,i  #aai? ,,congress  #b;d ,session  ,h4
 ,r4 #ihge  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,july #bb1 #bjbf,mr4  
,riley ( ,new ,york 7= himself1 ,mr4    
,cas>1 ,mr4 ,cisn]os1 ,mrs4 ,mc,clain   
,delaney1 ,mr4 ,subramanyam1 & ,mr4     
,v9dman7 introduc$ ! foll[+ bill2 :i* 0 
ref]r$ to ! ,committee on ,f9ancial     
,s]vices1 & 9 addition to ! ,committee  
on ,education & ,work=ce1 = a p]iod to  
be subsequ5tly det]m9$ by ! ,speak]1 9  
ea* case = consid]ation ( su* provisions
 z fall )9 ! jurisdiction ( ! committee 
conc]n$  ,a ,,bill  ,to require !       
,securities & ,ex*ange ,commission to   
collect in=mation on c]ta9 private fund 
own]%ip ( *ild c>e c5t]s1 & = o!r       
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,protect+ ,*ildc>e f       
,private ,equity ,act4  #b4 ,collection 
( in=mation on c]ta9 private fund       
own]%ip ( legal entities t provide      
*ildc>e  7a7 ,9 g5]al ,n lat] ?an #a ye>
 aft] ! date ( enactm5t ( ?is ,act1 !   
,securities & ,ex*ange ,commission1 9   

consultation ) ! ,secret>y ( ,heal? &   
,human ,s]vices1 %all require ea* cov]$ 
private fund to provide ! ,commission ) 
in=mation on ! own]%ip1 pur*ase1 & sale 
by su* fund ( legal entities t provide  
*ildc>e4  7b7 ,report to ,congress ,n   
lat] ?an #a mon? aft] ! end ( ea* fiscal
 ye>1 ! ,commission %all issue a report 
to ,congress conta9+ anonymiz$ data     
collect$ "u subsection 7a7 = ! previ\s  
fiscal ye>4  #c4 ,limitations ) respect 
to newly acquir$ legal entities t       
provide *ildc>e  7a7 ,9 g5]al ,dur+ !   
#d-ye> p]iod beg9n+ on ! date t a cov]$ 
private fund fir/ controls a legal      
entity t provides *ildc>e-- 7#a7 ! cov]$
 private fund may n sell any int]e/ 9 ! 
legal entity2 &  7#b7 ! legal entity may
 n make any divid5d paym5t or capital   
di/ribution to1 or und]take a %>e       
buyback f1 ! cov]$ private fund4  #d4   
,/udy on private equity own]%ip (       
*ildc>e provid]s  7a7 ,/udy ,!          
,comptroll] ,g5]al ( ! ,unit$ ,/ates    
%all1 9 consultation ) ! ,secret>y (    

,heal? & ,human ,s]vices & ! ,securities
 & ,ex*ange ,commission1 c>ry out a /udy
 on ! effect ( private equity own]%ip ( 
*ildc>e provid]s 9 t]ms ( quality ( c>e1
 availability ( spots1 tuition1 employee
 wages1 & su* o!r items z ! ,comptroll] 
,g5]al det]m9es appropriate4  7b7       
,report ,n lat] ?an #b ye>s aft] ! date 
( enactm5t ( ?is ,act1 ! ,comptroll]    
,g5]al %all issue a report to !         
,congress conta9+ all f9d+s &           
det]m9ations made 9 c>ry+ out !         
applicable /udy requir$ "u subsection   
7a74  #e4 ,def9itions ,9 ?is ,act3 7#a7 
,controls ,) respect to a legal entity1 
a p]son controls ! legal entity if !    
p]son owns1 or o!rwise has ! p[] to     
vote1 m ?an #ej p]c5t ( ! equity vot+   
securities ( ! legal entity4  7#b7      
,cov]$ private fund ,! t]m cov]$ private
 fund means an issu]-- 7,a7 t w\ld be an
 inve/m5t company1 z def9$ 9 ! ,inve/m5t
 ,company ,act ( #aidj 7#ae ,u4,s4,c4   
#hj;a-#a et seq471 b = p>agraph 7#a7 or 
7#g7 ( section #c7;c7 ( t ,act2  7,b7 ) 

m ?an #aej1jjj1jjj 9 assets "u          
managem5t2 &  7,c7 t1 ?r\gh legal       
entities controll$ by ! issu]1 provides 
*ildc>e at m ?an #be locations4