Press Releases

WTAS: Financial Services Highlights Support for Committee’s Bipartisan INVEST Act

Yesterday, the House of Representatives passed the bipartisan Incentivizing New Ventures and Economic Strength Through Capital Formation (INVEST) Act by a strong bipartisan vote of 302-123.

For more information on the bill, click HERE.

Here’s what they are saying:

Accredited Investor Alliance Letter said, “Congress, in broad bipartisan fashion, has repeatedly supported enhancing the outdated accredited investor framework. The Committee’s continued leadership provides an opportunity to ensure that more Americans with clear, demonstrable financial sophistication and relevant experience can responsibly access private market opportunities that have become increasingly central to capital formation and long-term economic growth. We thank the Committee for its work to expand economic participation, strengthen U.S. capital markets and advance legislation that reflects the needs of today’s investors and entrepreneurs.”

American Benefits Council, Senior Vice President of Global Retirement and Compensation Policy Lynn Dudley said, “Today, the vast majority of 403(b) plans are managed by employers and they are functionally no different from 401(k) plans, so the restriction to higher-cost registered products no longer makes sense. 403(b) plans are almost identical to 401(k) plans except that they can only be maintained by certain eligible employers, such as charities or public educational institutions. So, this historical anomaly is adversely affecting millions of employees of such employers, causing their investments to have higher fees than the 401(k) plans available to employees of taxable companies. As noted in a Morningstar report, the “asset-weighted average expense ratios of both active and passive CITs are less than half those of their mutual fund counterparts.” The bill, which prohibits retail sales of these investments to 403(b) plan participants, would solve this inequity.”

Americans for Tax Reform, Coordinator for Financial Services Policy, Andrew Grims said, “The INVEST Act is good policy that will benefit investors and businesses looking to raise capital alike. The number of U.S. public companies has plummeted from roughly 8,800 in 1997 to fewer than 4,000 today. That steep drop doesn’t merely reflect changing market conditions, it reflects a system weighted heavily against smaller firms, rural entrepreneurs, and small-scale retail investors. Regulatory burdens, outdated qualifications for investors, and arcane barriers to raising funds have created a two-tiered capital system: one for institutions and large investors, and one for everyone else. The INVEST Act is a comprehensive effort to reverse that trend and to restore capital markets as America’s engine of innovation and growth.”

American Retirement Association, Executive Director/CEO, Brian H. Graff, said “On behalf of the over 39,000 members of the American Retirement Association (ARA) who work for 14.5 million Americans in the nonprofit sector relying on 403(b) plans for their retirement savings, I write to express strong support for Section 202 of the INVEST Act (H.R. 3383)—Retirement Fairness for Charities and Educational Institutions. This critical provision will enhance retirement security for American workers such as public-school teachers, charity workers, and other retirement savers who wish to invest in collective investment trusts (CITs) under their 403(b) plans, a long-standing option already available to private-sector employees through 401(k) plans.”

American Securities Association, President and Chief Executive Officer, Christopher Iacovella said, “The INVEST Act would tailor regulation for small public companies, provide more opportunities for individuals to invest in both public and private businesses, and save investors millions of dollars every year by expanding e-delivery access for fund documents and communication.”

Angel Capital Association said, “The early stage investment community is excited about the potential of the INVEST Act. This package of bipartisan bills will increase the flow of capital from private investors to innovative entrepreneurs fueling economic growth and technical breakthroughs. The act will open up unparalleled opportunities for investors and entrepreneurs alike while strengthening home grown innovation in the U.S. and it will do this through modernizing rules and eliminating inefficiencies in the system.  We congratulate our elected officials and their staff for working so hard to conceptualize and deliver upon this critical legislation which will allow us to build on the strength we already have as a nation.”

AngelList, CEO, Avlok Kohli said, “I commend Chairmen Hill and Wagner for their leadership on the INVEST Act.   This important legislation will help entrepreneurs throughout the country raise the capital they need to grow, create more jobs, and innovate. The INVEST Act will ensure that United States capital markets remain the envy of the world and that the United States continues to be the leader in global innovation.”

