House bill · 119th Congress · Latest step: Passed House
Developing and Empowering our Aspiring Leaders Act of 2025
Official title: 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.
Sponsor: Rep. Ann Wagner R-MOWhere it went
- IntroducedJul 16, 2025
- Committee actionJul 22, 2025
- Passed HouseDec 1, 2025 · by voice vote
- Passed Senate—
- To the President—
- Became law—
Latest action: Dec 2, 2025 — Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Cost and committee reports
Official records Congress.gov attaches to H.R. 4429.
- CBO cost estimateThe Congressional Budget Office published “H.R. 4429, Developing and Empowering our Aspiring Leaders Act of 2025” on January 13, 2026. CBO’s description reads “As passed by the House of Representatives on December 1, 2025”.Read the CBO estimate ↗Source: Congressional Budget Office, January 13, 2026 ↗
Evidence
- Field in the Congress.gov record
- cboCostEstimates
- CBO publication
- https://www.cbo.gov/publication/62011
- CBO publication date
- January 13, 2026
- Congress.gov bill record
- H.R. 4429, 119th Congress
- Congress.gov API record
- https://api.congress.gov/v3/bill/119/hr/4429
- Record last updated by Congress.gov
- July 18, 2026
- PORKER copy retrieved
- September 13, 2026
- Stored copy, SHA-256 of the file
0e79ceb0d2dce91082d0d5d029e0e42fa85567fe5bc2fcfdadf41cf14a4860df
PORKER links to the estimate and does not repeat its dollar figures. Each estimate is for the version of the bill its description names; the bill may have changed since.
- Committee reportCongress.gov lists 1 committee report for this bill: H. Rept. 119-246 ↗. The Congress.gov committee record lists a “Reported By” entry for the Financial Services Committee on September 8, 2025.Source: Congress.gov, reported September 8, 2025 ↗
Evidence
- Field in the Congress.gov record
- committeeReports
- Report API records
- https://api.congress.gov/v3/committee-report/119/HRPT/246
- Congress.gov bill record
- H.R. 4429, 119th Congress
- Congress.gov API record
- https://api.congress.gov/v3/bill/119/hr/4429
- Record last updated by Congress.gov
- July 18, 2026
- PORKER copy retrieved
- September 13, 2026
- Stored copy, SHA-256 of the file
0e79ceb0d2dce91082d0d5d029e0e42fa85567fe5bc2fcfdadf41cf14a4860df
A committee report is the committee’s own explanation of the bill. PORKER lists it and links to it; reading it is up to you.
- Constitutional authority statementThe sponsor’s statement of where the Constitution gives Congress the power to pass this bill. Statement by Mrs. WAGNER, as printed in the Congressional Record (Vol. 171, No. 122, July 16, 2025, Page H3368):Article 1, Section 8 of the United States Constitution.Source: Congress.gov, Congressional Record July 16, 2025 ↗
Evidence
- Field in the Congress.gov record
- constitutionalAuthorityStatementText
- Statement length
- 55 characters
- Congress.gov bill record
- H.R. 4429, 119th Congress
- Congress.gov API record
- https://api.congress.gov/v3/bill/119/hr/4429
- Record last updated by Congress.gov
- July 18, 2026
- PORKER copy retrieved
- September 13, 2026
- Stored copy, SHA-256 of the file
0e79ceb0d2dce91082d0d5d029e0e42fa85567fe5bc2fcfdadf41cf14a4860df
PORKER shows the statement exactly as printed, with the page markup removed. It is the sponsor’s claim; it is not a legal finding.
From the Congress.gov bill record for H.R. 4429, last updated July 18, 2026. PORKER’s copy was retrieved September 13, 2026 and is refreshed nightly. Open “Evidence” on any line for the record, field and file fingerprint.
Vote results
No recorded roll-call votes on this bill in PORKER’s records (voice votes and unanimous consent are not roll calls; roll-call records start in 2011).
Cosponsors
1 cosponsor — 1 Democrat
1 of 1 cosponsors (100%) are from the other party.
More from the sponsor
Other 119th Congress bills sponsored by Rep. Ann Wagner.
- H.R. 1512 (119th) Taiwan Assurance Implementation Act
- H.R. 2478 (119th) Financial Exploitation Prevention Act of 2025
- H.R. 3382 (119th) Small Entity Update Act
- H.R. 3383 (119th) Incentivizing New Ventures and Economic Strength Through Capital Formation Act of 2025
- H.R. 3381 (119th) Encouraging Public Offerings Act of 2025
- H.R. 909 (119th) Crime Victims Fund Stabilization Act of 2025
Sponsor’s state and district
Data as of Sep 25, 2026 · bill record checked by PORKER from Congress.gov · votes from Senate.gov and the House Clerk. PORKER is non-partisan.