H.R. 2578 – Small Business Investor Capital Access Act

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Updated January 20, 2026 at 6:13 AM UTC

The Small Business Investor Capital Access Act amends the Investment Advisers Act of 1940 to raise the dollar threshold that exempts certain private‑fund investment advisers from registration. It updates the exemption amount to reflect inflation, using changes in the Consumer Price Index since the 2010 Private Fund Investment Advisers Registration Act and then each year thereafter. The change affects private‑fund advisers and the Securities and Exchange Commission, which must apply the new thresholds.

Key Provisions

Adds an inflation‑adjustment clause to Section 203(m) of the Investment Advisers Act, directing the SEC to update the exemption dollar amount based on CPI changes from 2010 to the enactment date and annually thereafter.

Legislative Activity

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HouseIntro Referral Latest Action

Referred to the House Committee on Financial Services.

Financial Services Committee

April 13, 2023

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HouseIntro Referral

Introduced in House

April 13, 2023

HouseIntro Referral

Referred to the House Committee on Financial Services.

Financial Services Committee

April 13, 2023

Bill Text

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Introduced in HouseIssued April 13, 2023

I

118th CONGRESS

1st Session

H. R. 2578

IN THE HOUSE OF REPRESENTATIVES

April 13, 2023

Mr. Barr introduced the following bill; which was referred to the Committee on Financial Services

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.

1.

Short title

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

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 by adding at the end the following:

(4)

Inflation adjustment

The Commission shall adjust the dollar amount described under paragraph (1)—

(A)

upon enactment of this paragraph, 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 between the date of enactment of the Private Fund Investment Advisers Registration Act of 2010 and the date of enactment of this paragraph; and

(B)

annually thereafter, 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.

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