Access to Small Business Investor Capital Act

Bill: 119-hr-2225
Sponsor: full_name: Rep. Sherman, Brad [D-CA-32]
Introduced: 2025-03-18
Policy area: Finance and Financial Sector
Subjects: Business investment and capital

Financial services and investments

User charges and fees
Latest action: action_date: 2025-06-24
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2025-03-18
action_desc: Introduced in House
text: <p><strong>Access to Small Business Investor Capital Act </strong></p><p>This bill allows a registered investment company to exclude from the calculation of acquired fund fees and expenses those incurred indirectly from investment in a business development company. <em>Acquired fund fees and expenses</em> is a required line item on a fund's fee schedule that provides the operating expenses of the fund.</p>

tv_txt: IIB 119th CONGRESS 1st Session H. R. 2225 IN THE SENATE OF THE UNITED STATES June 24, 2025 Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs AN ACT To permit a registered investment company to omit certain fees from the calculation of Acquired Fund Fees and Expenses, and for other purposes.

1. Short title This Act may be cited as the Access to Small Business Investor Capital Act . 2. Amendments to acquired fund fees and expenses reporting on investment company registration statements (a) Definitions For purposes of this section: (1) Acquired Fund The term Acquired Fund has the meaning given the term in Forms N–1A, N–2, and N–3. (2) Acquired Fund Fees and Expenses The term Acquired Fund Fees and Expenses means the Acquired Fund Fees and Expenses sub-caption in the Fee Table Disclosure. (3) Business development company The term business development company has the meaning given the term in section 2(a) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–2(a) ). (4) Fee table disclosure The term Fee Table Disclosure means the fee table described in Item 3 of Form N–1A, Item 3 of Form N–2, or Item 4 of Form N–3 (as applicable, and with respect to each, in any successor fee table disclosure that the Securities and Exchange Commission adopts). (5) Form N–1a The term Form N–1A means the form described in section 274.11A of title 17, Code of Federal Regulations, or any successor regulation. (6) Form N–2 The term Form N–2 means the form described in section 274.11a–1 of title 17, Code of Federal Regulations, or any successor regulation. (7) Form N–3 The term Form N–3 means the form described in section 274.11b of title 17, Code of Federal Regulations, or any successor regulation. (8) Registered investment company The term registered investment company means an investment company, as defined under section 3(a) of the Investment Company Act of 1940, registered with the Securities and Exchange Commission under such Act. (b) Excluding business development companies from acquired fund fees and expenses A registered investment company may, on any investment company registration statement filed pursuant to section 8(b) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–8(b) ), omit from the calculation of Acquired Fund Fees and Expenses those fees and expenses that the investment company incurred indirectly as a result of investment in shares of one or more Acquired Funds that is a business development company.

Passed the House of Representatives June 23, 2025. Kevin F. McCumber, Clerk.

tv_txt: IB 119th CONGRESS 1st Session H. R. 2225 IN THE HOUSE OF REPRESENTATIVES AN ACT To permit a registered investment company to omit certain fees from the calculation of Acquired Fund Fees and Expenses, and for other purposes.

1. Short title This Act may be cited as the Access to Small Business Investor Capital Act . 2. Amendments to acquired fund fees and expenses reporting on investment company registration statements (a) Definitions For purposes of this section: (1) Acquired Fund The term Acquired Fund has the meaning given the term in Forms N–1A, N–2, and N–3. (2) Acquired Fund Fees and Expenses The term Acquired Fund Fees and Expenses means the Acquired Fund Fees and Expenses sub-caption in the Fee Table Disclosure. (3) Business development company The term business development company has the meaning given the term in section 2(a) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–2(a) ). (4) Fee table disclosure The term Fee Table Disclosure means the fee table described in Item 3 of Form N–1A, Item 3 of Form N–2, or Item 4 of Form N–3 (as applicable, and with respect to each, in any successor fee table disclosure that the Securities and Exchange Commission adopts). (5) Form N–1a The term Form N–1A means the form described in section 274.11A of title 17, Code of Federal Regulations, or any successor regulation. (6) Form N–2 The term Form N–2 means the form described in section 274.11a–1 of title 17, Code of Federal Regulations, or any successor regulation. (7) Form N–3 The term Form N–3 means the form described in section 274.11b of title 17, Code of Federal Regulations, or any successor regulation. (8) Registered investment company The term registered investment company means an investment company, as defined under section 3(a) of the Investment Company Act of 1940, registered with the Securities and Exchange Commission under such Act. (b) Excluding business development companies from acquired fund fees and expenses A registered investment company may, on any investment company registration statement filed pursuant to section 8(b) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–8(b) ), omit from the calculation of Acquired Fund Fees and Expenses those fees and expenses that the investment company incurred indirectly as a result of investment in shares of one or more Acquired Funds that is a business development company.

