Skip to content
Govbase
Govbase
Congress·Passed House·H.R. 3383

House Passes Bill Letting Public Stock-Market Funds Invest in Private Equity

Incentivizing New Ventures and Economic Strength Through Capital Formation Act of 2025

3 months ago·View on Congress.gov

Legislative Progress

House

302123

Senate
President
Law

Key Points

  • This bill limits the Securities and Exchange Commission from blocking a certain kind of public fund from putting some or all of its money into private funds like private equity or hedge funds.
  • If it passes, everyday investors could get easier access to private-market investments by buying shares of these public funds on a stock exchange, instead of needing to be wealthy enough to invest directly.
  • Supporters say it could open up more investment choices; critics worry private funds can be harder to value and sell quickly, which can mean higher risk and less transparency for regular investors.
  • Stock exchanges also would have less power to refuse listings just because a fund plans to invest heavily in private funds, so these products could become more common in brokerage accounts.
  • The bill says it does not change duties to act in investors’ best interests, and it does not erase existing rules about how these funds handle pricing, cash needs, or investor payouts.
Consumer ProtectionEconomyTechnologyTradeData Privacy

Impact Analysis

Personal Impact

How this policy affects specific groups of people

Mixed Impacts(1)
Retiree
Neutral

Milestones

4 milestones32 actions
Dec 15, 2025Senate

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

Dec 11, 2025House

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

Dec 11, 2025House

On passage Passed by recorded vote: 302 - 123 (Roll no. 328).

Dec 11, 2025

Passed/agreed to in House: On passage Passed by recorded vote: 302 - 123 (Roll no. 328).

Dec 11, 2025House

The House adopted the amendments en gros as agreed to by the Committee of the Whole House on the state of the Union.

What Happens Next

Projected impacts based on AI analysis

Within months after the bill becomes law

Closed-end funds and BDCs begin planning or launching funds with higher private-fund exposure

You may see new fund offerings, or an existing closed-end fund may change strategy to include more private equity/private credit through private funds. That could change risk, fees, and how easy it is to understand what the fund owns.

Soon after the bill becomes law, once exchange rules align

Stock exchanges allow listing/trading of CEFs that may invest heavily in private funds, with fewer private-fund-specific limits

More of these funds could be available in regular brokerage accounts. The tradeoff is you may need to do more homework, because private holdings are not priced like regular stocks each day.

As funds update prospectuses and reports after strategy changes

Fund disclosures and shareholder communications emphasize private-asset valuation and liquidity risks

If you own these funds, expect more warnings and explanations about how values are estimated and what could happen in a market downturn. This may affect how comfortable you feel holding the fund for emergencies or short-term goals.

Vote Results

4 votes
HouseFailedAmendmentDec 11, 2025

On Agreeing to the Amendment

An amendment to elect officers of the House.

54
374
Democrat
1209 · 6
Republican
53165 · 5
View full roll call
HouseFailedAmendmentDec 11, 2025

On Agreeing to the Amendment

An amendment numbered 2 printed in House Report 119-1 to allow the U.S. Forest Service to approve the removal of hazardous trees near power lines on federal land without requiring a timber sale, easing a serious threat that has in the past been a major cause of destructive wildfires.

211
219
Democrat
2076 · 3
Republican
4213 · 5
View full roll call
HouseFailedAmendmentDec 11, 2025

On Agreeing to the Amendment

An amendment numbered 2 printed in Part B of House Report 119-2 to delay the enactment of this bill until the Secretary of Health and Human Services and the Attorney General each certify that the bill will lead to a reduction in overdose deaths.

214
215
Democrat
2121 · 3
Republican
2214 · 6
View full roll call

Related Bills

2 bills
S. 3671Related bill

Increasing Investor Opportunities Act

Jan 15Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

H.Res. 936Related bill

Providing for consideration of the bill (H.R. 3898) to amend the Federal Water Pollution Control Act to make targeted reforms with respect to waters of the United States and other matters, and for other purposes; providing for consideration of the bill (H.R. 3383) to amend the Investment Company Act of 1940 with respect to the authority of closed-end companies to invest in private funds; providing for consideration of the bill (H.R. 3638) to direct the Secretary of Energy to prepare periodic assessments and submit reports on the supply chain for the generation and transmission of electricity, and for other purposes; providing for consideration of the bill (H.R. 3628) to amend the Public Utility Regulatory Policies Act of 1978 to add a standard related to State consideration of reliable generation, and for other purposes; providing for consideration of the bill (H.R. 3668) to promote interagency coordination for reviewing certain authorizations under section 3 of the Natural Gas Act, and for other purposes; providing for consideration of the bill (S. 1071) to require the Secretary of Veterans Affairs to disinter the remains of Fernando V. Cota from Fort Sam Houston National Cemetery, Texas, and for other purposes; and for other purposes.

Dec 10Motion to reconsider laid on the table Agreed to without objection.

Source Information

Document Type

Congressional Bill

Official Title

Incentivizing New Ventures and Economic Strength Through Capital Formation Act of 2025

Bill NumberHR 3383
Congress119th Congress
ChamberHouse of Representatives
Latest ActionReceived in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Sponsor

Cosponsors

(4)
D: 3R: 1

Analysis generated by AI. Always verify with official sources.