S. 3351

Summary

S. 3351, the Developing and Empowering our Aspiring Leaders Act of 2025, was introduced in the Senate on Dec 4, 2025 by Sen. Mike Rounds (R) with 1 co-sponsor. It was referred to Banking, Housing, And Urban Affairs, and last saw action on Dec 4, 2025: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Record

Text

S. 3351 has 1 co-sponsor.

119 S3351 IS: Developing and Empowering our Aspiring Leaders Act of 2025
 U.S. Senate
 2025-12-04
 text/xml
 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 II  119th CONGRESS  1st Session  S. 3351  IN THE SENATE OF THE UNITED STATES   December 4, 2025   Mr. Rounds  (for himself and  Mr. Warnock ) introduced the following bill; which was read twice and referred to the  Committee on Banking, Housing, and Urban Affairs    A BILL
To require the Securities and Exchange Commission to revise the definition of a qualifying investment, for purposes of the exemption from registration for venture capital fund advisers under the Investment Advisers Act of 1940, to include an equity security issued by a qualifying portfolio company and to include an investment in another venture capital fund, and for other purposes.
1.
Short title
This Act may be cited as the   Developing and Empowering our Aspiring Leaders Act of 2025  .
2.
Revisions of regulatory definitions
Not later than 180 days after the date of enactment of this Act, the Securities and Exchange Commission shall—
(1)
revise the definition of a qualifying investment under section 275.203(l)–1(c) of title 17, Code of Federal Regulations, or any successor regulation—
(A)
to include an equity security issued by a qualifying portfolio company, whether acquired directly from the company or in a secondary acquisition; and
(B)
to specify that an investment in another venture capital fund (as defined in section 275.203(l)–1(a) of title 17, Code of Federal Regulations, or any successor regulation) is a qualifying investment under that definition; and
(2)
revise section 275.203(l)–1(a) of title 17, Code of Federal Regulations, or any successor regulation, to require, as a condition of a private fund qualifying as a venture capital fund under that provision, that, immediately after the acquisition of any asset, the fund holds not more than 49 percent of the amount of the aggregate capital contributions and uncalled committed capital (excluding short-term holdings) of the fund in—
(A)
1 or more venture capital funds; or
(B)
qualifying investments acquired in a secondary acquisition, valued at cost or fair value, consistently applied by the fund.

Tracker

The tracker indicates the progress of this legislation as it moves through the legislative process.

A bill to require the Securities and Exchange Commission to revise the definition of a qualifying investment, for purposes of the exemption from registration for venture capital fund advisers under the Investment Advisers Act of 1940, to include an equity security issued by a qualifying portfolio company and to include an investment in another venture capital fund, and for other purposes.

Sponsors

Sen. Mike Rounds (R) sponsors S. 3351, and 1 member has co-sponsored it from the day it was introduced.

Mike Rounds

Sen. · R–SD · Sponsor

Introduced Dec 4, 2025

Raphael Warnock

Sen. · D–GA · Co-sponsor

Joined Dec 4, 2025 · Original

Show 2 of 2 rows

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Committees

S. 3351 went before 1 committee: Banking, Housing, and Urban Affairs.

Banking, Housing, and Urban Affairs

Banking, Housing, and Urban Affairs

Referred To · Dec 4, 2025 · 465 Bills

Actions

S. 3351 has taken 3 actions since Dec 4, 2025.

Votes

S. 3351 has not gone to a roll call.

Titles

S. 3351 goes by 3 titles, 1 of them short titles.

• Developing and Empowering our Aspiring Leaders Act of 2025 — Display Title
• Developing and Empowering our Aspiring Leaders Act of 2025 — Short Title(s) as Introduced
• A bill to require the Securities and Exchange Commission to revise the definition of a qualifying investment, for purposes of the exemption from registration for venture capital fund advisers under the Investment Advisers Act of 1940, to include an equity security issued by a qualifying portfolio company and to include an investment in another venture capital fund, and for other purposes. — Official Title as Introduced

Lobbying

1 client hired 1 firm and 2 registered lobbyists who named S. 3351 in 3 quarterly filings, 2025 to 2026. Reported under the Lobbying Disclosure Act; a filing’s income covers everything its registrant worked that quarter, so the amounts below are the filings’, not this bill’s.

Filed under Financial Institutions/Investments/Securities, Small Business, Taxation/Internal Revenue Code, Retirement.

Clients

Who paid to be heard, by how many filings named the bill.

Firms

Registrants who filed on the bill, by filings.

Lobbyists

Named on the filings that cite the bill.

Filings

The documents themselves, on the Senate’s Lobbying Disclosure site, largest reported first.

Classification

The Congressional Research Service files S. 3351 under Finance and Financial Sector, one of its 31 policy areas.

CRS Subjects

CRS assigns every bill one policy area from its 31; S. 3351’s is Finance and Financial Sector.

Source: congress.gov · legiscan.com