,i  #aafth ,,congress  #b;d ,session    
,h4 ,r4 #hfjc  ,,in ,,the ,,house ,,of  
,,representatives  ,october #af1        
#bjbj,mr4 ,hollingsworth 7for himself   
and ,mr4 ,mc,adams7 introduced the      
following bill2 which was referred to   
the ,committee on ,financial ,services  
,a ,,bill  ,to require the ,securities  
and ,exchange ,commission to revise the 
definition of a qualifying investment to
 include an equity security issued by a 
qualifying portfolio company1 whether   
acquired directly from the company or in
 a secondary acquisition1 for purposes  
of the exemption from registration for  
venture capital fund advisers under the 
,investment ,advisers ,act of #aidj1 and
 for other purposes4  #a4 ,short title  
,this ,act may be cited as the          
,developing and ,empowering our         
,aspiring ,leaders ,act of #bjbj 4  #b4 
,definitions ,not later than the end of 
the #ahj-;day period beginning on the   
date of the enactment of this ,act1 the 
,securities and ,exchange ,commission   

shall-- 7#a7 revise the definition of a 
qualifying investment under paragraph   
7c7 of section #bge4bjc7l7-#a of title  
#ag1 ,code of ,federal ,regulations1 to 
include an equity security issued by a  
qualifying portfolio company1 whether   
acquired directly from the company or in
 a secondary acquisition2 and  7#b7     
revise paragraph 7a7 of such section to 
require1 as a condition of a private    
fund qualifying as a venture capital    
fund under such paragraph1 that the     
qualifying investments of the private   
fund are predominantly qualifying       
investments that were acquired directly 
from a qualifying portfolio company4