In the News

House Majority Whip Tom Emmer (R-Minn.) today announced key stakeholder support for the Incentivizing New Ventures and Economic Strength Through Capital Formation (INVEST) Act. This legislation cuts Washington red tape, empowers small businesses and entrepreneurs, and gives Americans more freedom to invest.

Here’s what stakeholders are saying:

Coalition of 10 nonprofit organizations:

“We, the undersigned charitable or philanthropic organizations, support legislation that would amend federal securities laws to allow 403(b) plan sponsors to select CITs to level the playing field for 403(b) retirement plan participants. Nonprofit employees with 403(b) plans deserve access to the same investment options as 401(k) plans.”

Coalition of 27 organizations representing the U.S. innovation ecosystem:

“The INVEST Act is an important bipartisan effort that will strengthen America’s capital-formation infrastructure by expanding access to capital, restoring public-market dynamism, democratizing investment opportunities, and modernizing regulation. Thank you for your leadership in advancing policies to ensure America’s entrepreneurs can access the capital they need at each stage of their lifecycle and provide more opportunities for investors. These efforts are critical to creating jobs, driving upward mobility, and ensuring the U.S. continues to lead the world in innovation and economic growth. We look forward to working with Congress on a bipartisan basis to achieve these important goals.”

Accredited Investor Alliance (AIA):

“The AIA advocates for policies that meaningfully expand the pool of “accredited investors” while maintaining appropriate investor protections. We are grateful to the Committee for prioritizing bipartisan legislation that will do just that by modernizing the Accredited Investor standard.”

American Benefits Council: 

“The American Benefits Council (“the Council”) is writing to support Section 202 of the INVEST Act of 2025 (H.R. 3383), which would permit 403(b) plans to have access to the same lower cost institutional fund available to virtually all other retirement plans, including 401(k) plans, governmental 457 plans and the federal Thrift Savings Plan, specifically collective investment trusts (CITs) and unregistered insurance company separate accounts.”

American Council of Life Insurers (ACLI):

“On behalf of the American Council of Life Insurers (ACLI), we encourage your boss to vote YES on the INVEST Act, H.R. 3383…Among the many important provisions of the INVEST Act, ACLI is particularly appreciative of the inclusion of H.R. 1013, the “Retirement Fairness for Charities and Educational Institutions Act of 2025” (Section 202) and H.R. 2441, the “Improving Disclosure for Investors Act of 2025.” (Section 205)...Please vote YES as this bill is brought to the House floor.”

American Retirement Association (ARA):

“On behalf of the over 39,000 members of the American Retirement Association (ARA) who work for 14.5 million Americans in the nonprofit sector relying on 403(b) plans for their retirement savings, I write to express strong support for Section 202 of the INVEST Act (H.R. 3383)—Retirement Fairness for Charities and Educational Institutions. This critical provision will enhance retirement security for American workers such as public school teachers, charity workers, and other retirement savers who wish to invest in collective investment trusts (CITs) under their 403(b) plans, a long-standing option already available to private-sector employees through 401(k) plans.”

American Securities Association (ASA):

“The INVEST Act would tailor regulation for small public companies, provide more opportunities for individuals to invest in both public and private businesses, and save investors millions of dollars every year by expanding e-delivery access for fund documents and communication.”

Ameriprise Financial, Inc.:

“On behalf of Ameriprise Financial, Inc., I write to express our strong support for the bipartisan Incentivizing New Ventures and Economic Strength Through Capital Formation Act (INVEST Act). The legislation would facilitate greater access to investment opportunities and reduce barriers that interfere with access to capital. More specifically, the legislation contains provisions to increase digital access to important investor information, remove barriers to investment options for retirement investors, and expand investment opportunities in regulated funds.”

Angel Capital Association (ACA):

“The early stage investment community is excited about the potential of the INVEST Act. This package of bipartisan bills will increase the flow of capital from private investors to innovative entrepreneurs fueling economic growth and technical breakthroughs. The act will open up unparalleled opportunities for investors and entrepreneurs alike while strengthening home grown innovation in the U.S. and it will do this through modernizing rules and eliminating inefficiencies in the system. We congratulate our elected officials and their staff for working so hard to conceptualize and deliver upon this critical legislation which will allow us to build on the strength we already have as a nation.”

