Summary

                            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.

Introduced in Senate
Supporting America's Innovators Act of 2017

This bill amends the Investment Company Act of 1940 to exempt from the
definition of an "investment company," for purposes of specified limitations
applicable to such a company under the Act, a qualifying venture capital fund
that has no more than 250 investors. Specifically, the bill applies to a venture
capital fund that has less than $10 million in aggregate capital contributions
and uncalled committed capital.

Under current law, a venture capital fund is considered to be an investment
company if it has more than 100 investors.

Reported to Senate without amendment
(This measure has not been amended since it was introduced. The summary has been
expanded because action occurred on the measure.)

Supporting America's Innovators Act of 2017

(Sec. 2) This bill amends the Investment Company Act of 1940 to exempt from the
definition of an "investment company," for purposes of specified limitations
applicable to such a company under the Act, a qualifying venture capital fund
that has no more than 250 investors. Specifically, the bill applies to a venture
capital fund that has less than $10 million in aggregate capital contributions
and uncalled committed capital.

Under current law, a venture capital fund is considered to be an investment
company if it has more than 100 investors.



                        

Actions

  • Committee on Small Business and Entrepreneurship. Hearings held.

    Apr 26th, 2017
  • Placed on Senate Legislative Calendar under General Orders. Calendar No. 12.

    Mar 13th, 2017
  • Committee on Banking, Housing, and Urban Affairs. Reported by Senator Crapo without amendment. Without written report.

    Mar 13th, 2017
  • Committee on Banking, Housing, and Urban Affairs. Reported by Senator Crapo without amendment. Without written report.

    Mar 13th, 2017
  • Committee on Banking, Housing, and Urban Affairs. Ordered to be reported without amendment favorably.

    Mar 9th, 2017
  • Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Feb 27th, 2017
  • Introduced in Senate

    Feb 27th, 2017