,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #aigc  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,may #ad1 #bjac ,mr4  
,mulvaney introduc$ ! foll[+ bill2 :i* 0
 ref]r$ to ! ,committee on ,f9ancial    
,s]vices  ,a ,,bill  ,to p]mit bus9ess  
developm5t companies to increase        
inve/m5ts 9 small-& middle-m>ket        
f9ancial s]vices companies & inve/m5t   
advisors4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,bus9ess ,developm5t       
,company ,mod]nization ,act4  #b4       
,inve/m5ts ( bus9ess developm5t         
companies ,! ,inve/m5t ,company ,act (  
#aidj is am5d$--  7#a7 9 section        
#b7;a77#df7;,b7 7#ae ,u4,s4,c4          
#hj;a-#b7df77;,b77 by /rik+ nor a       
company :i* w\ld be an inve/m5t company 
except = ! exclusion f ! def9ition (    
inve/m5t company 9 section #c7;c7 ( ?is 
title2 &  7#b7 9 section #fj 7#ae       
,u4,s4,c4 #hj;a-#ei7 by /rik+ except t !
 ,commission %all n & ins]t+  except t--
 7#a7 section #ab %all n apply to !     
pur*as+1 o!rwise acquir+1 or hold+ by a 

bus9ess developm5t company ( any        
security issu$ by1 or any o!r int]e/ 9 !
 bus9ess (1 any p]son :o is--  7,a7 an  
inve/m5t advis] regi/]$ "u title ,,ii ( 
?is ,act or :o is an inve/m5t advis] to 
an inve/m5t company2 or  7,b7 an        
eligible portfolio company z def9$ 9    
section #b7;a77#df7 7#ae ,u4,s4,c4      
#hj;a-#b7;a77#df772 &  7,c7 !           
,commission %all n  4