AngelList:

“I commend Chairmen Hill and Wagner for their leadership on the INVEST Act. This important legislation will help entrepreneurs throughout the country raise the capital they need to grow, create more jobs, and innovate. The INVEST Act will ensure that United States capital markets remain the envy of the world and that the United States continues to be the leader in global innovation.”

Association of Women's Business Centers, National Small Business Association, Small Business Multi-Cloud Coalition, and U.S. Black Chambers, Inc.:

“Taken together, the reforms in the INVEST Act represent a meaningful bipartisan effort to strengthen America’s capital-formation infrastructure, support small-business growth, and ensure that entrepreneurs in every region can access the resources they need to build and scale their enterprises. By reducing friction, increasing clarity, and broadening participation, the bill will help small firms grow, hire, innovate, and contribute to a more dynamic and competitive U.S. economy. We appreciate your leadership in advancing this legislation and respectfully urge its swift passage.”

CANCER FUND:

“Today, most Americans who survive cancer, treat it, or develop the innovations to fight it are legally prohibited from investing in those very solutions. These century-old restrictions are costing lives and stifling progress. The INVEST Act takes meaningful steps to change that.”

Carta:

“Private capital is this nation’s economic and innovation engine. It is critical that we not only bolster this ecosystem, but broaden it. The INVEST Act does just that, enabling more Americans to participate in the growth and diversification offered by private markets while driving more capital to the startups and growth-stage businesses building our future across the country.”

Center for American Entrepreneurship (CAE):

“Because such costs typically arrive long before the first dollar of revenue, capital and credit are the lifeblood of any new business. But for too long, access to capital for many new and small businesses — especially in America's heartland states — has been complicated by rules and regulations that obstruct capital formation, favor coastal innovation hubs, and restrict opportunities to invest in new businesses. The INVEST Act addresses each of these problems, expanding access to capital — and participation in America's entrepreneurial economy — to more promising businesses, more Americans, and to every region of the country…We look forward to the swift passage of the Act by the full House of Representatives.”

Charles Schwab:

“Charles Schwab commends Representatives Hill, Meeks, Wagner and Gottheimer for their efforts in crafting this important bi-partisan legislation. In particular, we are pleased to see Rep. Huizenga’s legislation included, which will require the SEC to promulgate rules to default to the e-delivery of regulatory documents required under the securities laws, while still allowing clients to receive documents in paper form if that is their preference…Schwab looks forward to working with these Representatives and their colleagues to move this important legislation forward.”

Coalition for Business Development (CBD):

“...CBD applauds you for advancing this bipartisan legislative package. We look forward to the INVEST Act moving forward to the floor for a vote and we strongly encourage the House to pass the bill swiftly. CBD stands ready to continue to support you and your colleagues as the INVEST Act moves to the Senate and, ultimately, to the President’s desk for his signature.” 

Committee of Annuity Insurers (CAI):

“We are submitting this letter on behalf of the Committee of Annuity Insurers (CAI or Committee),1 to express the Committee’s support for Section 202 of the Incentivizing New Ventures and Economic Strength Through Capital Formation (INVEST) Act (H.R. 3383). The Committee applauds your bipartisan efforts to advance capital market reforms and modernize the laws and regulations governing financial markets transactions (e.g., promoting a default electronic delivery framework for SEC-required documents).”

Crowdfunding Professional Association (CfPA):

“Taken together, these provisions advance the same objectives the CfPA promotes in its policy platform, and we strongly support them. The CfPA greatly appreciates the Committee’s continued leadership in strengthening regulated pathways for capital formation for small business.”

Defined Contribution Alternatives Association (DCALTA):

“The INVEST Act is an important step towards diversifying the investment of Main Street investors while still ensuring that they have sufficient protections. Congress should enact the INVEST Act and continue its important work to ensure that savers, including retirement savers, have access to modern investments that can best support a dignified retirement.”

