It directs the SEC to update its venture capital fund rule to count more investments as “qualifying,” including certain secondary purchases and investments in other venture capital funds. It also sets a 49% limit on those categories combined and gives the SEC 180 days to update the rule.
Modern Action explains what the legislation does, helps you choose whether to support, oppose, or ask for changes, and drafts a message tied to the bill, your stance, and the elected officials who can act on it.
Developing and Empowering our Aspiring Leaders Act of 2025 is a Senate bill committee Action. The latest recorded action: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Latest action on H.R. 4429: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Who this affects: The biggest impact is on venture capital funds and the advisers who manage them, because the bill changes what investments they can hold while still fitting the SEC’s “venture capital fund” category. It also matters for funds that buy existing shares in secondary markets or invest in other venture funds, because those strategies are treated more explicitly in the rule. Companies whose shares are bought and sold in secondary transactions, and investors who back these venture funds, could see changes in how funds structure portfolios and track compliance.
Why this matters: This matters because the SEC’s venture capital fund definition helps determine how certain fund advisers are regulated, including whether they can rely on an exemption from some registration and reporting requirements that apply to other investment advisers. By letting more investment types count as “qualifying investments,” the bill could change how venture funds build portfolios, especially around secondary purchases and investing in other venture funds. At the same time, the 49% cap is meant to keep these funds from shifting too much of their capital into other funds or secondary deals. How big the real-world effects are would depend on the SEC’s final rule text and how funds apply it in practice.
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Officially: Developing and Empowering our Aspiring Leaders Act of 2025
It directs the SEC to update its venture capital fund rule to count more investments as “qualifying,” including certain secondary purchases and investments in other venture capital funds. It also sets a 49% limit on those categories combined and gives the SEC 180 days to update the rule.
Use this page to support, oppose, or ask Congress to amend HR4429. Modern Action explains what the bill does, helps identify the right senators or representative, and drafts a bill-specific message you can edit and send.
Where it stands
Sitting in Banking
No vote scheduled. Constituent contact is what moves bills out of committee.
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This bill is sitting in committee with no scheduled vote — which means a small number of constituent messages can decide whether it moves forward or quietly dies.
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Where this bill is in the process
Introduced
Introduced in House
House Committee
Under House committee consideration
House Floor Vote
Voted on by House
Passed House
Approved by House
Senate Review
Sent to Senate for consideration
Latest: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (12/2/2025)
Passed Both Chambers
Approved by both House and Senate
Signed into Law
Signed by the President
For more detail
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This page gives you an opportunity to support, oppose, or ask for changes to Developing and Empowering our Aspiring Leaders Act of 2025, then contact the elected officials who can act. Modern Action drafts the message from your position and the reasons you select.
Modern Action keeps the action tied to the bill itself: what it does, where it is in the process (Committee Action), which office can still act, and what ask belongs in the message.
You are not starting from a blank form. Modern Action drafts the message around HR4429, your stance, and the reasons you choose, then lets you edit and send when ready.
