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H. Rept. 114-660 1 (2016-07-05)

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                     114TH CONGRESS                                         REPORT
                        2d Session     HOUSE   OF REPRESENTATIVES           114-660







                        SUPPORTING AMERICA'S INNOVATORS ACT OF 2016



                      JULY 5, 2016.-Committed to the Committee of the Whole House on the State of
                                        the Union and ordered to be printed



                        Mr. HENSARLING,   from the Committee   on Financial Services,
                                          submitted  the  following


                                              REPORT

                                            [To accompany H.R. 4854]

                              [Including cost estimate of the Congressional Budget Office]

                      The  Committee   on Financial Services, to whom   was referred the
                    bill (H.R. 4854) 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,
                    having   considered  the same,  report  favorably  thereon  with  an
                    amendment and recommend that the bill as amended do pass.
                      The  amendment   is as follows:
                      Strike all after the enacting clause and insert the following:
                    SECTION 1. SHORT TITLE.
                      This Act may be cited as the Supporting America's Innovators Act of 2016.
                    SEC. 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) by inserting after one hundred persons the following: (or, with respect
                         to a qualifying venture capital fund, 250 persons); and
                         (2) by adding at the end the following:
                             (C) The term 'qualifying venture capital fund' means any venture capital
                           fund (as defined pursuant to section 203(l)(1) of the Investment Advisers
                           Act of 1940 (15 U.S.C. 80b-3(l)(1)) with no more than $10,000,000 in in-
                           vested capital, as such dollar amount is annually adjusted by the Commis-
                           sion to reflect the change in the Consumer Price Index for All Urban Con-
                           sumers published by the Bureau of Labor Statistics of the Department of
                           Labor..

                                          PURPOSE   AND  SUMMARY

                       Introduced by Representative  McHenry   on March   23, 2016, H.R.
                    4854,  the Supporting America's  Innovators Act of 2016, increases
                    the  limit on the number   of individuals who  can invest in certain
                    venture  capital funds before those funds  must  register as invest-
                        59-006

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