Changes SEC rules on accredited investors, startup fundraising and public offerings

§1What it does

Why this matters: A plain-English description of the bill as it was voted on, written by us from the official summary and text.

✎ Drafted by AI from the public sources cited. Each sentence links to its source.

This bill was introduced to let closed-end funds, which are pooled investment funds with a fixed number of shares traded on an exchange, invest more in private investment funds, and the House passed it as a broader package of securities law changes renamed the INVEST Act of 2025.^2,3,4 The House-passed version would limit the Securities and Exchange Commission's power to restrict such closed-end fund investments and would add new ways for people to qualify as accredited investors, the status needed to invest in many private offerings, including through professional expertise or a free exam.⁴ It would also raise the investor and dollar limits for qualifying venture capital funds, let more companies seek confidential SEC review before going public, create an SEC task force on senior investors, and require new disclosures from companies with more than one class of shares.⁴

§2Status

§3How Congress voted

Why this matters: The official count.