#aaith ,,congress  #ast ,session  ,h4   
,r4 #ddbi  ,,an ,,act  ,to require the  
,securities and ,exchange ,commission to
 revise the definition of a qualifying  
investment1 for purposes of the         
exemption from registration for venture 
capital fund advisers under the         
,investment ,advisers ,act of #aidj1 to 
include an equity security issued by a  
qualifying portfolio company and to     
include an investment in another venture
 capital fund1 and for other purposes4  
#a4 ,short title ,this ,act may be cited
 as the ,developing and ,empowering our 
,aspiring ,leaders ,act of #bjbe4  #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 ,regulations--   
7,a7 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 to specify that  
an investment in another venture capital
 fund 7as defined in paragraph 7a7      
section #bge4bjc7l7-#a of title #ag1    
,code of ,federal ,regulations7 is a    
qualifying investment under such        
definition2 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 that1 immediately after the  
acquisition of any asset1 such fund     
holds no more than #di percent of the   
amount of the fund's aggregate capital  
contributions and uncalled committed    
capital 7excluding short-term holdings7 
in--  7,a7 one or more venture capital  
funds2 or  7,b7 qualifying investments  
acquired in a secondary acquisition1    
valued at cost or fair value1           
consistently applied by the fund4       
,passed the ,house of ,representatives  
,december #a1 #bjbe4;,clerk4