,i  #aacth ,,congress  #ast ,session    
,h4 ,r4 #aaje  ,,in ,,the ,,house ,,of  
,,representatives  ,march #ac1 #bjac    
,mr4 ,hurt 7for himself1 ,mr4 ,cooper1  
,mr4 ,himes1 and ,mr4 ,garrett7         
introduced the following bill2 which was
 referred to the ,committee on          
,financial ,services  ,a ,,bill  ,to    
amend the ,investment ,advisers ,act of 
#aidj to provide a registration         
exemption for private equity fund       
advisers1 and for other purposes4  #a4  
,short title ,this ,act may be cited as 
the ,small ,business ,capital ,access   
and ,job ,preservation ,act4  #b4       
,registration and reporting exemptions  
relating to private equity funds        
advisors ,section #bjc of the           
,investment ,advisers ,act of #aidj 7#ae
 ,u4,s4,c4 #hj;b-#c7 is amended by      
adding at the end the following3  7o7   
,exemption of and reporting requirements
 by private equity funds advisors  7#a7 
,in general ,except as provided in this 
subsection1 no investment adviser shall 

be subject to the registration or       
reporting requirements of this title    
with respect to the provision of        
investment advice relating to a private 
equity fund or funds1 provided that each
 such fund has not borrowed and does not
 have outstanding a principal amount in 
excess of twice its invested capital    
commitments4  7#b7 ,maintenance of      
records and access by ,commission ,not  
later than #f months after the date of  
enactment of this subsection1 the       
,commission shall issue final rules--   
7,a7 to require investment advisers     
described in paragraph 7#a7 to maintain 
such records and provide to the         
,commission such annual or other reports
 as the ,commission taking into account 
fund size1 governance1 investment       
strategy1 risk1 and other factors1 as   
the ,commission determines necessary and
 appropriate in the public interest and 
for the protection of investors2 and    
7,b7 to define the term private equity  
fund for purposes of this subsection4  4