Supporting America's Innovators Act of 2016

Bill: 114-hr-4854
Sponsor: full_name: Rep. McHenry, Patrick T. [R-NC-10]
Introduced: 2016-03-23
Policy area: Finance and Financial Sector
Subjects: Business investment and capital

Financial services and investments

Securities
Latest action: action_date: 2016-07-06
text: Received in the Senate.

Summaries:
action_date: 2016-03-23
action_desc: Introduced in House
text: <p><b>Supporting America's Innovators Act of 2016</b></p> <p>This bill amends the Investment Company Act of 1940 to exempt from its coverage any issuer whose outstanding securities with respect to a qualifying venture capital fund (other than short-term paper) are beneficially owned by not more than 500 persons.</p> <p>The bill defines qualifying venture capital fund as one that does not purchase more than $10 million (annually adjusted for inflation) in securities of any one issuer.</p>

action_date: 2016-07-05
action_desc: Passed House amended
text: <p><b>Supporting America's Innovators Act of 2016</b></p> <p>This bill amends the Investment Company Act of 1940 to exempt from its coverage any issuer whose outstanding securities with respect to a qualifying venture capital fund (other than short-term paper) are beneficially owned by not more than 250 persons.</p> <p>The bill defines &quot;qualifying venture capital fund&quot; as one with no more than $10 million (annually adjusted for inflation) in invested capital.</p>

tv_txt: I 114th CONGRESS 2d Session H. R. 4854 IN THE HOUSE OF REPRESENTATIVES March 23, 2016 Mr. McHenry introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Investment Company Act of 1940 to expand the investor limitation for qualifying venture capital funds under an exemption from the definition of an investment company.

1. Short title This Act may be cited as the Supporting America’s Innovators Act of 2016 . 2. Investor limitation for 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— (1) by inserting after one hundred persons the following: (or, with respect to a qualifying venture capital fund, 500 persons) ; and (2) by adding at the end the following: (C) The term qualifying venture capital fund means any venture capital fund (as defined pursuant to section 203(l)(1) of the Investment Advisers Act of 1940 ( 15 U.S.C. 80b–3(l)(1) ) that does not purchase more than $10,000,000 in securities of any one issuer, as such dollar amount is annually adjusted 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 Department of Labor. .

tv_txt: I 114th CONGRESS 2d Session H. R. 4854 IN THE HOUSE OF REPRESENTATIVES AN ACT To amend the Investment Company Act of 1940 to expand the investor limitation for qualifying venture capital funds under an exemption from the definition of an investment company.

1. Short title This Act may be cited as the Supporting America’s Innovators Act of 2016 . 2. Investor limitation for 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— (1) by inserting after one hundred persons the following: (or, with respect to a qualifying venture capital fund, 250 persons) ; and (2) by adding at the end the following: (C) The term qualifying venture capital fund means any venture capital fund (as defined pursuant to section 203(l)(1) of the Investment Advisers Act of 1940 ( 15 U.S.C. 80b–3(l)(1) ) with no more than $10,000,000 in invested capital, as such dollar amount is annually adjusted 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 Department of Labor. .

Passed the House of Representatives July 5, 2016. Karen L. Haas, Clerk.

tv_txt: IB Union Calendar No. 511 114th CONGRESS 2d Session H. R. 4854 [Report No. 114–660] IN THE HOUSE OF REPRESENTATIVES March 23, 2016 Mr. McHenry introduced the following bill; which was referred to the Committee on Financial Services July 5, 2016 Additional sponsor: Mr. Schweikert July 5, 2016 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 March 23, 2016 A BILL To amend the Investment Company Act of 1940 to expand the investor limitation for qualifying venture capital funds under an exemption from the definition of an investment company.

1. Short title This Act may be cited as the Supporting America’s Innovators Act of 2016 . 2. Investor limitation for 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— (1) by inserting after one hundred persons the following: (or, with respect to a qualifying venture capital fund, 250 persons) ; and (2) by adding at the end the following: (C) The term qualifying venture capital fund means any venture capital fund (as defined pursuant to section 203(l)(1) of the Investment Advisers Act of 1940 ( 15 U.S.C. 80b–3(l)(1) ) with no more than $10,000,000 in invested capital, as such dollar amount is annually adjusted 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 Department of Labor. .

July 5, 2016 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed

tv_txt: II 114th CONGRESS 2d Session H. R. 4854 IN THE SENATE OF THE UNITED STATES July 6, 2016 Received AN ACT To amend the Investment Company Act of 1940 to expand the investor limitation for qualifying venture capital funds under an exemption from the definition of an investment company.

1. Short title This Act may be cited as the Supporting America’s Innovators Act of 2016 . 2. Investor limitation for 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— (1) by inserting after one hundred persons the following: (or, with respect to a qualifying venture capital fund, 250 persons) ; and (2) by adding at the end the following: (C) The term qualifying venture capital fund means any venture capital fund (as defined pursuant to section 203(l)(1) of the Investment Advisers Act of 1940 ( 15 U.S.C. 80b–3(l)(1) ) with no more than $10,000,000 in invested capital, as such dollar amount is annually adjusted 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 Department of Labor. .

Passed the House of Representatives July 5, 2016. Karen L. Haas, Clerk.