To amend the Investment Company Act of 1940 to expand the investor limitation for qualifying venture capital funds under an exemption from the definition of an investment company.
Supporting America's Innovators Act of 2016
This bill amends the Investment Company Act of 1940 to exempt from its coverage any issuer whose outstanding securities with respect to a qualifying venture capital fund (other than short-term paper) are beneficially owned by not more than 250 persons.
The bill defines "qualifying venture capital fund" as one with no more than $10 million (annually adjusted for inflation) in invested capital.
Received in the Senate.
Placed on the Union Calendar, Calendar No. 693.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.
Committee Consideration and Mark-up Session Held.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported (Amended) by the Yeas and Nays: 57 - 2.
Reported (Amended) by the Committee on Financial Services. H. Rept. 114-660.
Reported (Amended) by the Committee on Financial Services. H. Rept. 114-660.
Placed on the Union Calendar, Calendar No. 511.
Mr. Garrett moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H4235-4236)
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DEBATE - The House proceeded with forty minutes of debate on H.R. 4854.
At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
Considered as unfinished business. (consideration: CR H4244)
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 388 - 9 (Roll no. 349).(text: CR H4235)
Roll Call #349 (House)On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 388 - 9 (Roll no. 349). (text: CR H4235)
Roll Call #349 (House)Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate.