Incentivizing New Ventures and Economic Strength Through Capital Formation Act of 2025
USA119th CongressHR-3383| House
| Updated: 12/15/2025
Ann Wagner
Republican Representative
Missouri
Cosponsors (4)
Financial Services Committee, Banking, Housing, and Urban Affairs Committee
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
This bill amends the Investment Company Act of 1940 to expand the investment authority of closed-end companies , including business development companies, by allowing them to invest in private funds . It specifically prohibits the Securities and Exchange Commission (SEC) from limiting these investments or restricting the offer, sale, or listing of securities issued by such closed-end companies, unless the restrictions are unrelated to the private fund's characteristics or its status as a private fund. Furthermore, the legislation amends the Securities Exchange Act of 1934 to prevent national securities exchanges from prohibiting or conditioning the listing of closed-end company securities solely because they invest in private funds. The bill defines "private fund" by referencing the Investment Advisers Act of 1940. Importantly, it clarifies that these amendments do not alter existing fiduciary duties owed to closed-end companies or by investment advisers, nor do they affect current valuation, liquidity, or redemption requirements under the Investment Company Act of 1940.
Amendments (5)
HAMDT 123
On agreeing to the Self amendment (A001) Failed by recorded vote: 54 - 374 (Roll no. 325). (consideration: CR H5790-5791)
HAMDT 125
On agreeing to the Waters amendment (A003) Failed by recorded vote: 211 - 219 (Roll no. 326). (consideration: CR H5791)
HAMDT 127
On agreeing to the Waters amendment (A005) Failed by recorded vote: 214 - 215 (Roll no. 327). (consideration: CR H5792)
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Timeline
Introduced in House
Referred to the House Committee on Financial Services.
Ordered to be Reported (Amended) by the Yeas and Nays: 41 - 10.
Committee Consideration and Mark-up Session Held
Placed on the Union Calendar, Calendar No. 135.
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-169.
Rules Committee Resolution H. Res. 936 Reported to House. Rule provides for consideration of H.R. 3898, H.R. 3383, H.R. 3638, H.R. 3628, H.R. 3668 and S. 1071. The resolution provides for consideration of H.R. 3898, H.R. 3383, H.R. 3638, and H.R. 3628 under a structured rule; and H.R. 3668 and S. 1071 under a closed rule. The resolution provides for one motion to recommit on H.R. 3898, H.R. 3383, H.R. 3638, H.R. 3628, and H.R. 3668; and one motion to commit on S. 1071.
Considered under the provisions of rule H. Res. 936. (consideration: CR H5534-5555; text: CR H5540-5546)
Rule provides for consideration of H.R. 3898, H.R. 3383, H.R. 3638, H.R. 3628, H.R. 3668 and S. 1071. The resolution provides for consideration of H.R. 3898, H.R. 3383, H.R. 3638, and H.R. 3628 under a structured rule; and H.R. 3668 and S. 1071 under a closed rule. The resolution provides for one motion to recommit on H.R. 3898, H.R. 3383, H.R. 3638, H.R. 3628, and H.R. 3668; and one motion to commit on S. 1071.
House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 936 and Rule XVIII.
The Speaker designated the Honorable James C. Moylan to act as Chairman of the Committee.
GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 3383.
DEBATE - Pursuant to the provisions of H.Res. 936, the Committee of the Whole proceeded with 10 minutes of debate on the Self amendment No. 1.
POSTPONED PROCEEDINGS - At the conclusion of debate on the Self amendment No. 1, the Chair put the question on agreeing to the amendment and by voice vote, announced the noes had prevailed. Mr. Self demanded a recorded vote, and the Chair postponed further proceedings until a time to be announced.
DEBATE - Pursuant to the provisions of H.Res. 936, the Committee of the Whole proceeded with 10 minutes of debate on the Self amendment No. 2.
DEBATE - Pursuant to the provisions of H.Res. 936, the Committee of the Whole proceeded with 10 minutes of debate on the Waters amendment No. 3.
POSTPONED PROCEEDINGS - At the conclusion of debate on the Waters amendment No. 3, the Chair put the question on agreeing to the amendment and by voice vote, announced the noes had prevailed. Ms. Waters demanded a recorded vote, and the Chair postponed further proceedings until a time to be announced.
