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119-s-3880119th CongressWALLET

Small Business Investor Capital Access Act

Sponsored By: Senator Rounds, Mike [R-SD]

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.

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  • 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).

Sponsors & CoSponsors

Sponsor

Rounds, Mike [R-SD]

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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