The Incentivizing New Ventures and Economic Strength Through Capital Formation (INVEST) Act of 2025 (H.R. 3383)

In recent Congresses, some capital markets legislative proposals, such as those that aim to expand on the Jumpstart Our Business Startups Act (JOBS Act; P.L. 112-106), have evolved through multiple iterations. In the 119th Congress, the Incentivizing New Ventures and Economic Strength Through Capital Formation (INVEST) Act of 2025 (H.R. 3383) passed the House by a vote of 302 to 123, and was referred to committee in the Senate. The act includes 22 legislative provisions organized across three titles. In 2012, the JOBS Act established several new options for capital markets fundraising in the U.S. securities markets. Starting in 2015, parts of the Fixing America’s Surface Transportation Act (P.L. 114-94)—referred to as JOBS Act 2.0—provided additional regulatory amendments for smaller companies. Following the enactment of the JOBS Act and JOBS Act 2.0, Congress has considered numerous legislative proposals, building on existing JOBS Act provisions and tending to focus on policy alternatives to expand capital formation, which is one of the SEC’s core missions. These proposals have included the JOBS and Investor Confidence Act of 2018 (House-amended S. 488 in the 115th Congress; referred to as JOBS Act 3.0), a package of 32 provisions that passed the House by a vote of 406-4 on July 17, 2018. On April 4, 2022, Senator Patrick Toomey announced a package of 29 capital markets provisions, referred to as JOBS Act 4.0. On April 24, 2023, Representative Patrick McHenry introduced the Expanding Access to Capital Act of 2023 (H.R. 2799 in the 118th Congress), a package of 22 provisions that passed House by a vote of 212-205 on March 8, 2024. On September 24, 2024, Senator Tim Scott announced the Empowering Main Street in America Act (S. 5139 in the 118th Congress), which consisted of 23 provisions. The INVEST Act is comprised of multiple stand-alone bills from the 119th Congress: Title I—Expanding Access to Capital for Small Businesses: Section 101 (H.R. 3422, H.R. 1190, and S. 577) Section 102 (H.R. 3352 and S. 3342) Section 103 (H.R. 3645) Section 104 (H.R. 3673) Section 105 (H.R. 4449) Section 106 (H.R. 3382 and S. 2924) Section 107 (H.R. 3351 and S. 3411) Section 108 (H.R. 4431) Section 109 (H.R. 4429). Title II—Increasing Opportunities for Investors. Section 201 (H.R. 3394) Section 202 (H.R. 1013 and S. 424) Section 203 (H.R. 3339) Section 204 (H.R. 1469) Section 205 (H.R. 2441) Section 206 (H.R. 3383). Title III—Strengthening Public Markets. Section 301 (H.R. 3301) Section 302 (H.R. 2225 and S. 1808) Section 303 (H.R. 3381) Section 304 (H.R. 3343 and S. 3216) Section 305 (H.R. 3395) Section 306 (H.R. 4430) Section 307 (H.R. 3357).