DEBATE - Pursuant to the provisions of H.Res. 936, the Committee of the Whole proceeded with 10 minutes of debate on the Waters amendment No. 4.
DEBATE - Pursuant to the provisions of H.Res. 936, the Committee of the Whole proceeded with 10 minutes of debate on the Waters amendment No. 5.
POSTPONED PROCEEDINGS - At the conclusion of debate on the Waters amendment No. 5, the Chair put the question on agreeing to the amendment and by voice vote, announced the noes had prevailed. Ms. Waters demanded a recorded vote, and the Chair postponed further proceedings until a time to be announced.
Mrs. Wagner moved that the committee rise.
On motion that the committee rise Agreed to by voice vote.
Committee of the Whole House on the state of the Union rises leaving H.R. 3383 as unfinished business.
Considered as unfinished business. (consideration: CR H5790-5793)
The House resolved into Committee of the Whole House on the state of the Union for further consideration.
On Agreeing to the Amendment: Failed
View VoteOn Agreeing to the Amendment: Failed
View VoteOn Agreeing to the Amendment: Failed
View VoteThe House rose from the Committee of the Whole House on the state of the Union to report H.R. 3383.
The previous question was ordered pursuant to the rule.
The House adopted the amendments en gros as agreed to by the Committee of the Whole House on the state of the Union.
On passage Passed by recorded vote: 302 - 123 (Roll no. 328).
View VoteMotion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Finance and Financial Sector
Banking and financial institutions regulationFinancial services and investmentsSecurities
Incentivizing New Ventures and Economic Strength Through Capital Formation Act of 2025
USA119th CongressHR-3383| House
| Updated: 12/15/2025
This bill amends the Investment Company Act of 1940 to expand the investment authority of closed-end companies , including business development companies, by allowing them to invest in private funds . It specifically prohibits the Securities and Exchange Commission (SEC) from limiting these investments or restricting the offer, sale, or listing of securities issued by such closed-end companies, unless the restrictions are unrelated to the private fund's characteristics or its status as a private fund. Furthermore, the legislation amends the Securities Exchange Act of 1934 to prevent national securities exchanges from prohibiting or conditioning the listing of closed-end company securities solely because they invest in private funds. The bill defines "private fund" by referencing the Investment Advisers Act of 1940. Importantly, it clarifies that these amendments do not alter existing fiduciary duties owed to closed-end companies or by investment advisers, nor do they affect current valuation, liquidity, or redemption requirements under the Investment Company Act of 1940.
Suggested Questions
Get AI-generated questions to help you understand this bill better
Timeline
Introduced in House
Referred to the House Committee on Financial Services.
Ordered to be Reported (Amended) by the Yeas and Nays: 41 - 10.
Committee Consideration and Mark-up Session Held
Placed on the Union Calendar, Calendar No. 135.
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-169.
Rules Committee Resolution H. Res. 936 Reported to House. Rule provides for consideration of H.R. 3898, H.R. 3383, H.R. 3638, H.R. 3628, H.R. 3668 and S. 1071. The resolution provides for consideration of H.R. 3898, H.R. 3383, H.R. 3638, and H.R. 3628 under a structured rule; and H.R. 3668 and S. 1071 under a closed rule. The resolution provides for one motion to recommit on H.R. 3898, H.R. 3383, H.R. 3638, H.R. 3628, and H.R. 3668; and one motion to commit on S. 1071.
Considered under the provisions of rule H. Res. 936. (consideration: CR H5534-5555; text: CR H5540-5546)
Rule provides for consideration of H.R. 3898, H.R. 3383, H.R. 3638, H.R. 3628, H.R. 3668 and S. 1071. The resolution provides for consideration of H.R. 3898, H.R. 3383, H.R. 3638, and H.R. 3628 under a structured rule; and H.R. 3668 and S. 1071 under a closed rule. The resolution provides for one motion to recommit on H.R. 3898, H.R. 3383, H.R. 3638, H.R. 3628, and H.R. 3668; and one motion to commit on S. 1071.
House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 936 and Rule XVIII.
The Speaker designated the Honorable James C. Moylan to act as Chairman of the Committee.
GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 3383.
