H.R. 1219House115th Congress (2017-2019)Passed House

Supporting America's Innovators Act of 2017

Introduced February 27, 2017

AI-Generated Summary

Updated April 15, 2026 at 1:19 PM UTC

The Supporting America's Innovators Act of 2017 changes the Investment Company Act of 1940 to make it easier for small venture‑capital funds to qualify for an exemption from being treated as investment companies. It raises the maximum number of investors a qualifying fund can have and sets a clear size limit for those funds, affecting venture‑capital managers and their limited partners.

Key Provisions

  • Increases the investor cap for a qualifying venture‑capital fund from 100 to 250 investors.
  • Defines a “qualifying venture capital fund” as one with no more than $10 million in total capital contributions and uncalled committed capital (adjusted for inflation every five years).
  • Specifies that the term “venture capital fund” follows the definition already given in the relevant federal regulations.

Legislative Activity

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15 earlier actions
SenateIntro Referral Latest Action

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

April 6, 2017

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HouseIntro Referral

Introduced in House

February 27, 2017

HouseIntro Referral

Referred to the House Committee on Financial Services.

February 27, 2017

HouseCommittee

Committee Consideration and Mark-up Session Held.

March 9, 2017

HouseCommittee

Ordered to be Reported by the Yeas and Nays: 54 - 2.

March 9, 2017

HouseCommittee

Reported by the Committee on Financial Services. H. Rept. 115-70.

March 29, 2017

HouseCalendars

Placed on the Union Calendar, Calendar No. 41.

March 29, 2017

HouseFloor

Rules Committee Resolution H. Res. 242 Reported to House. Rule provides for consideration of H.R. 1219 with 1 hour of general debate. The resolution provides for one motion to recommit; and providing for proceedings during the period from April 7, 2017 through April 24, 2017

April 3, 2017 • 7:10 PM

HouseFloor

Rule H. Res. 242 passed House.

April 5, 2017 • 2:06 PM

HouseFloor

Considered under the provisions of rule H. Res. 242. (consideration: CR H2759-2767)

April 6, 2017 • 9:15 AM

HouseFloor

Rule provides for consideration of H.R. 1219 with 1 hour of general debate. The resolution provides for one motion to recommit; and providing for proceedings during the period from April 7, 2017 through April 24, 2017

April 6, 2017 • 9:15 AM

HouseFloor

DEBATE - The House proceeded with one hour of debate on H.R. 1219.

April 6, 2017 • 9:16 AM

HouseFloor

The previous question was ordered pursuant to the rule.

April 6, 2017 • 10:06 AM

HouseFloor

Passed/agreed to in House: On passage Passed by the Yeas and Nays: 417 - 3 (Roll no. 221).(text: CR H2759)

April 6, 2017 • 10:32 AM

HouseFloor

On passage Passed by the Yeas and Nays: 417 - 3 (Roll no. 221). (text: CR H2759)

April 6, 2017 • 10:32 AM

HouseFloor

Motion to reconsider laid on the table Agreed to without objection.

April 6, 2017 • 10:32 AM

SenateIntro Referral

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

April 6, 2017

Floor Debate

21 members

What members said about H.R. 1219 on the floor

11 Republicans10 Democrats
James P. McGovern
Rep. James P. McGovernD-MA-2 · Apr 5, 2017

Mr. Speaker, I yield myself such time as I may consume. (Mr. McGOVERN asked and was given permission to revise and extend his remarks.) Mr. Speaker, I want to thank the gentleman for yielding me the…

Frank D. Lucas
Rep. Frank D. LucasR-OK-3 · Mar 30, 2017

Madam Speaker, pursuant to House Resolution 233, I call up the bill (H.R. 1431) to amend the Environmental Research, Development, and Demonstration Authorization Act of 1978 to provide for Scientific…

Maxine Waters
Rep. Maxine WatersD-CA-43 · Apr 6, 2017

Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, H.R. 1219, the Supporting America's Innovators Act, is legislation that certainly shows that sometimes we can get together and we…

Eddie Bernice Johnson
Rep. Eddie Bernice JohnsonD-TX-30 · Mar 30, 2017

Madam Speaker, I yield myself such time as I may consume. I rise in opposition to H.R. 1431, the EPA Science Advisory Board Reform Act of 2017. Like the bill we considered yesterday, the so- called…

Ken Buck
Rep. Ken BuckR-CO-4 · Apr 5, 2017

Mr. Speaker, by direction of the Committee on Rules, I call up House Resolution 242 and ask for its immediate consideration. Mr. Speaker, for the purpose of debate only, I yield the customary 30…

Show 8 more
Bill Huizenga
Rep. Bill HuizengaR-MI-2 · Apr 6, 2017

Mr. Speaker, pursuant to House Resolution 242, I call up the bill (H.R. 1219) to amend the Investment Company Act of 1940 to expand the investor limitation for qualifying venture capital funds under…

Bill Huizenga
Rep. Bill HuizengaR-MI-2 · Apr 5, 2017

Mr. Speaker, I appreciate the opportunity to rise, and I do feel like, to clarify, the bill title of H.R. 1219 is Supporting America's Innovators Act. Our colleagues have seen time and time and time…

Anna G. Eshoo
Rep. Anna G. EshooD-CA-18 · Apr 5, 2017

Mr. Speaker, I thank my colleague from Massachusetts for yielding the time to me. While I support the underlying bill, I want to urge my colleagues to defeat the previous question so that this…

