Access to Small Business Investor Capital Act
Sponsored By: Representative Sherman, Brad [D-CA-32]
Passed House
Summary
Exempts fees tied to investments in Business Development Companies from funds' acquired‑fund fee totals on SEC registration forms. It would let a registered investment company omit from its Acquired Fund Fees and Expenses calculation fees it incurred indirectly through investments in Acquired Funds that are business development companies.
Show full summary
- Funds: Registered investment companies could report lower Acquired Fund Fees and Expenses on their Form N-1A, N-2, or N-3 registration statements by excluding fees passed through from BDC investments.
- Investors: Fee tables in prospectuses and registration statements would show smaller acquired-fund fee lines for funds that invest in BDCs, altering the cost information investors see.
- Rule clarity: The bill defines key terms and ties the exclusion to the Fee Table Disclosure in the specified SEC forms so filers and regulators have a clear framework for what counts as an Acquired Fund and what may be omitted.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
Investors may see different fund fees
This bill would change how investment funds list expenses on SEC filings. Funds could leave out fees that come from their investments in business development companies. This would apply to the fee table on Forms N-1A, N-2, and N-3 registration statements under section 8(b). If enacted, some funds could show lower expense numbers even though the underlying costs would not change. It would take effect upon enactment.
Sponsors & CoSponsors
Sponsor
Sherman, Brad [D-CA-32]
CA • D
Cosponsors
Rep. Huizenga, Bill [R-MI-4]
MI • R
Sponsored 3/18/2025
Rep. Garbarino, Andrew R. [R-NY-2]
NY • R
Sponsored 3/18/2025
Rep. Bynum, Janelle S. [D-OR-5]
OR • D
Sponsored 3/18/2025
Scott, David
GA • D
Sponsored 3/21/2025
Rep. Meuser, Daniel [R-PA-9]
PA • R
Sponsored 3/21/2025
Rep. Fields, Cleo [D-LA-6]
LA • D
Sponsored 3/21/2025
Rep. Fitzpatrick, Brian K. [R-PA-1]
PA • R
Sponsored 3/24/2025
Rep. Strickland, Marilyn [D-WA-10]
WA • D
Sponsored 4/8/2025
Rep. Steil, Bryan [R-WI-1]
WI • R
Sponsored 4/8/2025
Rep. Boyle, Brendan F. [D-PA-2]
PA • D
Sponsored 4/8/2025
Barr
KY • R
Sponsored 4/8/2025
Rep. Wagner, Ann [R-MO-2]
MO • R
Sponsored 4/10/2025
Rep. Pettersen, Brittany [D-CO-7]
CO • D
Sponsored 4/10/2025
Rep. Foster, Bill [D-IL-11]
IL • D
Sponsored 4/17/2025
Rep. Nunn, Zachary [R-IA-3]
IA • R
Sponsored 4/17/2025
Rep. Velázquez, Nydia M. [D-NY-7]
NY • D
Sponsored 4/17/2025
Casten
IL • D
Sponsored 4/21/2025
Himes
CT • D
Sponsored 4/28/2025
Rep. Cleaver, Emanuel [D-MO-5]
MO • D
Sponsored 5/7/2025
Rep. Meeks, Gregory W. [D-NY-5]
NY • D
Sponsored 5/13/2025
Rep. Gottheimer, Josh [D-NJ-5]
NJ • D
Sponsored 5/13/2025
Rep. Torres, Ritchie [D-NY-15]
NY • D
Sponsored 5/15/2025
Gonzalez, V.
TX • D
Sponsored 5/19/2025
Rep. Kim, Young [R-CA-40]
CA • R
Sponsored 5/20/2025
Rep. Meng, Grace [D-NY-6]
NY • D
Sponsored 6/3/2025
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov