HR 3673
Advanced toward a vote
Raises the dollar threshold for the private fund adviser registration exemption under the Investment Advisers Act of 1940 from $150 million to $175 million, and requires the SEC to adjust it for inflation every 5 years.
Official title: Small Business Investor Capital Access Act
Timeline each lane is a chamber; dates pull from congress.gov actions
House
Introduced
03-JUN-2025
Referred
03-JUN-2025
Approved by committee
22-JUL-2025
Reported
08-SEP-2025
On the calendar
08-SEP-2025
- Changes the exemption threshold in Section 203(m) of the Investment Advisers Act of 1940 from $150,000,000 to $175,000,000
- Requires the Securities and Exchange Commission to adjust the threshold every 5 years based on the Consumer Price Index for All Urban Consumers
- Requires each adjusted amount to be rounded to the nearest multiple of $1,000,000
- Cited as the Small Business Investor Capital Access Act
Covers an older version. The newest CRS summary describes the bill as of "Introduced in House" (03-JUN-2025); the text has changed since (Reported in House, 08-SEP-2025).
CRS is the Library of Congress's nonpartisan research office. Read it on congress.gov- Financial Services Committee (House)
Finance and Financial Sector
■ 1 D
1 Democrat