Cancer Fund Impact Investments, Founder & Managing Director, Anthony Bajoras said, “Today, most Americans who survive cancer, treat it, or develop the innovations to fight it are legally prohibited from investing in those very solutions. These century-old restrictions are costing lives and stifling progress. The INVEST Act takes meaningful steps to change that: Raises the investor cap for Rule 3(c)(1) funds from 250 to 500 and increases the AUM threshold from $10M to $50M, expanding participation for community-backed funds. Expands the accredited investor definition to include individuals with relevant education, testing, or professional experience, recognizing real-world experience. Improves fund-of-funds flexibility, enabling more efficient capital allocation and greater diversification, critical in fields like oncology, where risk mitigation is essential. Encourages innovation in capital formation, empowering more Americans to invest in solutions they care about, including cancer detection and treatment.”

Capital Integration Systems said, “Both pieces of legislation reinforce the AIA’s below platform for expanding accredited investor eligibility: Income and net worth thresholds alone do not determine an individual’s sophistication or financial acumen; additional pathways, such as professional credentials, job experience and examinations, should be available for individuals to qualify for accredited investor status; and reforms must not shrink the current pool of accredited investors.”

Carta said, “Private capital is this nation’s economic and innovation engine. It is critical that we not only bolster this ecosystem but broaden it. The INVEST Act does just that, enabling more Americans to participate in the growth and diversification offered by private markets while driving more capital to the startups and growth-stage businesses building our future across the country.”

Center for American Entrepreneurship said, "But for too long, access to capital for many new and small businesses — especially in America's heartland states — has been complicated by rules and regulations that obstruct capital formation, favor coastal innovation hubs, and restrict opportunities to invest in new businesses.  The INVEST Act addresses each of these problems, expanding access to capital — and participation in America's entrepreneurial economy — to more promising businesses, more Americans, and to every region of the country.  It's for this reason that the INVEST Act, and every individual bill comprising the package, enjoys strong bipartisan support.  The Center for American Entrepreneurship thanks House Financial Services Committee Chair French Hill (R-AR), Capital Markets Subcommittee Chair Ann Wagner (R-MO), the bipartisan co-sponsors of each bill comprising the legislative package, and the Committee's magnificent staff for their leadership.  We look forward to the swift passage of the Act by the full House of Representatives."

Charles Schwab said, “Charles Schwab commends Representatives Hill, Meeks, Wagner and Gottheimer for their efforts in crafting this important bi-partisan legislation. In particular, we are pleased to see Rep. Huizenga’s legislation included, which will require the SEC to promulgate rules to default to the e-delivery of regulatory documents required under the securities laws, while still allowing clients to receive documents in paper form if that is their preference. Default e-delivery is long-overdue, as a large majority of investors prefer the speed, safety and convenience of receiving documents electronically.  Schwab looks forward to working with these Representatives and their colleagues to move this important legislation forward.”

Crowdfunding Professional Association, President, Jenny Kassan said, “The CfPA’s Policy Platform sets out practical recommendations to make Reg CF more accessible and cost-effective for smaller offerings; tailor financial reporting requirements to the size and stage of issuers; improve consistency and transparency in SEC and FINRA oversight; and enhance the clarity, usability, and technology-readiness of investor disclosures and SEC filings. Several provisions of the INVEST Act directly advance these goals and we strongly support these provisions.”

Defined Contribution Alternatives Association, President, Jonathan Epstein said, “Expanding access to private markets would benefit Americans saving for retirement. Research indicates that defined contribution portfolios tend to underperform defined benefit portfolios because they often underweight alternative assets. This conclusion was recently reaffirmed in Georgetown University Center for Retirement Initiatives’ study, “Has the Lack of Asset Diversification in DC Retirement Plans Been a Costly Missed Opportunity?” The study showed that between 2011 and 2020, 401(k) plan participants could have increased annual returns after taking fees into account by approximately 0.15% per year had they had access to private assets. By failing to capture this additional return, the U.S. system lags behind the United Kingdom and Australian systems. Both country’s retirement systems encourage participants to allocate a portion of their defined contribution assets to private markets. This has only happened as a result of policymaker encouragement. Increasing the allocation of alternative assets within retirement saver portfolios will enhance risk-adjusted performance, reduce volatility, and provide plan participants with additional opportunities for risk and return.”

Edward Jones, Principal & Head of Policy, Regulatory and Government Relations, Andy Blocker said, “On behalf of the over nine million individual investors Edward Jones serves, I am writing to enthusiastically support your passage of the Incentivizing New Ventures and Economic Strength Through Capital Formation (INVEST) Act. We have long appreciated your leadership and support for policy proposals that empower retail investors. We believe that the more than twenty bills included in this package will create more opportunities for retail investors to achieve financial security and promote the ability of job-creating small businesses and entrepreneurs to grow and thrive.”

