Bill lets more people put money into private funds.

What it does

The bill makes it easier for people to put money into private funds. It raises how much money or pay someone needs to qualify. It lets people take a test to qualify instead of proving their wealth. The bill lets closed-end funds put money into private funds. It also lets companies send fund papers by email.

Who it affects

People who want to put money into private funds can do so more easily. Small groups and startups may find it easier to raise money. Private fund managers can reach more people.

One thing to notice

The bill lets people with less money put money into private funds if they pass a test. But the test only checks if someone knows about risks, not if they can afford to lose money.

From the analysis of the bill text, linked under Primary records below.

Where it stands

4 cosponsors: 3 Democrats, 1 Republicans.

• May 14, 2025 — Introduced · Congress.gov: “Introduced in House”
• May 14, 2025 — Referred to House Committee on Financial Services and Senate Committee on Banking, Housing, and Urban Affairs · Congress.gov: “Referred to the House Committee on Financial Services”
• May 20, 2025 — Markup held in committee · Congress.gov: “Committee Consideration and Mark-up Session Held”
• May 20, 2025 — Reported out of committee · Congress.gov: “Ordered to be Reported (Amended) by the Yeas and Nays: 41 - 10”
• Dec 11, 2025 — Passed the House · Congress.gov: “On passage Passed by recorded vote: 302 - 123 (Roll no. 328)”

Dates and quoted wording are Congress.gov's action record; the timeline shows status changes, not every procedural step.

Money around this bill

61 groups reported lobbying about this bill. They filed 106 reports from Jun 2025 to Jun 2026.

Those reports show $80,952,337 in lobbying spending. Each report lists about 8 bills. So that money was not all for this bill.

More groups named this bill than 99% of bills with any report.

Ann Wagner, who sponsored the bill, received $1,224,750 from PACs for the 2026 election.

• Chamber of Commerce of the U.S.A. — $54,660,000 in 3 reports
• Securities Industry and Financial Markets Association — $5,090,000 in 2 reports
• American Council of Life Insurers — $4,085,837 in 3 reports
• Investment Company Institute — $2,106,510 in 2 reports
• Edward D. Jones & Co., L.p. — $1,480,000 in 1 report

Lobbying is legal. These reports show who lobbied about this bill, not what changed.

Words to know

• private funds — Money pools not sold to the public, often riskier and less clear.
• closed-end funds — A fund that pools money from people to buy stocks and other assets.
• lobbying — Trying to influence lawmakers about a bill. Companies and groups pay people to do this.
• PACs — Groups that collect money and give it to candidates for office.
• sponsored — To sponsor a bill is to introduce it in Congress and put your name on it.