Access to Small Business Investor Capital Act

HR 2225, the Access to Small Business Investor Capital Act, modifies how investment companies report fees related to business development companies (BDCs). It allows registered investment companies to exclude fees paid indirectly to BDCs (which primarily invest in small businesses) from their "Acquired Fund Fees and Expenses" calculation on SEC registration statements. This change simplifies reporting for investment companies holding BDC shares by removing those specific fees from expense calculations. The bill directly affects investment companies filing SEC forms (N-1A, N-2, N-3) that hold BDC investments, potentially reducing their reported expense ratios. It does not create new funding for small businesses but aims to streamline investment in BDCs by easing reporting burdens.