Empower, President and CEO, Edmund F. Murphy III said, “Empower strongly supports Section 202 - Retirement Fairness for Charities and Educational Institutions. This provision expands investor access and establishes parity for investments offered to retirement savers in 403(b) plans. Empower is one of the largest providers to public sector and educational institution retirement plans. In this role, we work closely with 403(b) plan sponsors to institute policies that help workers reach their retirement goals.  This important bill helps complete the work started in the SECURE 2.0 Act of 2022 to provide 403(b) plans the same investment opportunities currently available for other private sector plans, like 401(k)s, and the federal Thrift Savings Plan (TSP). Specifically, the bill makes changes to the securities laws to provide 403(b) plans covering teachers and charities the ability to invest in insurance company separate accounts and collective investment trusts (CITs). This provision would increase investor access. It has broad support in the retirement savings community and received a large bipartisan backing on the floor of the House of Representatives last year. Enactment of this provision would create access for millions of teachers and charitable workers to the same investment options that are currently available to the vast majority of other American workers.”

Fidelity Investments said, “Fidelity Investments applauds the U.S. House of Representatives for its bipartisan efforts to advance the INVEST Act, H.R. 3383, as the next step in the debate on improving capital markets regulation. In particular, we strongly support the inclusion of the Improving Disclosure for Investors Act of 2025, which would direct the SEC to modernize its rules to make eDelivery the default for investor documents. Transitioning to an eDelivery default would allow investors to receive critical documents in a more secure, immediate, and less wasteful manner.”

Financial Technology Association, President and CEO, Penny Lee said, “The fintech industry is leading the way in expanding access to innovative investment tools, and our financial policies need to keep pace with the digital transformation. We support the INVEST Act and bipartisan efforts to modernize our capital markets and expand the definition of an accredited investor so that more Americans can benefit from digital investment opportunities.”   

Great Grey Trust Company said, “This legislation would align investment options available in 403(b) plans with those already available in 401(k), 457(b), and the Federal Thrift Savings Plan. This alignment is crucial for promoting investment parity for millions of teachers, nurses, and nonprofit workers who have been locked out of this lower-cost, and strictly regulated, investment vehicle.”

Insured Retirement Institute, Chief Government & Political Affairs Officer Paul Richman, and Director, Government & Political Affairs, John Jennings said, “IRI proudly supports the INVEST Act of 2025 and reaffirms its endorsement of the three bills referenced above, included in the legislation. The bill is essential for preserving retirement choices and ensuring parity for all retirement plan participants by aligning 403(b) plan investments with the options available in 401(k)s and other retirement plans. The legislation will also enable the electronic delivery of required disclosures, complete with safeguards and opt-out options, ensuring that investors receive timely and useful information. Finally, it will establish a Senior Investor Taskforce at the SEC and mandate a Government Accountability Office (GAO) study on financial exploitation, focusing resources where abuse is most prevalent. For these compelling reasons, IRI urges you and your colleagues in the U.S. House of Representatives to act quickly to advance the INVEST Act of 2025.”

Institute for Portfolio Alternatives, President and CEO, Anya Coverman said, “The INVEST Act is one of the most far-reaching capital formation initiatives in years. It expands investor opportunity, fuels entrepreneurial growth and strengthens retirement outcomes while maintaining core investor protections. The IPA is proud to support this pro-growth legislation, and we thank Chairman Hill and Representatives Wagner, Meeks and Gottheimer for their stewardship of the INVEST Act.”

INVEST Act Coalition, “The INVEST Act is an important bipartisan effort that will strengthen America’s capital-formation infrastructure by expanding access to capital, restoring public-market dynamism, democratizing investment opportunities, and modernizing regulation. Thank you for your leadership in advancing policies to ensure America’s entrepreneurs can access the capital they need at each stage of their lifecycle and provide more opportunities for investors. These efforts are critical to creating jobs, driving upward mobility, and ensuring the U.S. continues to lead the world in innovation and economic growth.”

