II 118th CONGRESS 1st Session S. 3319 IN THE SENATE OF THE UNITED STATES November 15, 2023 Mr. Moran (for himself, Mr. Warner , and Mr. Scott of South Carolina ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 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.

1. Short title This Act may be cited as the Expanding American Entrepreneurship Act . 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 .