Incentivizing New Ventures and Economic Strength Through Capital Formation Act of 2025
- Introduced May 14
- Committee May 14
- Passed House Dec 11
- Passed Senate Next
- To President Not yet
- Law Not yet
Where it stands
Passed House, Dec 11, 2025Next: Senate vote
316d ago Dec 15, 2025: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Final votes
House 302-123
1 roll call on this bill
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Companies lobbying on this bill
10 companiesCompanies by sector
Financials 10
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Votes
House roll 328
On Passage
R 215-0 D 87-123
302-123
Passed
Member trades
Member trades around the votes Subscribe
Summary
Increasing Investor Opportunities Act
Full summary1 paragraphs
This bill allows a closed-end fund, a portfolio of pooled assets with a limited number of shares traded on an exchange, to increase its investment in private investment funds. Specifically, the Securities and Exchange Commission is prohibited from limiting the sale or listing of securities of a closed-end fund that invests in private investment funds. This bill also apples to a closed-end company treated as a business development company.
Library of Congress summary, Jun 25, 2025
Summary versions
- Reported to HouseJun 25, 2025
Actions
- SenateReceived in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.Dec 15, 2025
- HouseMotion to reconsider laid on the table Agreed to without objection.Dec 11, 2025
- HouseOn passage Passed by recorded vote: 302 - 123 (Roll no. 328).Dec 11, 2025
- HouseThe House adopted the amendments en gros as agreed to by the Committee of the Whole House on the state of the Union.Dec 11, 2025
- HouseThe previous question was ordered pursuant to the rule.Dec 11, 2025
- HouseThe House rose from the Committee of the Whole House on the state of the Union to report H.R. 3383.Dec 11, 2025
- HouseThe House resolved into Committee of the Whole House on the state of the Union for further consideration.Dec 11, 2025
- HouseConsidered as unfinished business. (consideration: CR H5790-5793)Dec 11, 2025
- HouseCommittee of the Whole House on the state of the Union rises leaving H.R. 3383 as unfinished business.Dec 10, 2025
- HouseOn motion that the committee rise Agreed to by voice vote.Dec 10, 2025
- HouseMrs. Wagner moved that the committee rise.Dec 10, 2025
- HousePOSTPONED PROCEEDINGS - At the conclusion of debate on the Waters amendment No. 5, the Chair put the question on agreeing to the amendment and by voice vote, announced the noes had prevailed. Ms. Waters demanded a recorded vote, and the Chair postponed further proceedings until a time to be announced.Dec 10, 2025
All actions31
- HouseDEBATE - Pursuant to the provisions of H.Res. 936, the Committee of the Whole proceeded with 10 minutes of debate on the Waters amendment No. 5.Dec 10, 2025
- HouseDEBATE - Pursuant to the provisions of H.Res. 936, the Committee of the Whole proceeded with 10 minutes of debate on the Waters amendment No. 4.Dec 10, 2025
- HousePOSTPONED PROCEEDINGS - At the conclusion of debate on the Waters amendment No. 3, the Chair put the question on agreeing to the amendment and by voice vote, announced the noes had prevailed. Ms. Waters demanded a recorded vote, and the Chair postponed further proceedings until a time to be announced.Dec 10, 2025
- HouseDEBATE - Pursuant to the provisions of H.Res. 936, the Committee of the Whole proceeded with 10 minutes of debate on the Waters amendment No. 3.Dec 10, 2025
- HouseDEBATE - Pursuant to the provisions of H.Res. 936, the Committee of the Whole proceeded with 10 minutes of debate on the Self amendment No. 2.Dec 10, 2025
- HousePOSTPONED PROCEEDINGS - At the conclusion of debate on the Self amendment No. 1, the Chair put the question on agreeing to the amendment and by voice vote, announced the noes had prevailed. Mr. Self demanded a recorded vote, and the Chair postponed further proceedings until a time to be announced.Dec 10, 2025
- HouseDEBATE - Pursuant to the provisions of H.Res. 936, the Committee of the Whole proceeded with 10 minutes of debate on the Self amendment No. 1.Dec 10, 2025
- HouseGENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 3383.Dec 10, 2025
- HouseThe Speaker designated the Honorable James C. Moylan to act as Chairman of the Committee.Dec 10, 2025
- HouseHouse resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 936 and Rule XVIII.Dec 10, 2025
- HouseRule provides for consideration of H.R. 3898, H.R. 3383, H.R. 3638, H.R. 3628, H.R. 3668 and S. 1071. The resolution provides for consideration of H.R. 3898, H.R. 3383, H.R. 3638, and H.R. 3628 under a structured rule; and H.R. 3668 and S. 1071 under a closed rule. The resolution provides for one motion to recommit on H.R. 3898, H.R. 3383, H.R. 3638, H.R. 3628, and H.R. 3668; and one motion to commit on S. 1071.Dec 10, 2025
- HouseConsidered under the provisions of rule H. Res. 936. (consideration: CR H5534-5555; text: CR H5540-5546)Dec 10, 2025
- HouseRules Committee Resolution H. Res. 936 Reported to House. Rule provides for consideration of H.R. 3898, H.R. 3383, H.R. 3638, H.R. 3628, H.R. 3668 and S. 1071. The resolution provides for consideration of H.R. 3898, H.R. 3383, H.R. 3638, and H.R. 3628 under a structured rule; and H.R. 3668 and S. 1071 under a closed rule. The resolution provides for one motion to recommit on H.R. 3898, H.R. 3383, H.R. 3638, H.R. 3628, and H.R. 3668; and one motion to commit on S. 1071.Dec 9, 2025
