Access to Small Business Investor Capital Act

HR 1379, titled the *Access to Small Business Investor Capital Act*, simplifies reporting requirements for investment companies that hold shares in business development companies (BDCs). The bill allows registered investment companies (like mutual funds) to exclude BDC-related fees and expenses from their standard "Acquired Fund Fees and Expenses" calculations in registration statements, instead disclosing these costs in a footnote. This change directly affects investment companies managing portfolios with BDC investments and the BDCs themselves, reducing administrative complexity. The provision modifies existing SEC disclosure rules under the Investment Company Act of 1940 without creating new capital access for small businesses.