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CIVIC HERALD
HR 3383 · 119th Congress · HouseIn committee

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

Provisional: our plain-language summary, pending review.

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.

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Provisionalunreviewed: impact, provisions, stakeholders, summary
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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.

Provisional: our reading of who it affects, pending review.

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.

Provisional: our reading of what the bill does, pending review.

Show all 5 provisions

  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

  5. Specifies that investment advisers continue to owe existing legal fiduciary duties to closed-end funds and that closed-end funds must still satisfy federal asset valuation, liquidity, and investor redemption standards.

    Sec. 2(e)provisional

  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

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The record

How members voted on Incentivizing New Ventures and Economic Strength Through Capital Formation Act of 2025.

Recorded roll calls on this bill, most recent first. Open one to see each member's position.

  • House · Dec 11, 2025 · RECORDED VOTE

    On Passage · Passed

    Source →

Timeline

How it moved.

Show all 32 actions
  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 11, 2025The previous question was ordered pursuant to the rule.
  7. Dec 11, 2025The House rose from the Committee of the Whole House on the state of the Union to report H.R. 3383.
  8. Dec 11, 2025The House resolved into Committee of the Whole House on the state of the Union for further consideration.
  9. Dec 11, 2025Considered as unfinished business. (consideration: CR H5790-5793)
  10. Dec 10, 2025Committee of the Whole House on the state of the Union rises leaving H.R. 3383 as unfinished business.
  11. Dec 10, 2025On motion that the committee rise Agreed to by voice vote.
  12. Dec 10, 2025Mrs. Wagner moved that the committee rise.
  13. Dec 10, 2025POSTPONED PROCEEDINGS - At the conclusion of debate on the Waters amendment No. 5, the Chair put the question on agreeing to the amendment and by voice vote, announced the noes had prevailed. Ms. Waters demanded a recorded vote, and the Chair postponed further proceedings until a time to be announced.
  14. Dec 10, 2025DEBATE - Pursuant to the provisions of H.Res. 936, the Committee of the Whole proceeded with 10 minutes of debate on the Waters amendment No. 5.
  15. Dec 10, 2025DEBATE - Pursuant to the provisions of H.Res. 936, the Committee of the Whole proceeded with 10 minutes of debate on the Waters amendment No. 4.
  16. Dec 10, 2025POSTPONED PROCEEDINGS - At the conclusion of debate on the Waters amendment No. 3, the Chair put the question on agreeing to the amendment and by voice vote, announced the noes had prevailed. Ms. Waters demanded a recorded vote, and the Chair postponed further proceedings until a time to be announced.
  17. Dec 10, 2025DEBATE - Pursuant to the provisions of H.Res. 936, the Committee of the Whole proceeded with 10 minutes of debate on the Waters amendment No. 3.
  18. Dec 10, 2025DEBATE - Pursuant to the provisions of H.Res. 936, the Committee of the Whole proceeded with 10 minutes of debate on the Self amendment No. 2.
  19. Dec 10, 2025POSTPONED PROCEEDINGS - At the conclusion of debate on the Self amendment No. 1, the Chair put the question on agreeing to the amendment and by voice vote, announced the noes had prevailed. Mr. Self demanded a recorded vote, and the Chair postponed further proceedings until a time to be announced.
  20. Dec 10, 2025DEBATE - Pursuant to the provisions of H.Res. 936, the Committee of the Whole proceeded with 10 minutes of debate on the Self amendment No. 1.
  21. Dec 10, 2025GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 3383.
  22. Dec 10, 2025The Speaker designated the Honorable James C. Moylan to act as Chairman of the Committee.
  23. Dec 10, 2025House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 936 and Rule XVIII.
  24. Dec 10, 2025Rule 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.
  25. Dec 10, 2025Considered under the provisions of rule H. Res. 936. (consideration: CR H5534-5555; text: CR H5540-5546)
  26. 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.
  27. Jun 25, 2025Placed on the Union Calendar, Calendar No. 135.
  28. Jun 25, 2025Reported (Amended) by the Committee on Financial Services. H. Rept. 119-169.
  29. May 20, 2025Ordered to be Reported (Amended) by the Yeas and Nays: 41 - 10.
  30. May 20, 2025Committee Consideration and Mark-up Session Held
  31. May 14, 2025Referred to the House Committee on Financial Services.
  32. May 14, 2025Introduced in House
  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. May 20, 2025Ordered to be Reported (Amended) by the Yeas and Nays: 41 - 10.
  10. May 14, 2025Introduced in House

The original text

Read it for yourself.

Read the original text →

Sources & provenance

Congress.govrefreshed 4 months ago

Cite this page

Civic Herald. “Incentivizing New Ventures and Economic Strength Through Capital Formation Act of 2025 (H.R. 3383, 119th Congress).” https://civicherald.app/bills/119-hr-3383. Congress.gov record as of Jul 13, 2026.

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