Jeb Hensarling
Rep. Jeb HensarlingR-TX-5 · Apr 6, 2017

Madam Speaker, first, I want to thank the gentleman from Michigan, not only for yielding but, more importantly, for his leadership in helping improve our capital markets and our economy here. I want…

Bill Foster
Rep. Bill FosterD-IL-11 · Mar 30, 2017

Mr. Speaker, I have a motion to recommit at the desk. I am opposed. Mr. Speaker, this is the final amendment to the bill, which will not kill the bill or send it back to committee. If adopted, the…

Steny H. Hoyer
Rep. Steny H. HoyerD-MD-5 · Mar 30, 2017

Mr. Speaker, I rise for the purpose of inquiring of the majority leader the schedule for the week to come. I yield to the gentleman from California (Mr. McCarthy), my friend. (Mr. McCARTHY asked and…

Kevin McCarthy
Rep. Kevin McCarthyR-CA-23 · Mar 30, 2017

I thank the gentleman for yielding. Mr. Speaker, on Monday the House will meet at noon for morning-hour and 2 p.m. for legislative business. Votes will be postponed until 6:30. On Tuesday and…

Nydia M. Velázquez
Rep. Nydia M. VelázquezD-NY-7 · Apr 6, 2017

Mr. Speaker, let me take this opportunity to thank the ranking member for yielding me time. Mr. Speaker, I rise in support of H.R. 1219, the Supporting America's Innovators Act of 2017, which I am…

Show 11 more
Carolyn B. Maloney
Rep. Carolyn B. MaloneyD-NY-12 · Apr 6, 2017

Mr. Speaker, I thank the ranking member for her leadership on this bill and in so many other areas. I also thank Chairmen Hensarling and Huizenga; and, of course, my good friend and colleague from…

David Schweikert
Rep. David SchweikertR-AZ-6 · Mar 30, 2017

Mr. Speaker, have you ever had that deja vu all over again? Haven't we been doing this one since, what, 2013, 2014? I accept I have been off the committee now for 4 years; yet we are talking past…

Niki Tsongas
Rep. Niki TsongasD-MA-3 · Mar 30, 2017

Mr. Speaker, since President Trump took office, I have heard from hundreds of my constituents who are concerned about attacks by this new administration on the Environmental Protection Agency and the…

Randy Hultgren
Rep. Randy HultgrenR-IL-14 · Apr 6, 2017

Mr. Speaker, I rise today to speak in support of H.R. 1219, the Supporting America's Innovators Act of 2017. This is another example of great bipartisan legislation that has been produced by the…

Donald S. Beyer, Jr.
Rep. Donald S. Beyer, Jr.D-VA-8 · Mar 30, 2017

Madam Speaker, I rise today in strong opposition to H.R. 1431, the EPA Science Advisory Board Reform Act. Madam Speaker, H.R. 1431 is a blatant attempt to cripple the important mission of the EPA by…

Steve Chabot
Rep. Steve ChabotR-OH-1 · Apr 6, 2017

Mr. Speaker, I thank the gentleman from North Carolina (Mr. McHenry) for the work that he has done on H.R. 1219, the Supporting America's Innovators Act, and the entire Financial Services Committee…

Warren Davidson
Rep. Warren DavidsonR-OH-8 · Apr 6, 2017

Madam Speaker, I thank Chairman Huizenga for the work on this with Patrick McHenry and the folks on the other side of the aisle. It is nice to come here and see something that is truly collaborative…

Randy Hultgren
Rep. Randy HultgrenR-IL-14 · Apr 5, 2017

Mr. Speaker, I thank my good friend from Colorado. Mr. Speaker, I rise today to support the rule providing for consideration of H.R. 1219, the Supporting America's Innovators Act of 2017. This is a…

Bill Foster
Rep. Bill FosterD-IL-11 · Apr 6, 2017

Mr. Speaker, I rise today in support of H.R. 1219, the Supporting America's Innovators Act of 2017. This bill will increase the number of accredited investors who can invest in an angel or venture…

J. French Hill
Rep. J. French HillR-AR-2 · Apr 6, 2017

Mr. Speaker, I rise in strong support today of H.R. 1219, the Supporting America's Innovators Act, introduced by the gentleman from North Carolina (Mr. McHenry), the chief deputy whip. I am proud to…

Tom Emmer
Rep. Tom EmmerR-MN-6 · Apr 6, 2017

Madam Speaker, I rise today in support of the Supporting America's Innovators Act of 2017. Far too often, during my travels throughout Minnesota's Sixth District, I hear frustrations from…

Bill Text

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Engrossed in HouseIssued April 6, 2017

115th CONGRESS

1st Session

H. R. 1219

AN ACT

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.

1.

Short title

This Act may be cited as the Supporting America’s Innovators Act of 2017.

2.

Investor limitation for qualifying venture capital funds

Section 3(c)(1) of the Investment Company Act of 1940 (15 U.S.C. 80a–3(c)(1)) is amended—

(1)

in the matter preceding subparagraph (A), by inserting (or, in the case of a qualifying venture capital fund, 250 persons) after one hundred persons; and

(2)

by adding at the end the following:

(C)
(i)

The term qualifying venture capital fund means a venture capital fund that has not more than $10,000,000 in aggregate capital contributions and uncalled committed capital, with such dollar amount to be indexed for inflation once every 5 years by the Commission, beginning from a measurement made by the Commission on a date selected by the Commission, rounded to the nearest $1,000,000.

(ii)

The term venture capital fund has the meaning given the term in section 275.203(l)–1 of title 17, Code of Federal Regulations, or any successor regulation.

.

Passed the House of Representatives April 6, 2017.

Clerk.