H.R. 3383 · 119th Congress · Finance and financial sector
Incentivizing New Ventures and Economic Strength Through Capital Formation Act of 2025
How the House voted
Yea from the left, nay from the right, each side by party
Bundled: this vote covered more than one measure.
House · Dec 11, 2025
Roll call ↗302
123
Passed the House.
A single yes vote carried more than two dozen distinct securities-law changes packaged as one act. The coupling point is capital formation: nearly every section loosens a rule that limits who can invest in private or early-stage offerings, or lowers the cost of going and staying public. But the sections are otherwise independent bills. Redefining who counts as an accredited investor (Sec. 201, 203), letting closed-end funds hold private funds (Sec. 206), raising crowdfunding caps (Sec. 103), standing up a Senior Investor Taskforce (Sec. 204), and mandating electronic delivery of disclosures (Sec. 205) share a policy area but not a single subject. Each carries its own short-title-style heading, the signature of a formerly standalone bill folded into the package. A member could not vote against the accredited-investor exam without also voting against the senior-investor protections and the closed-end fund provision that is the act's stated purpose.
Passed the House on December 11, 2025.
Latest action: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs
- IntroducedMay 14, 2025
- CommitteeJun 25, 2025
- Passed HouseDec 11, 2025
- Passed Senate
- Became law
On the record
- Cosponsors
- 4
- 3 Democrats, 1 Republican
- Committees
- Senate Committee on Banking, Housing, and Urban AffairsHouse Committee on Financial Services
- Lobbying
- At least 58
- organizations named it2025 Q2 to 2026 Q3
What it does
This bill loosens federal securities rules to widen access to private and early-stage capital markets.
How each member voted
The House roll call, passed the House, December 11, 2025
Yea unless marked
R · House · AL-4
D · House · CA-33
R · House · MO-4
R · House · GA-12
This bill loosens federal securities rules to widen access to private and early-stage capital markets. It bars the SEC from prohibiting or limiting closed-end funds from investing in private funds, and bars exchanges from restricting the listing of such funds. It rewrites the "accredited investor" definition so that more people qualify: it keeps the $1 million net-worth and $200,000/$300,000 income tests, and adds licensed brokers and investment advisers, people the SEC certifies as having relevant knowledge, and people who pass a new SEC-created accredited-investor exam offered free to the public. It raises the crowdfunding investment cap from $100,000 to $250,000, with SEC discretion to go up to $400,000. It raises the private-fund adviser registration exemption from $150 million to $175 million in assets. It raises the "qualifying venture capital fund" limits from 250 to 500 investors and from $10 million to $50 million. It lets any issuer, not just emerging growth companies, "test the waters" with investors and submit draft registration statements for confidential SEC review before going public. It expands well-known seasoned issuer status to companies with a $400 million public float. Congress paired these changes with investor-side provisions: it requires the SEC to allow electronic delivery of investor disclosures while preserving a paper opt-out, creates a Senior Investor Taskforce inside the SEC to study elder financial exploitation, and requires new disclosure of voting power at companies with multi-class share structures. The House passed it on December 11, 2025.
Each stop is a step the bill’s own record states, with the date it happened. A ring is a step not yet taken. A bill becomes law when the President signs it or Congress overrides a veto.
At least 58 organizations named this measure in a lobbying filing. A floor, not a total: they were counted by the client name on 253 quarterly reports filed by 17 lobbying firms and by 39 organizations lobbying for themselves in 2025 Q2, 2025 Q3, 2025 Q4, 2026 Q1, 2026 Q2 and 2026 Q3. An organization that lobbied this measure without naming it is not counted here.
11 of those filings did not cite this bill by number. They named a short title it shares with its Senate companion, S 3671, so the reference belongs to the pair rather than to one chamber’s vehicle.
The filings record that lobbying was reported on the measure. The form has no per-bill dollar figure and no field for a position, so nothing here says how much was spent or which side an organization took.
5 of them, in no ranking: Securities Industry and Financial Markets Association; Invesco Group Services, Inc.; Investment Company Institute; Franklin Resources, Inc. (Franklin Templeton) and Affiliates; Future Standard. Listed as filed, in the order the filings were read, and 53 others are not shown. These are not the largest, the earliest or the most active: we keep five names per measure, and the filings give no ranking.
From the LD-2 quarterly lobbying filings published at lda.gov by the Senate Office of Public Records. Read for 2025 Q1, 2025 Q2, 2025 Q3, 2025 Q4, 2026 Q1, 2026 Q2 and 2026 Q3. Our copy holds 24 fewer filings for 2025 Q1, 39 fewer filings for 2025 Q2, 42 fewer filings for 2025 Q3, 33 fewer filings for 2025 Q4, 28 fewer filings for 2026 Q1, 48 fewer filings for 2026 Q2 and 218 fewer filings for 2026 Q3 than the Senate's register counts, so those quarters are the filings we could read rather than every one filed. 2026 Q4 is still inside its filing window, so that quarter is only the filings posted so far.
Congress.gov bill status and cosponsor records; the House Clerk and Senate roll calls; lobbying reports filed under the Lobbying Disclosure Act (lda.gov); the plain summary and provisions are read from the bill text, each with its section.