Edward Jones:

“On behalf of the over nine million individual investors Edward Jones serves, I am writing to enthusiastically support your passage of the Incentivizing New Ventures and Economic Strength Through Capital Formation (INVEST) Act. We have long appreciated your leadership and support for policy proposals that empower retail investors. We believe that the more than twenty bills included in this package will create more opportunities for retail investors to achieve financial security and promote the ability of job-creating small businesses and entrepreneurs to grow and thrive.”

Empower:

“The bill includes common sense consumer protections while ensuring a better investor experience through the use of technology to communicate with shareholders. This bipartisan legislation was approved on a broad basis in the House of Representatives. We look forward to working with Congress to seeing these provisions become law.”

Fidelity Investments:

“Fidelity Investments applauds the U.S. House of Representatives for its bipartisan efforts to advance the INVEST Act, H.R. 3383, as the next step in the debate on improving capital markets regulation. In particular, we strongly support the inclusion of the Improving Disclosure for Investors Act of 2025, which would direct the SEC to modernize its rules to make eDelivery the default for investor documents. Transitioning to an eDelivery default would allow investors to receive critical documents in a more secure, immediate, and less wasteful manner.”

Financial Technology Association:

“The fintech industry is leading the way in expanding access to innovative investment tools, and our financial policies need to keep pace with the digital transformation. We support the INVEST Act and bipartisan efforts to modernize our capital markets and expand the definition of an accredited investor so that more Americans can benefit from digital investment opportunities.” 

Great Gray:

“This legislation would align investment options available in 403(b) plans with those already available in 401(k), 457(b), and the Federal Thrift Savings Plan. This alignment is crucial for promoting investment parity for millions of teachers, nurses, and nonprofit workers who have been locked out of this lower-cost, and strictly regulated, investment vehicle.”

Institute for Portfolio Alternatives (IPA):

“The INVEST Act is one of the most far-reaching capital formation initiatives in years. It expands investor opportunity, fuels entrepreneurial growth and strengthens retirement outcomes while maintaining core investor protections. The IPA is proud to support this pro-growth legislation, and we thank Chairman Hill and Representatives Wagner, Meeks and Gottheimer for their stewardship of the INVEST Act.”

Insured Retirement Institute (IRI):

“The Insured Retirement Institute (IRI) writes to express support for the Incentivizing New Ventures and Economic Strength Through Capital Formation (INVEST) Act of 2025 because it includes three bills IRI expressed its support for in its 2025 Federal Retirement Security Blueprint, which will facilitate the greater use of protected, guaranteed lifetime income solutions in retirement plans, boost protections to safeguard senior investors, and foster innovation and modernization by permitting the electronic delivery of shareholder reports for all registered investment companies to investors.”

Investment Adviser Association (IAA):

“The Investment Adviser Association strongly supports H.R. 3383, the INVEST Act, which delivers balanced, forward-looking reforms to modernize U.S. capital markets, support small businesses, improve retirement security, strengthen public markets, and protect investors. The bill includes IAA-supported language - previously passed unanimously in the House - directing the SEC to update its outdated ‘small entity’ definition so future rulemakings better reflect the needs and burdens of small advisers…We urge Congress to advance this legislation.”

Investment Company Institute (ICI):

“The reforms in the INVEST Act would further expand American investors’ access to capital markets through enhancements aimed at boosting capital formation – a worthy goal that could translate into greater household wealth, more jobs, and faster economic growth. The INVEST Act will broaden investment opportunities for Americans, make it easier for businesses large and small to raise capital, expand retirement plan flexibility for nonprofits, and streamline disclosure practices for investors.”

Investor Choice Advocates Network (ICAN):

“The INVEST Act presents a rare opportunity: bipartisan, pro-growth, pro-innovation legislation that expands economic opportunity while maintaining rigorous investor protections. By allowing more Americans to participate in the private markets-through safe, regulated channels-and by strengthening the venture-capital and small-business ecosystem that fuels American innovation, H.R. 3383 will help restore the United States' position as the world's leader in new business formation and capital access. ICAN urges prompt House passage of the INVEST Act.”

