Summary

                            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 House
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 House 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.

Passed House without amendment
(This measure has not been amended since it was introduced. The expanded summary
of the House reported version is repeated here.)

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

  • Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Apr 6th, 2017
  • On passage Passed by the Yeas and Nays: 417 - 3 (Roll no. 221). (text: CR H2759)

    Apr 6th, 2017
  • Passed/agreed to in House: On passage Passed by the Yeas and Nays: 417 - 3 (Roll no. 221).(text: CR H2759)

    Apr 6th, 2017
  • The previous question was ordered pursuant to the rule.

    Apr 6th, 2017
  • DEBATE - The House proceeded with one hour of debate on H.R. 1219.

    Apr 6th, 2017
  • Rule provides for consideration of H.R. 1219 with 1 hour of general debate. The resolution provides for one motion to recommit; and providing for proceedings during the period from April 7, 2017 through April 24, 2017

    Apr 6th, 2017
  • Considered under the provisions of rule H. Res. 242. (consideration: CR H2759-2767)

    Apr 6th, 2017
  • Motion to reconsider laid on the table Agreed to without objection.

    Apr 6th, 2017
  • Rule H. Res. 242 passed House.

    Apr 5th, 2017
  • Rules Committee Resolution H. Res. 242 Reported to House. Rule provides for consideration of H.R. 1219 with 1 hour of general debate. The resolution provides for one motion to recommit; and providing for proceedings during the period from April 7, 2017 through April 24, 2017

    Apr 3rd, 2017
  • Placed on the Union Calendar, Calendar No. 41.

    Mar 29th, 2017
  • Reported by the Committee on Financial Services. H. Rept. 115-70.

    Mar 29th, 2017
  • Reported by the Committee on Financial Services. H. Rept. 115-70.

    Mar 29th, 2017
  • Ordered to be Reported by the Yeas and Nays: 54 - 2.

    Mar 9th, 2017
  • Committee Consideration and Mark-up Session Held.

    Mar 9th, 2017
  • Referred to the House Committee on Financial Services.

    Feb 27th, 2017
  • Introduced in House

    Feb 27th, 2017
  • Introduced in House

    Feb 27th, 2017