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HR8548Rep. Kamlager-Dove, Sydney [D-CA-37] (D-CA)
introduced
S3880119th CongressWALLET
Small Business Investor Capital Access Act
Sponsored By: Senator Mike Rounds
Introduced
Summary
Raises the private fund adviser exemption threshold to $175 million. This bill would expand which private fund advisers can use the small-fund exemption and create a regular inflation update so the threshold keeps pace with price changes.
Show full summary
- Advisers managing between $150 million and $175 million would newly qualify for the exemption, making more small private fund advisers eligible.
- The Securities and Exchange Commission would adjust the dollar threshold every 5 years using the Consumer Price Index for All Urban Consumers from the Bureau of Labor Statistics and round the amount to the nearest $1 million.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Higher exemption for private fund advisers
If enacted, this bill would raise the SEC private-fund adviser exemption threshold from $150 million to $175 million. The change would take effect upon enactment. Every 5 years, the SEC would update the amount using the Consumer Price Index for All Urban Consumers (CPI-U). Each updated threshold would be rounded to the nearest $1,000,000. If passed, this would reduce how many private fund advisers must register with the SEC under Section 203(m).
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Sponsors & CoSponsors
Sponsor
Mike Rounds
SD • R
Cosponsors
Sen. Gallego, Ruben [D-AZ]
AZ • D
Sponsored 2/12/2026
Roll Call Votes
No roll call votes available for this bill.
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