Small Business Investor Capital Access Act

HR 3673 amends Section 203(m) of the Investment Advisers Act of 1940 to require automatic annual inflation adjustments to the dollar threshold that exempts certain private fund investment advisers from SEC registration. The bill directs the SEC to adjust this threshold each year based on changes in the Consumer Price Index for All Urban Consumers (CPI-U), starting with an initial adjustment reflecting the CPI change between 2010 and the bill's enactment. This adjustment ensures the exemption level keeps pace with inflation, preventing it from losing value over time. The bill directly affects private fund investment advisers who manage assets below the adjusted threshold, allowing them to remain exempt from registration requirements without needing new legislation each year.