Investor Choice Advocates Network, Founder and President Nicholas morgan, and Senior Legal Director & Policy Counsel, said, “I write to express strong support for H.R. 3383, the Incentivizing New Ventures and Economic Strength Through Capital Formation (INVEST) Act of 2025. The INVEST Act will expand the nation's capacity to fund early-stage businesses by (1) enabling new venture capital fund formation, (2) reducing outdated regulatory barriers that impede start-ups' access to capital, and (3) broadening opportunities for retail investors to participate safely and responsibly-in the high-growth segment of the private markets. Critically, the INVEST Act achieves these objectives without compromising investor protection.”

Investment Adviser Association said, “The Investment Adviser Association strongly supports H.R. 3383, the INVEST Act, which delivers balanced, forward-looking reforms to modernize U.S. capital markets, support small businesses, improve retirement security, strengthen public markets, and protect investors. The bill includes IAA-supported language - previously passed unanimously in the House - directing the SEC to update its outdated “small entity” definition so future rulemakings better reflect the needs and burdens of small advisers. It also modernizes e-delivery to improve investor access to disclosures; updates the accredited investor definition so that knowledge, experience, and professional credentials - not just wealth – can determine eligibility; and expands investment options for millions of educators and nonprofit workers by allowing 403(b) retirement plans (common plans for public schools and nonprofits) to invest in collective investment trusts (CITs). The INVEST Act further protects older investors through a dedicated SEC Senior Investor Taskforce and strengthens public markets by streamlining disclosure requirements to help companies go and stay public. The IAA thanks Chairman French Hill, Capital Markets Subcommittee Chair Ann Wagner, Rep. Gregory Meeks, and Rep. Josh Gottheimer for their leadership in advancing these thoughtful, bipartisan reforms. We urge Congress to advance this legislation.”

Investment Company Institute, CEO & President Eric Pan said, “Capital formation is the engine of American economic growth. The INVEST Act makes several important improvements that will help millions of American investors succeed. When we broaden investment opportunities, we make it easier for businesses to raise capital, make available more retirement plan options, and streamline disclosure practices, investors and markets benefit. The US capital markets are the deepest and most liquid in the world, and legislation such as this will help preserve that significant competitive advantage. ICI applauds the work of Chairman Hill, Capital Markets Chair Wagner, and all the members of the Committee for their work to advance this package.”

LPL Financial said, “LPL Financial is pleased to support H.R. 3883, the Incentivizing New Ventures and Economic Strength Through Capital Formation Act of 2025 (INVEST Act), which promotes increased investor confidence and long-term financial stability for families to save and build wealth, while providing small businesses with incentives to grow, innovate, and compete.”

Managed Funds Association, President and CEO, Bryan Corbett said, “MFA applauds the committee for prioritizing legislation that strengthens America’s capital markets and drives economic growth. More efficient and effective regulation promotes an economy where businesses, workers, and retirees all thrive. We look forward to supporting Congress as it advances policies that foster innovation, encourage investment, and strengthen the foundation of America’s financial future.”

Massachusetts Biotechnology, Council President and CEO, Kendalle Burlin O’Connell said, “MassBio urges the House to advance the INVEST Act and to continue working in a bipartisan manner to strengthen our capital markets. Doing so will not only expand access to capital for our innovators, but also ensure that American patients and families benefit from the next generation of cures and treatments being discovered and developed in labs in Massachusetts and across the country.”

MissionSquare, Chief Executive Officer, Andrew Robinson said, “At MissionSquare, we remain strongly in favor of programs that create parity in retirement investment options, as this is essential to strengthening the financial security of American workers. Ensuring all working Americans have access to the tools they need to build a secure financial future is vital, and we urge Congress to advance this legislation and expand access to CITs for greater flexibility and choice.”

National Association of Manufacturers Senior Director, Edward Allen and Vice President, Jake Kuhns said, “On behalf of the National Association of Manufacturers, we write in strong support of H.R. 3383, the Incentivizing New Ventures and Economic Strength Through Capital Formation (INVEST) Act. This bipartisan legislative package, introduced by Chair French Hill (R-AR), Subcommittee Chair Ann Wagner (R-MO), Rep. Gregory Meeks (D-NY), and Rep. Josh Gottheimer (D-NJ), would reduce regulatory burdens and enhance capital formation for small and medium-sized manufacturers. The NAM is the voice of the manufacturing community and the leading advocate for a policy agenda that supports and empowers the 13 million people who make things in America.”

