Proposing an amendment to the Constitution of the United States to set limits on Federal campaign contributions and spending, prohibit corporate spending in the political process, require Congress to develop a system of public campaign financing for all Federal candidates who qualify for the ballot, and allow the States to set reasonable limits on campaign contributions and spending in State and local elections, and for other purposes.

House Joint Resolution

H.J.Res. 119

119th Congress

Proposing an amendment to the Constitution of the United States to set limits on Federal campaign contributions and spending, prohibit corporate spending in the political process, require Congress to develop a system of public campaign financing for all Federal candidates who qualify for the ballot, and allow the States to set reasonable limits on campaign contributions and spending in State and local elections, and for other purposes.

In Committee

Introduced:Sep 10, 2025

Primary Sponsor

James P. McGovern

Representative

Democratic

MA-2

Cosponsors

3

Quick Stats

Policy Area

Finance and Financial Sector

Summary

This bill would nullify a recent rule from the Securities and Exchange Commission (SEC) that requires private fund advisers to disclose more information to investors about their compensation, sales practices, and conflicts of interest. It would also prevent the SEC from requiring independent fairness and valuation opinions for certain private fund transactions.

Latest Action

Referred to the House Committee on Financial Services.

AI Summary

Plain-English explanation of this bill

This bill would nullify a recent rule from the Securities and Exchange Commission (SEC) that requires private fund advisers to disclose more information to investors about their compensation, sales practices, and conflicts of interest. It would also prevent the SEC from requiring independent fairness and valuation opinions for certain private fund transactions.

Last updated: 12/29/2025

Official Summary

Congressional Research Service summary

<p>This joint resolution nullifies the final rule issued by the Securities and Exchange Commission (SEC) titled <em>Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews</em> and published on September 14, 2023. The rule requires SEC-registered advisers to private funds to disclose information to investors regarding compensation, sales practices, and conflicts of interest. It also requires SEC-registered advisers to give investors independent fairness opinions and valuation opinions when initiating certain private fund transactions.</p>

Key Points

Main provisions of the bill

Nullifies an SEC rule that increased transparency and oversight requirements for private fund advisers
Prevents the SEC from requiring independent opinions on the fairness and valuation of certain private fund transactions
Could reduce the amount of information and analysis available to investors in private funds

How This Impacts Americans

Potential effects on citizens and communities

This bill would primarily impact private fund investors, who could have less information and independent analysis to evaluate the funds they invest in. It could also affect the SEC's ability to oversee private fund activities and protect investors in that market.

Policy Areas

Primary Policy Area

Finance and Financial Sector

Scope & Jurisdiction

Jurisdiction Level

federal

Congressional Session

119th Congress

Citation Reference

119, 119th Congress (2025). "Proposing an amendment to the Constitution of the United States to set limits on Federal campaign contributions and spending, prohibit corporate spending in the political process, require Congress to develop a system of public campaign financing for all Federal candidates who qualify for the ballot, and allow the States to set reasonable limits on campaign contributions and spending in State and local elections, and for other purposes.". Source: Voter's Right Platform. https://votersright.org/bills/118-hjres-119