Expanding American Entrepreneurship Act
This bill revises qualification requirements for venture capital funds. Venture capital funds are exempt from certain regulations applicable to other investment firms, including those related to filings, audits, and restricted communications with investors. Currently, an investment firm qualifies as a venture capital fund if, among other requirements (1) the fund's securities are owned by 250 persons or less, and (2) the fund has $10 million or less in aggregate capital contributions and uncalled committed capital. The bill increases these amounts to 500 persons and $50 million, respectively.
To amend the Investment Company Act of 1940 to address entities that 
are not considered to be investment companies for the purposes of that 
                      Act, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Expanding American Entrepreneurship 
Act''.

SEC. 2. INVESTMENT COMPANIES.

    Section 3(c)(1) of the Investment Company Act of 1940 (15 U.S.C. 
80a-3(c)(1)) is amended--
            (1) in the matter preceding subparagraph (A), in the first 
        sentence, by striking ``250 persons'' and inserting ``500 
        persons''; and
            (2) in subparagraph (C)(i), by striking ``$10,000,000'' and 
        inserting ``$50,000,000''.
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Expanding American Entrepreneurship Act
A bill to amend the Investment Company Act of 1940 to address entities that are not considered to be investment companies for the purposes of that Act, and for other purposes.
Expanding American Entrepreneurship Act
Sen. Moran, Jerry