,i  #aaith ,,congress  #ast ,session    
,h4 ,r4 #ddbi  ,,in ,,the ,,house ,,of  
,,representatives  ,july #af1 #bjbe,mrs4
 ,wagner 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 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 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 that the     
qualifying investments of the private   
fund are either-- 7,a7 predominantly    
qualifying investments that were        
acquired directly from a qualifying     
portfolio company2 or  7,b7             
predominantly qualifying investments in 
another venture capital fund or other   
venture capital funds4