,i  #aag? ,,congress  #a/ ,session  ,h4 
,r4 #dfbj  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,july #bb1 #bjba,ms4  
,ocasio-,cortez introduc$ ! foll[+ bill2
 :i* 0 ref]r$ to ! ,committee on        
,f9ancial ,s]vices  ,a ,,bill  ,to am5d 
! ,inve/m5t ,advis]s ,act ( #aidj to    
limit ! exemption provid$ = family      
(fices f ! def9ition ( an inve/m5t      
advis]1 & = o!r purposes4  #a4          
,regulation ( family (fices  7a7 ,family
 (fice size limitation ,section #bjb7;a7
 ( ! ,inve/m5t ,advis]s ,act ( #aidj    
7#ae ,u4,s4,c4 #hj;b-#b7;a77 is am5d$-- 
7#a7 9 p>agraph 7#aa71 by /rik+ 22 7,g7 
any family (fice1 z def9$ by rule1      
regulation1 or ord] ( ! ,commission1 9  
accordance ) ! purposes ( ?is title &   
ins]t+ 2 7,g7 any cov]$ family (fice2   
7#b7 by r$esignat+ ! second p>agraph    
7#bi7 z p>agraph 7#ca72 &  7#c7 by add+ 
at ! end ! foll[+3  7#cb7 ,cov]$ family 
(fice  7,a7 ,9 g5]al ,! t]m cov]$ family
 (fice means a family (fice ) less ?an  
#gej1jjj1jjj 9 assets "u managem5t4     

7,b7 ,rulemak+ ,! ,commission %all fur!r
 def9e ! t]m cov]$ family (fice1 by     
rule1 9 accordance ) ! purposes ( ?is   
title4 ,9 issu+ su* rule1 !             
,commission-- 7i7 %all exclude any p]son
 :o is subject to a f9al ord] describ$ 9
 section #ae7;b77#d77;,h7 ( !           
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gho7b77#d77;,h772 &  7ii7 may
 include a family (fice ) few] assets "u
 managem5t ?an ! ?re%old describ$ "u    
subp>agraph 7,a71 if ! ,commission1 by  
rule1 det]m9es ! family (fice is highly 
lev]ag$ or engag$ 9 high-risk activities
 t ! ,commission det]m9es w>rants       
inclusion1 z appropriate to protect     
inve/ors4  4  7b7 ,exemption ( & report+
 by cov]$ family (fices ,section #bjc ( 
! ,inve/m5t ,advis]s ,act ( #aidj 7#ae  
,u4,s4,c4 #hj;b-#c7 is am5d$ by add+ at 
! end ! foll[+3  7o7 ,exemption ( &     
report+ by cov]$ family (fices  7#a7 ,9 
g5]al ,! ,commission may provide an     
exemption f ! regi/ration requirem5ts "u
 ?is section to any cov]$ family (fice4 

7#b7 ,report+ ,! ,commission %all       
require inve/m5t advis]s exempt$ by     
reason ( ?is subsection to ma9ta9 su*   
records & provide to ! ,commission su*  
annual or o!r reports z ! ,commission   
det]m9es necess>y or appropriate 9 !    
public int]e/ or = ! protection (       
inve/ors4  4  7c7 ,removal ( gr&fa!r    
provision ,section #dji ( ! ,dodd-,frank
 ,wall ,/reet ,re=m & ,consum]          
,protection ,act 7#ae ,u4,s4,c4 #hj;b-#b
 note7 is am5d$-- 7#a7 9 subsection     
7b7-- 7,a7 9 p>agraph 7#a71 by add+ & at
 ! end2  7,b7 9 p>agraph 7#b71 by /rik+ 
2 & & ins]t+ a p]iod2 &  7,c7 by /rik+  
p>agraph 7#c72 &  7#b7 by /rik+         
subsection 7c74