April 27, 2023

Contact: Robin Ceppos

WASHINGTON, DC – The National Venture Capital Association (NVCA) is pleased to see the House Financial Services Committee passage of the Developing and Empowering Our Aspiring Leaders (DEAL) Act, which will increase access to capital for early-stage startups by modernizing the definition of venture capital fund for purposes of Securities and Exchange Commission (SEC) registration. The DEAL Act was passed as part of the Expanding Access to Capital Act of 2023.

“We commend the Financial Services Committee for understanding the beneficial impact that modernizing the definition of a venture capital fund will have on capital formation and early-stage liquidity,” said Bobby Franklin. “The DEAL Act is a longtime NVCA priority championed by Chair Patrick McHenry (R-NC) and Representative Andy Barr (R-KY) to support the next generation of high growth American companies and broaden the scope of entrepreneurial activity across the nation.”

The legislation will improve opportunities for America’s entrepreneurs throughout the country by unlocking capital that will be invested in promising new ventures that will drive American economic competitiveness and support our technology leadership.

“We are grateful to Chair McHenry and Representative Barr for their strong leadership to support patient capital investment and long-term company growth and we look forward to our continued work together as the bill moves through the legislative process.”


The National Venture Capital Association (NVCA) empowers the next generation of American companies that will fuel the economy of tomorrow. As the voice of the U.S. venture capital and startup community, NVCA advocates for public policy that supports the American entrepreneurial ecosystem. Serving the venture community as the preeminent trade association, NVCA arms the venture community for success, serving as the leading resource for venture capital data, practical education, peer-led initiatives, and networking. For more information about NVCA, please visit