Press Releases

Today, the House of Representatives passed six bipartisan bills from the House Committee on Financial Services. Collectively, these bills further advance the Committee’s agenda to increase transparency at HUD, promote access to capital, and restore peace and democracy in Burma. 

H.R. 225 – HUD Transparency Act, sponsored by Rep. Monica De La Cruz (TX-15), unanimously passed the House by voice vote. H.R. 225 requires annual testimony from the Department of Housing and Urban Development (HUD) Inspector General (IG) by October 1 of each year before the House Committee on Financial Services and Senate Committee on Banking, Housing, and Urban Affairs Committees.

• WATCH: Rep. De La Cruz speak in support of the bill here.

H.R. 4429 – Developing and Empowering our Aspiring Leaders (DEAL) Act of 2025, sponsored by Subcommittee on Capital Markets Chairman Ann Wagner (MO-02) and Rep. Sean Casten (IL-06), unanimously passed the House by voice vote. H.R. 4429 amends the “venture capital fund” definition to allow an investment in another VC fund to be considered a “qualifying investment,” enabling large VC funds to invest more capital into smaller funds, supporting a more diverse group of founders outside of traditional tech centers.

• WATCH: Rep. Wagner speak in support of the bill here.

H.R. 4430 – Expanding WKSI Eligibility Act, sponsored by Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence Chairman Bryan Steil (WI-01) and Rep. Cleo Fields (LA-06), unanimously passed the House by voice vote. H.R. 4430 expands the availability of Well-Known Seasoned Issuer (WKSI) status by updating the WKSI definition to apply to all companies that otherwise satisfy the WKSI definition with a public float of $400 million, rather than the current public float of $700 million. Additionally, the SEC shall publish the total number of WKSI waiver applications and withdrawals.

• WATCH: Rep. Steil speak in support of the bill here.

H.R. 4431 – Improving Capital Allocation for Newcomers (ICAN) Act of 2025, sponsored by Rep. William Timmons (SC-04) and Rep. Brittany Pettersen (CO-07), unanimously passed the House by voice vote. H.R. 4431 modifies the Qualifying Venture Capital Fund Exemption by increasing the cap on aggregate capital contributions and uncalled capital commitments from $10 million to $50 million. This measure also increases the allowable number of beneficial owners in a qualifying VC fund from 250 to 500. Five years after enactment, the Advocate for Small Business Capital Formation shall conduct a study on the effect of these changes and issue a report to Congress. The SEC may then issue rules to adjust the thresholds if it determines that the amendments have had a demonstrable effect on expanding investment.

• WATCH: Rep. Timmons speak in support of the bill here.

H.R. 4423 – No New Burma Funds Act, sponsored by Rep. Nikema Williams (GA-05) and Rep. Young Kim (CA-40), passed the House by a vote of 385-0. H.R. 4423 mandates that the United States use its voice and vote to continue the World Bank’s pause on disbursements and new financing commitments to the government of Burma, which was initiated after a military coup overthrew the democratically elected government of Burma in 2021.

• WATCH: Rep. Kim speak in support of the bill here.

H.R. 3716 – Systemic Risk Authority Transparency Act, sponsored by Rep. Al Green (TX-09), unanimously passed the House by voice vote. H.R. 3716 requires the GAO and appropriate federal banking regulators to issue reports within specified timeframes when the FDIC invokes the systemic risk exception, detailing causes of bank failures, regulatory actions, and any management or supervisory shortcomings.