DEBATE - Pursuant to the provisions of H.Res. 936, the Committee of the Whole proceeded with 10 minutes of debate on the Self amendment No. 1.
POSTPONED PROCEEDINGS - At the conclusion of debate on the Self amendment No. 1, the Chair put the question on agreeing to the amendment and by voice vote, announced the noes had prevailed. Mr. Self demanded a recorded vote, and the Chair postponed further proceedings until a time to be announced.
DEBATE - Pursuant to the provisions of H.Res. 936, the Committee of the Whole proceeded with 10 minutes of debate on the Self amendment No. 2.
DEBATE - Pursuant to the provisions of H.Res. 936, the Committee of the Whole proceeded with 10 minutes of debate on the Waters amendment No. 3.
POSTPONED PROCEEDINGS - At the conclusion of debate on the Waters amendment No. 3, the Chair put the question on agreeing to the amendment and by voice vote, announced the noes had prevailed. Ms. Waters demanded a recorded vote, and the Chair postponed further proceedings until a time to be announced.
DEBATE - Pursuant to the provisions of H.Res. 936, the Committee of the Whole proceeded with 10 minutes of debate on the Waters amendment No. 4.
DEBATE - Pursuant to the provisions of H.Res. 936, the Committee of the Whole proceeded with 10 minutes of debate on the Waters amendment No. 5.
POSTPONED PROCEEDINGS - At the conclusion of debate on the Waters amendment No. 5, the Chair put the question on agreeing to the amendment and by voice vote, announced the noes had prevailed. Ms. Waters demanded a recorded vote, and the Chair postponed further proceedings until a time to be announced.
Mrs. Wagner moved that the committee rise.
On motion that the committee rise Agreed to by voice vote.
Committee of the Whole House on the state of the Union rises leaving H.R. 3383 as unfinished business.
Considered as unfinished business. (consideration: CR H5790-5793)
The House resolved into Committee of the Whole House on the state of the Union for further consideration.
On Agreeing to the Amendment: Failed
View VoteOn Agreeing to the Amendment: Failed
View VoteOn Agreeing to the Amendment: Failed
View VoteThe House rose from the Committee of the Whole House on the state of the Union to report H.R. 3383.
The previous question was ordered pursuant to the rule.
The House adopted the amendments en gros as agreed to by the Committee of the Whole House on the state of the Union.
On passage Passed by recorded vote: 302 - 123 (Roll no. 328).
View VoteMotion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Ann Wagner
Republican Representative
Missouri
Cosponsors (4)
Financial Services Committee, Banking, Housing, and Urban Affairs Committee
Finance and Financial Sector
Related Bills
- S 119-3671: Increasing Investor Opportunities Act
- HRES 119-936: Providing for consideration of the bill (H.R. 3898) to amend the Federal Water Pollution Control Act to make targeted reforms with respect to waters of the United States and other matters, and for other purposes; providing for consideration of the bill (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; providing for consideration of the bill (H.R. 3638) to direct the Secretary of Energy to prepare periodic assessments and submit reports on the supply chain for the generation and transmission of electricity, and for other purposes; providing for consideration of the bill (H.R. 3628) to amend the Public Utility Regulatory Policies Act of 1978 to add a standard related to State consideration of reliable generation, and for other purposes; providing for consideration of the bill (H.R. 3668) to promote interagency coordination for reviewing certain authorizations under section 3 of the Natural Gas Act, and for other purposes; providing for consideration of the bill (S. 1071) to require the Secretary of Veterans Affairs to disinter the remains of Fernando V. Cota from Fort Sam Houston National Cemetery, Texas, and for other purposes; and for other purposes.
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
Amendments (5)
HAMDT 123
On agreeing to the Self amendment (A001) Failed by recorded vote: 54 - 374 (Roll no. 325). (consideration: CR H5790-5791)
HAMDT 125
On agreeing to the Waters amendment (A003) Failed by recorded vote: 211 - 219 (Roll no. 326). (consideration: CR H5791)
HAMDT 127
On agreeing to the Waters amendment (A005) Failed by recorded vote: 214 - 215 (Roll no. 327). (consideration: CR H5792)
Banking and financial institutions regulationFinancial services and investmentsSecurities