HR-3673 — Small Business Investor Capital Access Act

YourVoice.Now Summary

Corporate Benefits

Private fund managers could handle up to $175 million, not $150 million, before registering with the SEC.

Corporate Benefits

Private fund advisers skipping SEC registration — limit $150M to $175M

Firms that advise only private funds can skip SEC registration if they manage less than $150 million in the U.S. The bill raises that limit to $175 million, but these firms would still keep records and file the reports the SEC requires.

Exemption limit tied to inflation — SEC resets it every 5 years

Every 5 years, the SEC would adjust the $175 million limit to match the change in consumer prices. It would round the new limit to the nearest $1 million.

More about this bill

Firms that manage money only for private investment funds could grow larger before they must register with the SEC (Securities and Exchange Commission). Today the cutoff is $150 million in assets they manage in the U.S. The bill raises it to $175 million. Every 5 years, the SEC would then adjust that cutoff to keep pace with consumer prices. It would round to the nearest $1 million. Most people would see no change in daily life. Firms under the cutoff would still keep records and file the reports the SEC asks for. They would only skip full registration.

Congressional Summary

Congress's official summary of this bill still describes an earlier version of the text, so we have left it out here. You can read it on Congress.gov.

Congress.gov →

Legislative Subjects

Bank accounts, deposits, capitalBanking and financial institutions regulationFinancial services and investmentsInflation and pricesLicensing and registrations

Details

Congress: 119th
Chamber: House
Status: summarized
Action: Reported to House
Action Date: 2025-09-08
Date Added: 2026-10-08
Source: Congress.gov →

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