S. 444 — Reported in Senate

II Calendar No. 12 115th CONGRESS 1st Session S. 444 IN THE SENATE OF THE UNITED STATES February 27, 2017Ms. Heitkamp (for herself, Mr. Heller, and Mr. Warner) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs March 13, 2017Reported by Mr. Crapo, without amendment A BILL To amend the Investment Company Act of 1940 to expand the investor limitation for qualifying venture capital funds under an exemption from the definition of an investment company. 1. Short title This Act may be cited as the Supporting America’s Innovators Act of 2017. 2. Investor limitation for qualifying venture capital funds Section 3(c)(1) of the Investment Company Act of 1940 (15 U.S.C. 80a–3(c)(1)) is amended— (1) in the matter preceding subparagraph (A), by inserting (or, in the case of a qualifying venture capital fund, 250 persons) after one hundred persons; and (2) by adding at the end the following: (C) (i) The term qualifying venture capital fund means a venture capital fund that has not more than $10,000,000 in aggregate capital contributions and uncalled committed capital, with such dollar amount to be indexed for inflation once every 5 years by the Commission, beginning from a measurement made by the Commission on a date selected by the Commission, rounded to the nearest $1,000,000. (ii) The term venture capital fund has the meaning given the term in section 275.203(l)–1 of title 17, Code of Federal Regulations, or any successor regulation. . March 13, 2017Reported without amendment