- HouseReported (Amended) by the Committee on Financial Services. H. Rept. 119-169.Jun 25, 2025
- HousePlaced on the Union Calendar, Calendar No. 135.Jun 25, 2025
- HouseCommittee Consideration and Mark-up Session HeldMay 20, 2025
- HouseOrdered to be Reported (Amended) by the Yeas and Nays: 41 - 10.May 20, 2025
- HouseIntroduced in HouseMay 14, 2025
- HouseReferred to the House Committee on Financial Services.May 14, 2025
Bill record
Text versions4
- Referred in SenateDec 15, 2025PDF: Referred in Senate
- Engrossed in HouseDec 11, 2025PDF: Engrossed in House
- Reported in HouseJun 25, 2025PDF: Reported in House
- Introduced in HouseMay 14, 2025PDF: Introduced in House
Committees2
- Senate Banking, Housing, and Urban Affairs CommitteeReferred To Dec 15, 2025
- House Financial Services CommitteeReported By Jun 25, 2025Markup By, May 20, 2025Referred To, May 14, 2025
Sponsor and cosponsors4 cosponsors
- Rep. Ann Wagner (R-MO-2)Sponsor, May 14, 2025
- David Scott (D-GA-13)OriginalJoined May 14, 2025
- Gregory Meeks (D-NY-5)OriginalJoined May 14, 2025
- Pete Sessions (R-TX-17)OriginalJoined May 14, 2025
- Ritchie Torres (D-NY-15)OriginalJoined May 14, 2025
Amendments5
- H.Amdt. 127Dec 11, 2025Amendment sought to define and prohibit fees charged by Securities and Exchange Commission-registered individuals and entities that are not clearly disclosed or proportional to the services provided.On agreeing to the Waters amendment (A005) Failed by recorded vote: 214 - 215 (Roll no. 327). (consideration: CR H5792)
- H.Amdt. 125Dec 11, 2025Amendment sought to require investment advisers and hedge funds to perform know-your-customer verification and implement anti-money laundering procedures for foreign clients.On agreeing to the Waters amendment (A003) Failed by recorded vote: 211 - 219 (Roll no. 326). (consideration: CR H5791)
- H.Amdt. 123Dec 11, 2025Amendment sought to strike section 307 relating to enhancing multi-class share disclosures.On agreeing to the Self amendment (A001) Failed by recorded vote: 54 - 374 (Roll no. 325). (consideration: CR H5790-5791)
- H.Amdt. 126Dec 10, 2025An amendment numbered 4 printed in Part B of House Report 119-399 to provide additional transparency and accountability for entities making exempt offerings under Regulation D via additional disclosure requirements on Form Ds.On agreeing to the Waters amendment (A004) Failed by voice vote.
- H.Amdt. 124Dec 10, 2025An amendment numbered 2 printed in Part B of House Report 119-399 to modify section 105 to clarify that the subsection may not be construed to authorize expenditures for additional full-time equivalent employees.On agreeing to the Self amendment (A002) Agreed to by voice vote.
Cost estimates and reports2
- CBO: H.R. 3383, Increasing Investor Opportunities ActOct 29, 2025As reported by the House Committee on Financial Services on June 25, 2025
- H. Rept. 119-169Committee report
Titles4
Short titles
- Incentivizing New Ventures and Economic Strength Through Capital Formation Act of 2025Short Titles from RFS (Referred to Senate) bill text
- INVEST Act of 2025Short Titles from RFS (Referred to Senate) bill text
- Increasing Investor Opportunities ActShort Title(s) as Reported to House
Official titles
- To amend the Investment Company Act of 1940 with respect to the authority of closed-end companies to invest in private funds.Official Title from EH (Engrossed in House) bill text
Subjects4
Policy area
Legislative subjects
Banking and financial institutions regulationFinancial services and investmentsSecurities
Related bills2
- S. 3671 119th, Related bill Increasing Investor Opportunities Act
- H.Res. 936 119th, Related bill, Procedurally related Providing for consideration of the bill (H.R. 3898) to amend the Federal Water Pollution Control Act to make targeted reforms with respect to waters of the United States and other matters, and for other purposes; providing for consideration of the bill (H.R. 3383) to amend the Investment Company Act of 1940 with respect to the authority of closed-end companies to invest in private funds; providing for consideration of the bill (H.R. 3638) to direct the Secretary of Energy to prepare periodic assessments and submit reports on the supply chain for the generation and transmission of electricity, and for other purposes; providing for consideration of the bill (H.R. 3628) to amend the Public Utility Regulatory Policies Act of 1978 to add a standard related to State consideration of reliable generation, and for other purposes; providing for consideration of the bill (H.R. 3668) to promote interagency coordination for reviewing certain authorizations under section 3 of the Natural Gas Act, and for other purposes; providing for consideration of the bill (S. 1071) to require the Secretary of Veterans Affairs to disinter the remains of Fernando V. Cota from Fort Sam Houston National Cemetery, Texas, and for other purposes; and for other purposes.
Official record from Congress.gov, the House Clerk and the Senate; lobbying from Lobbying Disclosure Act filings. Updated Oct 27, 2026.