[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3673 Reported in House (RH)]

<DOC>





                                                 Union Calendar No. 211
119th CONGRESS
  1st Session
                                H. R. 3673

                          [Report No. 119-254]

To amend the Investment Advisers Act of 1940 to increase the exemption 
from registration threshold for certain investment advisers of private 
               funds to reflect the change in inflation.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              June 3, 2025

Mr. Barr (for himself and Ms. Velazquez) introduced the following bill; 
       which was referred to the Committee on Financial Services

                           September 8, 2025

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]
[For text of introduced bill, see copy of bill as introduced on June 3, 
                                 2025]


_______________________________________________________________________

                                 A BILL


 
To amend the Investment Advisers Act of 1940 to increase the exemption 
from registration threshold for certain investment advisers of private 
               funds to reflect the change in inflation.


 


    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Small Business Investor Capital 
Access Act''.

SEC. 2. INFLATION ADJUSTMENT FOR THE EXEMPTION THRESHOLD FOR CERTAIN 
              INVESTMENT ADVISERS OF PRIVATE FUNDS.

    Section 203(m) of the Investment Advisers Act of 1940 (15 U.S.C. 
80b-3(m)) is amended--
            (1) in paragraph (1), by striking ``$150,000,000'' and 
        inserting ``$175,000,000''; and
            (2) by adding at the end the following:
            ``(5) Inflation adjustment.--The Commission shall, every 5 
        years, adjust the dollar amount described under paragraph (1) 
        to reflect the change in the Consumer Price Index for All Urban 
        Consumers published by the Bureau of Labor Statistics of the 
        Department of Labor, and round such dollar amount to the 
        nearest multiple of $1,000,000.''.
                                                 Union Calendar No. 211

119th CONGRESS

  1st Session

                               H. R. 3673

                          [Report No. 119-254]

_______________________________________________________________________

                                 A BILL

To amend the Investment Advisers Act of 1940 to increase the exemption 
from registration threshold for certain investment advisers of private 
               funds to reflect the change in inflation.

_______________________________________________________________________

                           September 8, 2025

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed