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The National Venture Capital Association can congratulate itself on its success so far in lobbying Congress for an exemption for venture firms from financial reporting requirements that Capitol Hill seems likely to impose on the private equity industry.

A key subcommittee chairman, Rep. Paul Kanjorski, D-Pa., included the provision in draft legislation he released Thursday. But the proposal leaves it to the Securities and Exchange Commission to define the term “venture capital fund.” This will be interesting because the line between the venture and buyout industries has always been a bit blurry and it’s not getting any clearer.

WSJ: Next Question For Washington: What’s A Venture Fund?