On the recordMarch 6, 2024
At this time, I am pleased to offer this bipartisan amendment with my friend from Missouri (Mrs. Wagner) along with the support of my colleagues Mr. Scott and Mr. Nickel. This amendment would provide opportunities for enhanced exposure to private funds through closed-end funds, investment vehicles with comprehensive protections under the 1940 Investment Company Act. These rules include the mandatory requirement that the fund be managed by an investment adviser who is required to conduct due diligence on a fund's investments, answer to independent directors, and adhere to extensive disclosure and reporting requirements. This amendment also makes clear that investors should be given access to the growth opportunities provided in the private markets so long as they have proper disclosures and risk mitigation. I am happy to sponsor this bipartisan amendment primarily because it also broadens opportunities and increases access for people who have been left out in the past while ensuring that robust rules of the road are followed.