Passed the House of Representatives June 23, 2025. Kevin F. McCumber, Clerk.

tv_txt: IB Union Calendar No. 96 119th CONGRESS 1st Session H. R. 2225 [Report No. 119–126] IN THE HOUSE OF REPRESENTATIVES March 18, 2025 Mr. Sherman (for himself, Mr. Huizenga , Mr. Garbarino , and Ms. Bynum ) introduced the following bill; which was referred to the Committee on Financial Services June 3, 2025 Additional sponsors: Mr. David Scott of Georgia , Mr. Meuser , Mr. Fields , Mr. Fitzpatrick , Ms. Strickland , Mr. Steil , Mr. Boyle of Pennsylvania , Mr. Barr , Mrs. Wagner , Ms. Pettersen , Mr. Foster , Mr. Nunn of Iowa , Ms. Velázquez , Mr. Casten , Mr. Himes , Mr. Cleaver , Mr. Meeks , Mr. Gottheimer , Mr. Torres of New York , Mr. Vicente Gonzalez of Texas , Mrs. Kim , and Ms. Meng 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 March 18, 2025 A BILL To permit a registered investment company to omit certain fees from the calculation of Acquired Fund Fees and Expenses, and for other purposes.

1. Short title This Act may be cited as the Access to Small Business Investor Capital Act . 2. Amendments to acquired fund fees and expenses reporting on investment company registration statements (a) Definitions For purposes of this section: (1) Acquired Fund The term Acquired Fund has the meaning given the term in Forms N–1A, N–2, and N–3. (2) Acquired Fund Fees and Expenses The term Acquired Fund Fees and Expenses means the Acquired Fund Fees and Expenses sub-caption in the Fee Table Disclosure. (3) Business development company The term business development company has the meaning given the term in section 2(a) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–2(a) ). (4) Fee table disclosure The term Fee Table Disclosure means the fee table described in Item 3 of Form N–1A, Item 3 of Form N–2, or Item 4 of Form N–3 (as applicable, and with respect to each, in any successor fee table disclosure that the Securities and Exchange Commission adopts). (5) Form N–1a The term Form N–1A means the form described in section 274.11A of title 17, Code of Federal Regulations, or any successor regulation. (6) Form N–2 The term Form N–2 means the form described in section 274.11a–1 of title 17, Code of Federal Regulations, or any successor regulation. (7) Form N–3 The term Form N–3 means the form described in section 274.11b of title 17, Code of Federal Regulations, or any successor regulation. (8) Registered investment company The term registered investment company means an investment company, as defined under section 3(a) of the Investment Company Act of 1940, registered with the Securities and Exchange Commission under such Act. (b) Excluding business development companies from acquired fund fees and expenses A registered investment company may, on any investment company registration statement filed pursuant to section 8(b) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–8(b) ), omit from the calculation of Acquired Fund Fees and Expenses those fees and expenses that the investment company incurred indirectly as a result of investment in shares of one or more Acquired Funds that is a business development company.

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

tv_txt: I 119th CONGRESS 1st Session H. R. 2225 IN THE HOUSE OF REPRESENTATIVES March 18, 2025 Mr. Sherman (for himself, Mr. Huizenga , Mr. Garbarino , and Ms. Bynum ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To permit a registered investment company to omit certain fees from the calculation of Acquired Fund Fees and Expenses, and for other purposes.

1. Short title This Act may be cited as the Access to Small Business Investor Capital Act . 2. Amendments to acquired fund fees and expenses reporting on investment company registration statements (a) Definitions In this section: (1) Acquired Fund The term Acquired Fund has the meaning given the term in Forms N–1A, N–2, and N–3. (2) Acquired Fund Fees and Expenses The term Acquired Fund Fees and Expenses means the Acquired Fund Fees and Expenses sub-caption in the Fee Table Disclosure. (3) Business development company The term business development company has the meaning given the term in section 2(a) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–2(a) ). (4) Fee table disclosure The term Fee Table Disclosure means the fee table described in Item 3 of Form N–1A, Item 3 of Form N–2, or Item 4 of Form N–3 (as applicable, and with respect to each, in any successor fee table disclosure that the Securities and Exchange Commission adopts). (5) Form N–1a The term Form N–1A means the form described in section 274.11A of title 17, Code of Federal Regulations, or any successor regulation. (6) Form N–2 The term Form N–2 means the form described in section 274.11a–1 of title 17, Code of Federal Regulations, or any successor regulation. (7) Form N–3 The term Form N–3 means the form described in section 274.11b of title 17, Code of Federal Regulations, or any successor regulation. (8) Registered investment company The term registered investment company means an investment company, as defined under section 3(a) of the Investment Company Act of 1940, registered with the Securities and Exchange Commission under such Act. (b) Excluding business development companies from acquired fund fees and expenses A registered investment company may, on any investment company registration statement filed pursuant to section 8(b) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–8(b) ), omit from the calculation of Acquired Fund Fees and Expenses those fees and expenses that the investment company incurred indirectly as a result of investment in shares of one or more Acquired Funds that is a business development company.