Expanding American Entrepreneurship Act

Bill: 117-s-3976
Sponsor: full_name: Sen. Moran, Jerry [R-KS]
Introduced: 2022-03-31
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

Business investment and capital

Business records

Securities
Latest action: action_date: 2022-04-05
text: Committee on Banking, Housing, and Urban Affairs. Hearings held.

Summaries:
action_date: 2022-03-31
action_desc: Introduced in Senate
text: <p><strong>Expanding American Entrepreneurship Act</strong></p> <p>This bill revises qualification requirements for venture capital funds. Venture capital funds are exempt from certain regulations applicable to other investment firms, including those related to filings, audits, and restricted communications with investors. Currently, an investment firm qualifies as a venture capital fund if, among other requirements (1) the fund's securities are owned by 250 persons or less, and (2) the fund has $10 million or less in aggregate capital contributions and uncalled committed capital. The bill increases these amounts to 500 persons and $50 million, respectively.</p>

tv_txt: II 117th CONGRESS 2d Session S. 3976 IN THE SENATE OF THE UNITED STATES March 31, 2022 Mr. Moran (for himself and Mr. Scott of South Carolina ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To amend the Investment Company Act of 1940 to address entities that are not considered to be investment companies for the purposes of that Act, and for other purposes.

1. Short title This Act may be cited as the Expanding American Entrepreneurship Act . 2. Investment companies Section 3(c)(1) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–3(c)(1) ) is amended— (1) in the matter preceding subparagraph (A), in the first sentence, by striking 250 persons and inserting 500 persons ; and (2) in subparagraph (C)(i), by striking $10,000,000 and inserting $50,000,000 .