A bill 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.
(This measure has not been amended since it was introduced. The expanded summary of the Senate reported version is repeated here.)
Supporting America's Innovators Act of 2017
(Sec. 2) This bill amends the Investment Company Act of 1940 to exempt from the definition of an "investment company," for purposes of specified limitations applicable to such a company under the Act, a qualifying venture capital fund that has no more than 250 investors. Specifically, the bill applies to a venture capital fund that has less than $10 million in aggregate capital contributions and uncalled committed capital.
Under current law, a venture capital fund is considered to be an investment company if it has more than 100 investors.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Committee on Banking, Housing, and Urban Affairs. Ordered to be reported without amendment favorably.
Committee on Banking, Housing, and Urban Affairs. Reported by Senator Crapo without amendment. Without written report.
Committee on Banking, Housing, and Urban Affairs. Reported by Senator Crapo without amendment. Without written report.
Placed on Senate Legislative Calendar under General Orders. Calendar No. 12.
Committee on Small Business and Entrepreneurship. Hearings held. Hearings printed: S.Hrg. 115-58.
Passed/agreed to in Senate: Passed Senate without amendment by Unanimous Consent.(consideration: CR S5168; text: CR S5168)
Passed Senate without amendment by Unanimous Consent. (consideration: CR S5168; text: CR S5168)
Received in the House.
Message on Senate action sent to the House.
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Held at the desk.