LPL Financial:

“LPL Financial is pleased to support H.R. 3883, the Incentivizing New Ventures and Economic Strength Through Capital Formation Act of 2025 (INVEST Act), which promotes increased investor confidence and long-term financial stability for families to save and build wealth, while providing small businesses with incentives to grow, innovate, and compete…We appreciate your leadership and commitment to strengthening the financial pathways that support economic growth and opportunities for investors, families, and small businesses.”

Managed Funds Association (MFA):

“MFA appreciates your focus on legislative proposals that increase investor access, facilitate capital formation, and strengthen public and private markets…We stand ready to work with you to help advance the legislation in the House of Representatives and to encourage your counterparts in the U.S. Senate to consider the proposal, as well.”

Massachusetts Biotechnology Council (MassBio):

“MassBio urges the House to advance the INVEST Act and to continue working in a bipartisan manner to strengthen our capital markets. Doing so will not only expand access to capital for our innovators, but also ensure that American patients and families benefit from the next generation of cures and treatments being discovered and developed in labs in Massachusetts and across the country.”

MissionSquare:

“On behalf of MissionSquare, I am writing to express our strong support for H.R. 3383, the Incentivizing New Ventures and Economic Strength Through Capital Formation (INVEST) Act. MissionSquare applauds your efforts to create economic strength and opportunities for investors. We especially welcome Section 202 which is focused on retirement savers in 403(b) plans and would establish investment parity across the retirement savings system through the Retirement Fairness for Charities and Educational Institutions Act.”

Nasdaq:

“Nasdaq is proud to support this important legislation and commends the leadership of both parties in moving it forward. The INVEST Act is a bipartisan package that advances more than 20 measures to enhance capital formation, modernize regulations, and broaden investment opportunities for all Americans. By supporting this bill, Congress is taking critical action to strengthen the public company model, drive innovation, and ensure our markets remain globally competitive.”

National Association of Manufacturers (NAM):

“The NAM respectfully encourages members of the House of Representatives to pass the INVEST Act, which will ensure that America’s public capital markets support business growth and job creation at small manufacturers across the country. On behalf of the 13 million men and women who work in U.S. manufacturing, we hope that you will support these commonsense reforms to promote capital formation, manufacturing innovation, and greater opportunities for investors.”

National Venture Capital Association (NVCA):

“The INVEST Act will help unlock early-stage capital in regions that too often face persistent funding gaps, expanding opportunity for entrepreneurs across the country by modernizing outdated rules and empowering emerging managers, while also reducing some of the regulatory friction that prevents more venture-backed companies from going public. We appreciate the committee’s leadership and look forward to working together to ensure more startups can launch, scale, and create jobs in every corner of America.”

Nationwide:

“Thank you for your leadership in introducing the INVEST Act and for standing up for 403(b) plan participants in your home states and across the country. We look forward to working with you to get this bill signed into law.”

Securities Industry and Financial Markets Association (SIFMA):

“SIFMA commends House leaders, Committee leaders, and the sponsors of this legislation for your work to advance commonsense, bipartisan solutions to enhance capital formation, reduce regulatory burdens, and promote economic growth. We encourage Congress to pass the INVEST Act and we look forward to continuing to work with you to strengthen our capital markets and protect investors.”

Small Business & Entrepreneurship Council (SBE Council):

“Measures and reforms included in the INVEST Act will support startups and small to mid-size businesses at various stages of growth, and across all sectors…SBE Council urges every member of the U.S. House to vote in favor of this vital package of reforms and solutions that will directly benefit and fuel America’s startup and small business ecosystem, which will strengthen innovation and competitiveness across every sector of the U.S. economy.”

Small Business Investor Alliance (SBIA):

“The Small Business Investor Alliance strongly supports H.R. 3383, the Increasing Investor Opportunities (INVEST) Act and urges all members of the House of Representatives to support the legislation.”

