Project 2025 Tracker / What’s done, what’s next

25. Small Business Administration · Notable · Needs Congress

Enact the JOBS Act 4.0

Attempted

758 25. Small Business Administration

“The JOBS Act 4.0 would advance regulatory improvements and modernization of various Securities and Exchange Commission (SEC) rules to enhance capital formation and access.”

What has happened

  1. Attempted

    The House passed a third component, H.R. 3383, the Incentivizing New Ventures and Economic Strength Through Capital Formation (INVEST) Act of 2025, amending the Investment Company Act of 1940 to widen the authority of closed-end companies to invest in private funds, by 302–123 (Roll no. 328). The Senate received it on 2025-12-15 and referred it to Banking, Housing, and Urban Affairs. No bill titled "JOBS Act 4.0" has been introduced in the 119th Congress, and none of the components has been enacted; three more — the Accredited Investor Definition Review Act, the Small Business Investor Capital Access Act and the Regulation A+ Improvement Act — sit on the Union Calendar without a floor vote.

  2. Attempted

    The House passed two of the capital-formation measures that make up the JOBS Act 4.0 package on the same day: H.R. 2225, the Access to Small Business Investor Capital Act, which lets a registered investment company omit acquired fund fees and expenses attributable to business development companies from its registration statement, by voice vote; and H.R. 3422, the Promoting Opportunities for Non-Traditional Capital Formation Act, which amends the Securities Exchange Act to make the SEC's Advocate for Small Business Capital Formation provide educational resources and host events on capital-raising options, 321–87. Both were received in the Senate on 2025-06-24 and referred to Banking, Housing, and Urban Affairs, where they remain.

Research log

What was searched, and what didn’t count as evidence

Research notes

  • Boundary, and the reason for the rung. The package itself does not exist in the 119th Congress, so a strict title reading would leave this at not started. Held at attempted because the Quote defines the ask by substance — “regulatory improvements and modernization of various Securities and Exchange Commission (SEC) rules to enhance capital formation and access” — and three bills doing exactly that have passed a chamber. Spot-check raised; a reviewer who reads §3b’s “progress is measured on this ask” as requiring the named vehicle should move it down.
  • Negative search: jq over bills.ndjson for JOBS Act (28 records, none of them a securities package), Jumpstart Our Business (0), and for accredited investor|Regulation A|emerging growth|capital formation|crowdfunding|micro-offering (17 records, all listed and read by title). Action histories from govinfo.gov/bulkdata/BILLSTATUS/119/hr/.
  • The SEC’s own side of this ask is researched in Chapter 27 (ticket 24, financial regulators); its Regulatory Flexibility Agenda of 2026-08-14 names an “Updating the Exempt Offering Pathways” entry and no entry for Regulation Crowdfunding or finders.
Action
other
Object
JOBS Act 4.0
ID
2067