Venture Capital Company Act of 1979
Latest action. Referred to Senate Committee on Banking, Housing and Urban Affairs.
Venture Capital Company Act of 1979 - Amends the Investment Company Act of 1940 to exempt any qualified venture capital company from regulation under such Act as an investment company if it has a class of equity securities registered under the Securities Exchange Act of 1934. Provides a limited exemption to venture capital companies whose securities are owned by more than 100 persons or which proposes to make a public offering of its securities. Defines "established venture capital company" to qualify for such exemptions only those companies which: (1) have been engaged in specified promotional activities for the preceding five continuous years; and (2) have 60 percent of their net assets in securities which were acquired in transactions not involving registration under the Securities Act of 1933. Requires any exempted venture capital company whose securities are owned by more than 100 persons to have a majority of outside, independent directors on its board. Requires any such company to sell or dispose of the securities it owns only in the manner and amounts permitted by the provisions of the Securities Act of 1933 governing the sale of securities acquired in transactions not involving a public offering. Restricts the directors, officers, employees and controlling shareholders of any such company in owning and purchasing securities of the companies in which it invests.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on July 18, 1979. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on July 18, 1979: Referred to Senate Committee on Banking, Housing and Urban Affairs.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the Senate
- Passage by the House
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 96th Congress (1979-80), 613 of the 12,581 bills and joint resolutions introduced became law, about 4.9 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
JOHN TOWER (R-TX) introduced it on July 18, 1979, and 3 members have since signed on as cosponsors.
They come from both major parties: 1 Democrat, 2 Republicans.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on July 18, 1979, 17221 days ago. The most recent recorded action was 17221 days ago, on July 18, 1979.
Measures do not carry over. Anything the 96th Congress has not finished by January 3, 1981 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- SenateIn committee, no floor vote yet
- HouseAwaits Senate passage
- PresidentAwaits both chambers