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I
118TH CONGRESS
1ST SESSION H. R. 2578
To amend the Investment Advisers Act of 1940 to increase the exemption
from registration threshold for certain investment advisers of private
funds to reflect the change in inflation.
IN THE HOUSE OF REPRESENTATIVES
APRIL 13, 2023
Mr. BARR introduced the following bill; which was referred to the Committee
on Financial Services
A BILL
To amend the Investment Advisers Act of 1940 to increase
the exemption from registration threshold for certain in-
vestment advisers of private funds to reflect the change
in inflation.
Be it enacted by the Senate and House of Representa-
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tives of the United States of America in Congress assembled,
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SECTION 1. SHORT TITLE.
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This Act may be cited as the ‘‘Small Business Inves-
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tor Capital Access Act’’.
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•HR 2578 IH
SEC. 2. INFLATION ADJUSTMENT FOR THE EXEMPTION
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THRESHOLD FOR CERTAIN INVESTMENT AD-
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VISERS OF PRIVATE FUNDS.
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Section 203(m) of the Investment Advisers Act of
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1940 (15 U.S.C. 80b–3(m)) is amended by adding at the
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end the following:
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‘‘(4) INFLATION ADJUSTMENT.—The Commis-
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sion shall adjust the dollar amount described under
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paragraph (1)—
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‘‘(A) upon enactment of this paragraph, to
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reflect the change in the Consumer Price Index
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for All Urban Consumers published by the Bu-
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reau of Labor Statistics of the Department of
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Labor between the date of enactment of the
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Private Fund Investment Advisers Registration
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Act of 2010 and the date of enactment of this
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paragraph; and
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‘‘(B) annually thereafter, to reflect the
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change in the Consumer Price Index for All
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Urban Consumers published by the Bureau of
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Labor Statistics of the Department of Labor.’’.
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