,i  #aafth ,,congress  #ast ,session    
,h4 ,r4 #cjej  ,,in ,,the ,,house ,,of  
,,representatives  ,may #cj1 #bjai,mr4  
,steil introduced the following bill2   
which was referred to the ,committee on 
,financial ,services  ,a ,,bill  ,to    
require the ,securities and ,exchange   
,commission to carry out a study of the 
#aj per centum threshold limitation     
applicable to the definition of a       
diversified company under the           
,investment ,company ,act of #aidj1 and 
for other purposes4  #a4 ,short title   
,this ,act may be cited as the          
,expanding ,investment in ,small        
,businesses ,act of #bjai4  #b4 ,,sec   
study  7a7 ,in general ,the ,securities 
and ,exchange ,commission shall carry   
out a study of the #aj per centum       
threshold limitation applicable to the  
definition of a diversified company     
under section #e7;b77#a7 of the         
,investment ,company ,act of #aidj 7#ae 
,u4,s4,c4 #hj;a-#e7;b77#a77 and         
determine whether such threshold limits 

capital formation4  7b7 ,considerations 
,in carrying out the study required     
under subsection 7a71 the ,commission   
shall consider the following3  7#a7 ,the
 size and number of diversified         
companies that are currently restricted 
in their ability to own more than #aj   
percent of the voting shares in an      
individual company4  7#b7 ,if investing 
preferences of diversified companies    
have shifted away from companies with   
smaller market capitalizations4  7#c7   
,the expected increase in the           
availability of capital to small and    
emerging growth companies if the        
threshold is increased4  7#d7 ,the      
ability of registered funds to manage   
liquidity risk4  7#e7 ,any other        
consideration that the ,commission      
considers necessary and appropriate for 
the protection of investors4  7c7       
,solicitation of public comments ,in    
carrying out the study required under   
subsection 7a71 the ,commission may     
solicit public comments4  7d7 ,report   

,not later than the end of the #ahj-;day
 period beginning on the date of        
enactment of this ,act1 the ,commission 
shall issue a report to the ,congress1  
and make such report publicly available 
on the website of the ,commission1      
containing--  7#a7 all findings and     
determinations made in carrying out the 
study required under subsection 7a72 and
  7#b7 any legislative recommendations  
of the ,commission1 including any       
recommendation to update the #aj per    
centum threshold4