# 119-hr-4429: Developing and Empowering our Aspiring Leaders Act of 2025

119-hr-4429, Developing and Empowering our Aspiring Leaders Act of 2025, is a 119th Congress bill sponsored by Rep. Wagner, Ann [R-MO-2] (R-MO); status passed_house; PRIA reads it as touching household money (as of 2026-07-19).

- Canonical: https://policyrisk.com/legislation/119-hr-4429
- As of: 2026-07-19
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-hr-4429
- Congress: 119
- Title: Developing and Empowering our Aspiring Leaders Act of 2025
- Status: passed_house
- Introduced: 2025-07-16
- Sponsor: Rep. Wagner, Ann [R-MO-2] (R-MO)
- Cosponsors: 1
- Policy area: Finance and Financial Sector
- Touches household money: yes
- Last recorded action: 2026-07-19

## Summary

**Expands what counts as a qualifying investment for venture capital fund advisers and sets a concentration cap for certain fund holdings.** This bill would direct the Securities and Exchange Commission to revise its venture capital fund rules within 180 days to include equity securities acquired directly from a qualifying portfolio company or in a secondary acquisition and to treat investments in other venture capital funds as qualifying investments. It would also require that, immediately after any asset acquisition, a private fund hold no more than 49 percent of its capital contributions and uncalled committed capital in (A) one or more venture capital funds or (B) qualifying investments acquired in a secondary acquisition. - Venture capital fund advisers: Advisers would be able to count equity bought directly from portfolio companies and secondary-market purchases, plus investments in other venture capital funds, when qualifying for the venture capital adviser exemption. - Private funds and fund structures: Funds must limit concentration so that no more than 49 percent of their capital and uncalled commitments are invested in other venture funds or in secondary-acquired qualifying investments immediately after an acquisition, which could change fund allocation and deal planning. - Portfolio companies and secondary markets: Secondary sellers and portfolio companies could see more demand because those secondary shares would now qualify under the venture capital definition.

## Cosponsors (1)

- Rep. Casten, Sean [D-IL-6] (D-IL), 2025-07-21T00:00:00.000Z

## Provisions PRIA read

- New rules for venture capital funds: mixed, low. If enacted, the SEC would update venture capital fund rules within 180 days. The bill would broaden what counts as a qualifying investment: equity in a qualifying portfolio company (direct or secondary) and investments in other venture capital funds. It would also add a cap: right after any asset p…

## Related bills

- 119-hr-137: TCJA Permanency Act
- 119-hr-2548: Sanctioning Russia Act of 2025
- 119-hr-5470: Route 66 National Historic Trail Designation Act
- 119-hr-3184: PFAS Alternatives Act
- 119-hr-2036: Credit for Caring Act of 2025
- 119-hr-1269: Honoring Our Fallen Heroes Act of 2025

## Sources
- [119-hr-4429 on Congress.gov](https://www.congress.gov/bill/119th-congress/house-bill/4429)

## Related
- [119-hr-137: TCJA Permanency Act](https://policyrisk.com/legislation/119-hr-137)
- [119-hr-2548: Sanctioning Russia Act of 2025](https://policyrisk.com/legislation/119-hr-2548)
- [119-hr-5470: Route 66 National Historic Trail Designation Act](https://policyrisk.com/legislation/119-hr-5470)
- [119-hr-3184: PFAS Alternatives Act](https://policyrisk.com/legislation/119-hr-3184)
- [119-hr-2036: Credit for Caring Act of 2025](https://policyrisk.com/legislation/119-hr-2036)
- [119-hr-1269: Honoring Our Fallen Heroes Act of 2025](https://policyrisk.com/legislation/119-hr-1269)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-hr-4429 (as of 2026-07-19).