘joint capability requirement 
at less cost’’; and 
(iii) in subsection (c)(3), by striking 
‘‘joint military requirements’’ and inserting 
‘‘joint capability requirements’’; and 
(K) in section 5514(b)(2)(C)(ii), by striking 
‘‘Joint Requirements Oversight Council’’ and in-
serting ‘‘Joint Requirements Council’’. 
(2) OTHER LAWS.— 
(A) Section 902(d) of the National Defense 
Authorization Act for Fiscal Year 2024 (10 
U.S.C. 139a note) is amended— 
(i) by striking ‘‘, performance require-
ments, and joint performance requirements’’ 
and inserting ‘‘or performance require-
ments’’; and 
(ii) by striking ‘‘Joint Requirements 
Oversight Council to validate such require-
ments’’ and inserting ‘‘Joint Requirements 
Council’’. 
(B) Section 1684(d)(4)(A)(i) of the National 
Defense Authorization Act for Fiscal Year 2024 
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669 
count and shall be available for the same purposes, 
and subject to the same conditions and limitations, 
as amounts in such fund or account. 
(4) DEFINITIONS.—In this subsection: 
(A) The term ‘‘covered bid protest’’ means 
a bid protest— 
(i) that was filed with the Comptroller 
General of the United States by an incum-
bent contractor; 
(ii) that was dismissed by the Comp-
troller General based a lack of any reason-
able legal or factual basis; and 
(iii) for which such dismissal was fi-
nally determined. 
(B) The term ‘‘covered contract’’ means a 
contract with the Department of Defense en-
tered into with the incumbent contractor for the 
acquisition of goods or services by the Depart-
ment during the disgorgement period that are 
the same or substantially similar to goods or 
services to be acquired by the Department 
under the contract previously awarded to the 
incumbent contractor. 
(C) The term ‘‘disgorgement period’’ 
means the period of performance under a con-
958 
(10 U.S.C. 2271 note) is amended by striking 
‘‘either approved by, or in development for, the 
Joint Requirements Oversight Council’’ and in-
serting ‘‘in development for consideration or 
under consideration by the Joint Requirements 
Council’’. 
(C) Section 1686(b)(1) of the National De-
fense Authorization Act for Fiscal Year 2024 (10 
U.S.C. 2224 note) is amended by striking 
‘‘through the Joint Requirements Oversight 
Council’’ and inserting ‘‘in consultation with the 
Requirements, Acquisition, and Programming 
Integration Directorate (established under sec-
tion 186 of title 10, United States Code)’’. 
(D) Section 1510(b)(2) of the National De-
fense Authorization Act for Fiscal Year 2023 (10 
U.S.C. 113 note) is amended by striking ‘‘Joint 
Requirements Oversight Council’’ and inserting 
‘‘Joint Requirements Council’’. 
(E) Section 915(a)(1) of the National De-
fense Authorization Act for Fiscal Year 2023 (10 
U.S.C. 132 note) is amended by striking ‘‘Joint 
Requirements Oversight Council’’ and inserting 
‘‘Joint Requirements Council’’. 
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