Congressman Pat Harrigan Votes to Expand Investment Opportunities for Retail Investors

Contact: Lexi Kranich (814) 380-4408

WASHINGTON, D.C.—Today, Congressman Pat Harrigan (NC-10) voted to pass H.R. 3383, the Increasing Investor Opportunities Act, which removes outdated restrictions in the Investment Company Act of 1940 and allows select publicly traded funds to invest in private funds. The legislation brings a decades-old regulatory structure into line with modern markets and gives everyday investors access to strategies once reserved for major institutions.

“Most families invest through vehicles like closed-end funds, yet the rules governing those funds still assume the markets look the way they did in the 1940s,” said Congressman Harrigan. “If we want savers and retirees to have real choices, then we have to clear out the barriers that only exist because the law never evolved. This bill gives everyday investors access to strategies that were previously off-limits for no good reason.”

The Increasing Investor Opportunities Act prohibits the Securities and Exchange Commission from blocking or restricting a closed-end fund’s ability to invest in private funds unless the limitation is grounded in an actual investor-protection concern—not simply in the fact that the underlying investment is a private fund. The bill also prevents exchanges from refusing to list closed-end funds that use these strategies and clarifies that none of these changes alter fiduciary duties, valuation standards, or liquidity requirements.

With House passage, the Increasing Investor Opportunities Act now moves to the Senate, where Congressman Harrigan is calling for swift action to open the door to more competitive investment options for families and retirees.