summary
Introduced
02/27/2017
02/27/2017
In Committee
03/09/2017
03/09/2017
Crossed Over
09/12/2017
09/12/2017
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
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.
AI Summary
This bill amends the Investment Company Act of 1940 to exempt a qualifying venture capital fund (a fund with less than $10 million in aggregate capital contributions and uncalled committed capital) from being considered an "investment company" if it has up to 250 investors, rather than the current 100-investor limit. This change is intended to make it easier for venture capital funds to raise capital from a larger number of investors while still maintaining the exemption from the Act's requirements.
Committee Categories
Housing and Urban Affairs
Sponsors (3)
Last Action
Held at the desk. (on 09/12/2017)
Official Document
bill text
bill summary
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bill summary
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bill summary
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