Skip to content
CIVIC HERALD
HR 3383 · 119th Congress · HouseIn committee

Incentivizing New Ventures and Economic Strength Through Capital Formation Act of 2025

In plain language: This bill gives everyday investors indirect access to private equity and hedge funds by allowing publicly traded funds to invest all of their money into private markets. Currently, regulators can prevent public funds from investing heavily in private funds, which are typically off-limits to non-wealthy savers. Under this proposal, the Securities and Exchange Commission and stock exchanges could no longer block these funds from listing on public markets or selling shares to ordinary people. While this opens up new investment options for the general public, it also exposes retail investors to products that carry higher fees, less public financial reporting, and greater financial risk.

Provisional: our plain-language summary, pending review.

Provisionalunreviewed: impact, provisions, stakeholders, summary
People affected—not determinable from the text provided
Fiscal magnitude—not determinable from the text provided
Reach35provisional · pending reviewrigor: heuristic llm
Your matchSign in →See how this matches your values.

Issues

What this bill touches.

Market protections−25Banking/financial rules−35

The sign shows the bill's direction on each issue (+ toward, − away); the number is its magnitude. Color never encodes good or bad, and never party.

Who it affects

Who it helps · who it burdens.

Who it helps

  • Closed-end investment companies and business development companiesSec. 2(a) allows closed-end funds and business development companies to invest up to all of their assets in private funds without the SEC or stock exchanges restricting their asset allocation, share sales, or exchange listings on that basis.provisional

Who it burdens

  • Securities and Exchange CommissionSec. 2(a) strips the SEC of regulatory authority to restrict or limit closed-end funds from investing assets in private funds, or to restrict the offering, sale, or listing of their shares because of such investments.provisional
  • National securities exchangesSec. 2(c) bars national securities exchanges from restricting, conditioning, or blocking the listing or trading of closed-end fund shares solely because the fund invests in private funds.provisional
  • Private fundsSec. 2(d) applies statutory ownership restrictions limiting private funds from acquiring or holding more than 10 percent of the voting securities of registered closed-end investment companies.provisional

Dollar-level funding (FEC sector totals) is coming in a later phase.

What it does

The provisions, in plain language.

  1. Prohibits the Securities and Exchange Commission from capping or restricting the amount of assets that a closed-end investment fund or business development company can invest in private funds.

    Sec. 2(a)provisional

  2. Bars the Securities and Exchange Commission from restricting the offering, sale, or stock exchange listing of closed-end fund shares because the fund invests in private funds, unless the restriction is unrelated to the fund's private fund investments.

    Sec. 2(a)provisional

  3. Bars national securities exchanges from blocking, restricting, or conditioning the listing or trading of a closed-end fund's shares simply because the fund invests in private funds.

    Sec. 2(c)provisional

  4. Restricts private funds from buying or holding more than 10 percent of the voting shares of any registered closed-end investment company.

    Sec. 2(d)provisional

How your members of Congress line up

Loading your members of Congress…

Timeline

How it moved.

  1. Dec 15, 2025Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  2. Dec 11, 2025Motion to reconsider laid on the table Agreed to without objection.
  3. Dec 11, 2025On passage Passed by recorded vote: 302 - 123 (Roll no. 328).
  4. Dec 11, 2025Passed/agreed to in House: On passage Passed by recorded vote: 302 - 123 (Roll no. 328).
  5. Dec 11, 2025The House adopted the amendments en gros as agreed to by the Committee of the Whole House on the state of the Union.
  6. Dec 10, 2025On motion that the committee rise Agreed to by voice vote.
  7. Dec 9, 2025Rules Committee Resolution H. Res. 936 Reported to House. Rule provides for consideration of H.R. 3898, H.R. 3383, H.R. 3638, H.R. 3628, H.R. 3668 and S. 1071. The resolution provides for consideration of H.R. 3898, H.R. 3383, H.R. 3638, and H.R. 3628 under a structured rule; and H.R. 3668 and S. 1071 under a closed rule. The resolution provides for one motion to recommit on H.R. 3898, H.R. 3383, H.R. 3638, H.R. 3628, and H.R. 3668; and one motion to commit on S. 1071.
  8. Jun 25, 2025Reported (Amended) by the Committee on Financial Services. H. Rept. 119-169.
  9. Jun 25, 2025Reported (Amended) by the Committee on Financial Services. H. Rept. 119-169.
  10. May 20, 2025Ordered to be Reported (Amended) by the Yeas and Nays: 41 - 10.
  11. May 14, 2025Introduced in House
  12. May 14, 2025Introduced in House

The original text

Read it for yourself.

Read the original text →

Sources & provenance

Congress.govrefreshed 9 days ago

Checking your session…