,i  #aaith ,,congress  #b;d ,session    
,h4 ,r4 #ihge  ,,in ,,the ,,house ,,of  
,,representatives  ,july #bb1 #bjbf,mr4 
,riley of ,new ,york 7for himself1 ,mr4 
,casar1 ,mr4 ,cisneros1 ,mrs4 ,mc,clain 
,delaney1 ,mr4 ,subramanyam1 and ,mr4   
,vindman7 introduced the following bill2
 which was referred to the ,committee on
 ,financial ,services1 and in addition  
to the ,committee on ,education and     
,workforce1 for a period to be          
subsequently determined by the ,speaker1
 in each case for consideration of such 
provisions as fall within the           
jurisdiction of the committee concerned 
,a ,,bill  ,to require the ,securities  
and ,exchange ,commission to collect    
information on certain private fund     
ownership of child care centers1 and for
 other purposes4  #a4 ,short title ,this
 ,act may be cited as the ,protecting   
,childcare from ,private ,equity ,act4  
#b4 ,collection of information on       
certain private fund ownership of legal 
entities that provide childcare  7a7 ,in

 general ,not later than #a year after  
the date of enactment of this ,act1 the 
,securities and ,exchange ,commission1  
in consultation with the ,secretary of  
,health and ,human ,services1 shall     
require each covered private fund to    
provide the ,commission with information
 on the ownership1 purchase1 and sale by
 such fund of legal entities that       
provide childcare4  7b7 ,report to      
,congress ,not later than #a month after
 the end of each fiscal year1 the       
,commission shall issue a report to     
,congress containing anonymized data    
collected under subsection 7a7 for the  
previous fiscal year4  #c4 ,limitations 
with respect to newly acquired legal    
entities that provide childcare  7a7 ,in
 general ,during the #d-year period     
beginning on the date that a covered    
private fund first controls a legal     
entity that provides childcare-- 7#a7   
the covered private fund may not sell   
any interest in the legal entity2 and   
7#b7 the legal entity may not make any  

dividend payment or capital distribution
 to1 or undertake a share buyback from1 
the covered private fund4  #d4 ,study on
 private equity ownership of childcare  
providers  7a7 ,study ,the ,comptroller 
,general of the ,united ,states shall1  
in consultation with the ,secretary of  
,health and ,human ,services and the    
,securities and ,exchange ,commission1  
carry out a study on the effect of      
private equity ownership of childcare   
providers in terms of quality of care1  
availability of spots1 tuition1 employee
 wages1 and such other items as the     
,comptroller ,general determines        
appropriate4  7b7 ,report ,not later    
than #b years after the date of         
enactment of this ,act1 the ,comptroller
 ,general shall issue a report to the   
,congress containing all findings and   
determinations made in carrying out the 
applicable study required under         
subsection 7a74  #e4 ,definitions ,in   
this ,act3 7#a7 ,controls ,with respect 
to a legal entity1 a person controls the

 legal entity if the person owns1 or    
otherwise has the power to vote1 more   
than #ej percent of the equity voting   
securities of the legal entity4  7#b7   
,covered private fund ,the term covered 
private fund means an issuer-- 7,a7 that
 would be an investment company1 as     
defined in the ,investment ,company ,act
 of #aidj 7#ae ,u4,s4,c4 #hj;a-#a et    
seq471 but for paragraph 7#a7 or 7#g7 of
 section #c7;c7 of that ,act2  7,b7 with
 more than #aej1jjj1jjj in assets under 
management2 and  7,c7 that1 through     
legal entities controlled by the issuer1
 provides childcare at more than #be    
locations4