SPARK Institute:

“The SPARK Institute applauds you for addressing an important retirement security issue by including Section 202 the Retirement Fairness for Charities and Educational Institutions Act in the INVEST Act.  We urge all members of the House to vote for this much needed legislation and look forward to working with you to successfully provide full investment parity for every teacher, nurse or charity worker saving for their retirement in a 403(b) plan.”

Stable Value Investment Association:

“The bill makes important updates that will allow 403(b) plans to operate on more level footing with other defined contribution plans while lowering costs and improving investment options for the workers and institutions they serve…Thank you for your leadership on this issue and for supporting a practical update that improves the retirement system for millions of workers in nonprofit and educational institutions.”

State Street Investment Management:

“I am the Head of Retirement at State Street Investment Management and am writing to express our support for section 202 of the INVEST Act of 2025 (H.R. 3383)that would provide long overdue retirement parity to participants in 403(b) plans in terms of the low-cost investments available, similar to the investments available to employees in for-profit companies, Federal employees, and certain employees of state and local governments…We look forward to working with you to ensure that the legislation is enacted this year.”

TIAA:

“This capital formation package will unlock low-cost investment options for retirement savers, spur economic growth and innovation, reduce unnecessary regulatory burdens, and modernize our capital markets…We appreciate your efforts to protect investors, strengthen American workers’ ability to achieve a secure retirement, and expand their investment opportunities.”

U.S. Chamber of Commerce: 

“The U.S. Chamber of Commerce supports H.R. 3383, the Increasing Investor Opportunities Act of 2025 (INVEST Act), which includes more than 20 bipartisan bills that advanced out of the House Financial Services Committee…We respectfully urge you to support H.R. 3383 to help companies grow and create jobs, while allowing more investors to participate in the financial success of American businesses.”

Comprehensive list of stakeholders supporting the INVEST Act:

Accredited Investor Alliance (AIA); American Benefits Council; American Council of Life Insurers (ACLI), American Heart Association; American Retirement Association (ARA); American Securities Association (ASA); Ameriprise Financial, Inc.; Angel Capital Association (ACA); AngelList; Arizona Technology Council; Association of Women's Business Centers; Biotechnology Innovation Organization (BIO); CANCER FUND; Capital Integration Systems (CAIS); Carta; Center for American Entrepreneurship (CAE); Charles Schwab; Chorus America; Coalition for Business Development (CBD); Committee of Annuity Insurers (CAI); Council on Foundations; Crowdfunding Professional Association (CfPA); Defined Contribution Alternatives Association (DCALTA); Edward Jones; Empower; Engine; Fidelity Investments; Financial Services Institute; Financial Technology Association; Franklin Templeton; Great Gray; Habitat for Humanity International; Illinois Venture Capital Association; Incubate; Independent Sector; Inland Real Estate Group of Companies; Institute for Portfolio Alternatives (IPA); Insured Retirement Institute (IRI); Investment Adviser Association (IAA); Investment Company Institute (ICI); Investor Choice Advocates Network (ICAN); LPL Financial; Lutheran Services in America; Make Startups; Managed Funds Association (MFA); Maryland Technology Council; Massachusetts Biotechnology Council (MassBio); Meals on Wheels America; Michigan Venture Capital Association; MissionSquare; Nareit; Nasdaq; National Association of Insurance and Financial Advisors (NAIFA); National Association of Manufacturers (NAM); National Bankers Association; National Council of Nonprofits; National Small Business Association; National Venture Capital Association (NVCA); Nationwide; New England Venture Capital Association; New York Stock Exchange; Prudential; Rocky Mountain Venture Capital Association; Securities Industry and Financial Markets Association (SIFMA); Small Business & Entrepreneurship Council (SBE Council); Small Business Investor Alliance (SBIA); Small Business Multi-Cloud Coalition; SPARK Institute; Stable Value Investment Association (SVIA); State Street Investment Management; Technology Association of Georgia (TAG); Technology Councils of North America (TECNA); Texas Venture Alliance; TIAA; United Way Worldwide; U.S. Black Chambers, Inc.; U.S. Chamber of Commerce; Venture Atlanta; Y Combinator; YMCA of the USA