{"database": "press", "table": "releases", "rows": [["https://casten.house.gov/media/press-releases/bipartisan-casten-bill-to-support-entrepreneurs-and-small-businesses-passes-house", "Bipartisan Casten Bill to Support Entrepreneurs and Small Businesses Passes House", "2025-12-01", "2025", "2025-12", "Democrat", "House", "IL", "Sean Casten", "C001117", "casten.house.gov", "casten", "https://casten.house.gov/media/press-releases", "scraper", "Washington, D.C. (December 1, 2025) \u2014 Today, the Developing and Empowering our Aspiring Leaders (DEAL) Act, bipartisan legislation led by Reps. Sean Casten (D-IL-06) and Ann Wagner (R-MO-02) that supports innovation, entrepreneurship, and capital formation, passed the U.S. House of Representatives.\n\n\u201cCongress must do more to support growth in the start-up economy and ensure capital reaches the communities and innovators who need it most,\u201d said Rep. Sean Casten. \u201cThe DEAL Act does just that. I\u2019m proud to co-lead this bill with Rep. Wagner and am thrilled to see it pass the House.\u201d\n\nVenture capital is driving innovation in Illinois and helping local startups thrive. Between 2019 and 2023, more than 1,900 Illinois-based startups received over $26 billion in support from the venture capital community, creating hundreds of thousands of jobs. In 2023, venture capital funds invested over $66 million in small businesses in Illinois\u2019 Sixth Congressional District. A broad range of Illinois-based pension funds, university endowments, and nonprofits benefit from these investments in high-growth companies. The DEAL Act will help venture capital fund managers in Illinois and the Midwest continue to grow and invest in more innovative startups in their local and regional economies.\n\nThe DEAL Act modernizes venture capital fund rules and enhances flexibility while maintaining a strong focus on direct investment in startups. Specifically, it directs the Securities and Exchange Commission (SEC) to revise rules governing venture capital fund qualifications. Within 180 days of enactment, the SEC must:\n\nBroaden the definition of a \u201cqualifying investment\u201d to include:\n\nEquity securities from qualifying portfolio companies, whether acquired directly or in secondary acquisitions.\n\nInvestments in other venture capital funds.\n\nRevise eligibility requirements for venture capital fund status to mandate:\n\nAt least 51% of a fund\u2019s commitments be invested directly in portfolio companies.\n\nUp to 49% of its commitments may consist of shares acquired through secondary acquisitions or investments in other VC funds.\n\nText of the legislation can be found here.\n\n###", 1, "2026-03-30T01:40:41Z", "2026-04-06T20:09:11Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://casten.house.gov/media/press-releases/bipartisan-casten-bill-to-support-entrepreneurs-and-small-businesses-passes-house"], "units": {}, "query_ms": 0.896248035132885, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}