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Developing and Empowering our Aspiring Leaders Act of 2023

12/15/2023, 3:56 PM

Summary of Bill HR 2579

Bill 118 hr 2579, also known as the Developing and Empowering our Aspiring Leaders Act of 2023, aims to provide support and resources for young leaders in the United States. The bill focuses on empowering aspiring leaders by offering mentorship programs, leadership training, and networking opportunities.

One key aspect of the bill is the establishment of a national mentorship program, which will pair young leaders with experienced professionals in their field. This mentorship program aims to provide guidance and support to help aspiring leaders reach their full potential.

Additionally, the bill includes provisions for leadership training programs, which will offer workshops and seminars on topics such as public speaking, conflict resolution, and strategic planning. These programs are designed to equip young leaders with the skills and knowledge they need to succeed in their chosen field. Furthermore, the bill allocates funding for networking opportunities, such as conferences and events, where aspiring leaders can connect with other like-minded individuals and build valuable relationships. Overall, the Developing and Empowering our Aspiring Leaders Act of 2023 seeks to invest in the next generation of leaders in the United States by providing them with the support and resources they need to succeed.

Congressional Summary of HR 2579

Developing and Empowering our Aspiring Leaders Act of 2023

This bill directs the Securities and Exchange Commission to revise venture capital investment regulations. Venture capital funds are exempt from certain regulations applicable to other investment firms, including those related to filings, audits, and restricted communications with investors. Under current law, non-qualifying investments—which include secondary transactions and investments in other venture capital funds—may comprise up to 20% of a venture capital fund.

The bill allows investments acquired through secondary transactions or investments in other venture capital funds to be considered as qualifying investments for venture capital funds. However, for a private fund to qualify as a venture capital fund, the fund's investments must predominately (1) be acquired directly, or (2) be investments in other venture capital funds.

Current Status of Bill HR 2579

Bill HR 2579 is currently in the status of Bill Introduced since April 13, 2023. Bill HR 2579 was introduced during Congress 118 and was introduced to the House on April 13, 2023.  Bill HR 2579's most recent activity was Referred to the House Committee on Financial Services. as of April 13, 2023

Bipartisan Support of Bill HR 2579

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 2579

Primary Policy Focus

Finance and Financial Sector

Potential Impact Areas

- Administrative law and regulatory procedures
- Financial services and investments
- Securities
- Securities and Exchange Commission (SEC)

Alternate Title(s) of Bill HR 2579

Developing and Empowering our Aspiring Leaders Act of 2023
Developing and Empowering our Aspiring Leaders Act of 2023
To require the Securities and Exchange Commission to revise the definition of a qualifying investment, for purposes of the exemption from registration for venture capital fund advisers under the Investment Advisers Act of 1940, to include an equity security issued by a qualifying portfolio company and to include an investment in another venture capital fund, and for other purposes.

Comments

Sponsors and Cosponsors of HR 2579

Andy Barr
Andy Barr
KentuckyRepublican

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