Introduce and support legislation to expand small business investor access to capital by raising the private fund adviser exemption threshold from $150 million to $175 million and requiring periodic inflation adjustments.

Mr. ROUNDS (for himself and Mr. GALLEGO) introduced the following bill ... To amend the Investment Advisers Act of 1940 to address the exemption of, and reporting by, certain private fund advisers ... by striking '$150,000,000' and inserting '$175,000,000'; and ... 'INFLATION ADJUSTMENT.—The Commission shall, every 5 years, adjust the dollar amount ... to reflect the change in the Consumer Price Index for All Urban Consumers...'

Rounds introduced the Small Business Investor Capital Access Act, which would raise the private fund adviser exemption threshold and require inflation adjustments every five years.

BILLS-119s3880is.pdf
secondary · other · model gpt-5.5

GovInfo bill text identifies S. 3880 as the Small Business Investor Capital Access Act. It says Mr. Rounds introduced it on February 12, 2026, and section 2 would replace $150,000,000 with $175,000,000 in section 203(m) of the Investment Advisers Act of 1940. It also adds a five-year Consumer Price Index inflation adjustment.

Rounds introduced a bill matching the promised mechanism: raising the private fund adviser exemption from $150 million to $175 million and adding periodic CPI-based inflation adjustments.

partial same_term A for effort

GovInfo - S. 3880 Introduced in Senate (IS), 119th Congress
secondary · model gpt-5.5 · confidence 96%

Congress.gov lists S.3880 as sponsored by Sen. Mike Rounds and introduced February 12, 2026. Latest action: read twice and referred to the Senate Committee on Banking, Housing, and Urban Affairs. Tracker status: Introduced.

The official bill record confirms Rounds sponsorship and shows the bill had not advanced beyond introduction and committee referral as of the Congress.gov record.

never same_term A for effort

Congress.gov - S.3880, 119th Congress
secondary · model gpt-5.5 · confidence 93%

The member activity page lists S.3880 as a Rounds-sponsored bill introduced February 12, 2026, with latest action read twice and referred to the Banking, Housing, and Urban Affairs Committee. The same page identifies Rounds as a South Dakota senator in Congress from 2015 to present.

This ties the concrete legislative action to Rounds's federal service and shows it was an introduced bill, not enacted law.

partial same_term A for effort

Senator Mike Rounds | Congress.gov | Library of Congress
secondary · model gpt-5.5 · confidence 92%

The GovInfo statutory compilation of the Investment Advisers Act states that section 203(m)(1) exempts private fund advisers only if assets under management in the United States are less than $150,000,000.

Current compiled law still shows the $150 million threshold, not $175 million, and does not show the promised five-year inflation adjustment in section 203(m)(1).

never same_term

GovInfo - Investment Advisers Act of 1940, as amended through P.L. 119-27
secondary · model gpt-5.5 · confidence 90%