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119-hr-4129119th CongressWALLET

Tailoring for Main Street’s Investors Act

Sponsored By: Representative Garbarino, Andrew R. [R-NY-2]

Introduced

Summary

Creates a targeted federal registration exemption for certain private fund advisers. The bill also streamlines reporting for smaller advisers and directs the SEC to build a short Form ADV for small filers.

Show full summary
  • Advisers to private funds that manage less than $5 billion in U.S. assets and whose investors are all qualified purchasers, accredited investors, or licensed investment professionals can avoid SEC registration if funds give no routine redemption rights.
  • Covered entities with under $1 billion in assets under management file Form ADV no more often than once every two years, and the SEC must develop a short Form ADV within 280 days of enactment.
  • Exempt advisers still must keep records and provide biennial reports the SEC finds necessary to protect investors, and those reporting requirements may not be more burdensome than current small-adviser rules.

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 1 benefits, 0 costs, 1 mixed.

Fewer SEC filings for small investment advisers

Starting on the date of enactment, advisers with under $1,000,000,000 in assets would file Form ADV no more than once every two years. The SEC would also create a short Form ADV for these firms within 280 days. This could cut compliance time and costs for small investment advisers.

SEC registration break for small private fund advisers

This bill would let some private fund advisers skip SEC registration. To qualify, they would need to advise only private funds and have under $5,000,000,000 in U.S. assets. Every investor would have to be a qualified purchaser, an accredited investor, or a licensed investment professional if the SEC allows. The funds could not offer normal redemption or liquidity rights, except in extraordinary cases. Exempt advisers would still keep records and send reports to the SEC every two years, with limits on how burdensome those reports can be.

Sponsors & CoSponsors

Sponsor

Garbarino, Andrew R. [R-NY-2]

NY • R

Cosponsors

  • Rep. Mackenzie, Ryan [R-PA-7]

    PA • R

    Sponsored 9/24/2026

  • Rep. Barr, Andy [R-KY-6]

    KY • R

    Sponsored 12/9/2025

  • Rep. Lawler, Michael [R-NY-17]

    NY • R

    Sponsored 6/22/2026

Roll Call Votes

No roll call votes available for this bill.

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