NVCA, President & CEO, Bobby Franklin said, “The INVEST Act will help unlock early-stage capital in regions that too often face persistent funding gaps, expanding opportunity for entrepreneurs across the country by modernizing outdated rules and empowering emerging managers, while also reducing some of the regulatory friction that prevents more venture-backed companies from going public. We appreciate the committee’s leadership and look forward to working together to ensure more startups can launch, scale, and create jobs in every corner of America.”

Small Business Investor Alliance, President, Brett Palmer said, “SBIA also supports several provisions under Title II of the INVEST Act that would modernize the SEC’s definition of an “accredited investor,” or individuals eligible to invest in certain private offerings of securities. The current definition equates sophistication with wealth and generally prohibits individuals from investing in private offerings unless they meet minimum income or net worth thresholds. This has the effect of being both overinclusive and underinclusive at the same time – a wealthy person with no knowledge of the financial markets is free to invest in private offerings, while an experienced, sophisticated investor who may not be “wealthy” enough by the SEC’s definition is prohibited from doing the same. The reforms under Title II would expand the definition and permit an individual to demonstrate their financial sophistication and be deemed “accredited,” regardless of how much they are worth or how much they make per year. This will help further democratize the financial markets and open investment opportunities for more households at a time when the private capital markets have substantially grown. SBIA thanks members of both parties for their leadership on these critical issues and urges all members to support the INVEST Act.”

Small Business and Entrepreneurship Council, President and CEO, Karen Kerrigan said, “Measures and reforms included in the INVEST Act will support startups and small to mid-size businesses at various stages of growth, and across all sectors. From launch to expansion, provisions within the legislation will provide entrepreneurs with more options, certainty, and flexibility as they work to raise, secure or retain capital, and focus on innovating and growing their firms. SBE Council urges every member of the U.S. House to vote in favor of this vital package of reforms and solutions that will directly benefit and fuel America’s startup and small business ecosystem, which will strengthen innovation and competitiveness across every sector of the U.S. economy.”

Spark Institute, Executive Director, Tim Rouse said, “On behalf of the SPARK Institute, we wanted to share our letter of support for the INVEST Act and specifically for Section 202 the Retirement Fairness for Charities and Educational Institutions Act to ensure full investment parity for all 403(b) plan retirement savers. The SPARK Institute represents the interests of a broad-based cross section of retirement plan service providers and investment managers.  Collectively, our members serve more than 110 million employer-sponsored plan participants. SPARK will be reaching out to all House offices and specifically the Democrats to urge their support for this important package. Please let us know what else we can do to help and thank you again for your great work to advance this critical package.”

Stable Value Investment Association, President, Zach Gieske said, “The bill also provides 403(b) plans with access to insurance company separate accounts. This access is especially important for stable value, as it allows for additional customization and protections for plans. While general account stable value products are an effective solution for many plans, they cannot be customized to meet the specific needs of larger and more complex plans. Separate account stable value funds are a well-established tool in the rest of the defined contribution system with approximately 5,000 plans and $70 billion dollars in assets as of year-end 2024.”

State Street Investment Management, Head of Retirement, Brendan Curran said, “Legislation to provide parity to charities and public educational institutions has been introduced and worked on for more than five years. SECURE 2.0, enacted at the end of 2022, included the necessary tax law changes to create this needed parity. The current legislation will finish the job by adding the critical securities law exemptions that will make these investments available to 403(b) plan sponsors and their participants. Thank you for your work on this legislation, which simply provides parity and fairness to 403(b) plan participants. We look forward to working with you to ensure that the legislation is enacted this year.”

TIAA, President and CEO, Thasunda Brown Duckett said, “On behalf of TIAA and our asset management arm, Nuveen, I write to express our strong support for H.R. 3383, the INVEST Act of 2025. This capital formation package will unlock low-cost investment options for retirement savers, spur economic growth and innovation, reduce unnecessary regulatory burdens, and modernize our capital markets. I would like to highlight the inclusion of two key priorities for retirement savers and other investors: the Retirement Fairness for Charities and Educational Institutions Act and the Increasing Investor Opportunities Act.”

U.S. Chamber of Commerce, Senior Vice President, Mike Flood said, “The bipartisan INVEST Act is an essential next step to facilitate access to capital at every stage of a company’s lifecycle – from startup to initial public offering (“IPO”) and each step in between. H.R. 3383 supports the IPO on-ramp and unlocks capital for small businesses through legislation that would tailor Securities and Exchange Commission (SEC) reporting requirements to be more responsive to the needs of small business.”