Tailoring for Main Street’s Investors Act

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 4129 Introduced in House (IH)] <DOC> 119th CONGRESS 1st Session H. R. 4129 To amend the Investment Advisers Act of 1940 to provide an exemption from the registration requirements under that Act to certain advisers of private funds, and for other purposes. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES June 25, 2025 Mr. Garbarino introduced the following bill; which was referred to the Committee on Financial Services _______________________________________________________________________ A BILL To amend the Investment Advisers Act of 1940 to provide an exemption from the registration requirements under that Act to certain advisers of private funds, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Tailoring for Main Street's Investors Act''. SEC. 2. EXEMPTION. Section 203 of the Investment Advisers Act of 1940 (15 U.S.C. 80b- 3) is amended by adding at the end the following: ``(o) Exemption From Registration for Certain Private Fund Advisers.-- ``(1) In general.--The Commission shall provide an exemption from the registration requirements under this section to any investment adviser of private funds, if-- ``(A) the investment adviser acts solely as an investment adviser to private funds and has assets under management in the United States of less than $5,000,000,000; ``(B) each of the investors in each such private fund is-- ``(i) a qualified purchaser, as defined in section 2(a) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)); ``(ii) an accredited investor, as defined in section 230.501(a) of title 17, Code of Federal Regulations, or any successor regulation; or ``(iii) an investment professional that is licensed by a national securities association registered pursuant to se