119-hr3394

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3394 Referred in Senate

    (RFS) ]

<DOC>
119th CONGRESS
 1st Session
 H. R. 3394

_______________________________________________________________________

 IN THE SENATE OF THE UNITED STATES

 June 24, 2025

Received; read twice and referred to the Committee on Banking, Housing, 
 and Urban Affairs

_______________________________________________________________________

 AN ACT

To amend the Securities Act of 1933 to codify certain qualifications of 
 individuals as accredited investors for purposes of the securities 
 laws.

 Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

 This Act may be cited as the ``Fair Investment Opportunities for 
Professional Experts Act''.

SEC. 2. DEFINITION OF ACCREDITED INVESTOR.

    (a) In General.--

Section 2

    (a)

    (15) of the Securities Act of 1933 (15 
U.S.C. 77b

    (a)

    (15) ) is amended--

    (1) by redesignating subparagraphs
            (i) and
            (ii) as 
 subparagraphs
        (A) and
        (F) , respectively; and

    (2) in subparagraph
        (A) (as so redesignated), by striking 
 ``; or'' and inserting a semicolon, and inserting after such 
 subparagraph the following:
 ``
        (B) with respect to a proposed sale of a 
 security, any natural person whose individual net 
 worth, or joint net worth with that person's spouse or 
 spousal equivalent, at the time of such sale, exceeds 
 $1,000,000 (which amount, along with the amounts set 
 forth in subparagraph
            (C) , shall be adjusted for 
 inflation by the Commission every 5 years to the 
 nearest $10,000 to reflect the change in the Consumer 
 Price Index for All Urban Consumers published by the 
 Bureau of Labor Statistics) where, for purposes of 
 calculating net worth under this subparagraph--
 ``
            (i) the person's primary residence shall 
 not be included as an asset;
 ``
            (ii) indebtedness that is secured by the 
 person's primary residence, up to the estimated 
 fair market value of the primary residence at 
 the time of such sale, shall not be included as 
 a liability (except that if the amount of such 
 indebtedness outstanding at the time of such 
 sale exceeds the amount outstanding 60 days 
 before such time, other than as a result of the 
 acquisition of the primary residence, the 
 amount of such excess shall be included as a 
 liability); and
 ``
            (iii) indebtedness that is secured by the 
 person's primary residence in excess of the 
 estimated fair market value of the primary 
 residence at the time of such sale shall be 
 included as a liability;
 ``
            (C) any natural person who had an individual 
 income in excess of $200,000 in each of the 2 most 
 recent years or joint income with that person's spouse 
 or spousal equivalent in excess of $300,000 in each of 
 those years and has a reasonable expectation of 
 reaching the same income level in the current year;
 ``
            (D) any natural person who is--
 ``
            (i) currently licensed or registered as a 
 broker or investment adviser by the Commission, 
 a self-regulatory organization (as defined in 
 

section 3

    (a) of the Securities Exchange Act of 
 1934), or the securities division of a State, 
 the District of Columbia, or a territory of the 
 United States or the equivalent division 
 responsible for licensing or registration of 
 individuals in connection with securities 
 activities; and
 ``
            (ii) in good standing with respect to 
 such licence or registration;
 ``
        (E) any natural person the Commission determines, 
 by regulation, to have demonstrable education or job 
 experience to qualify such person as having 
 professional knowledge of a subject related to a 
 particular investment, and whose education or job 
 experience is verified by a self-regulatory 
 organization (as defined in 

section 3

    (a) of the 
 Securities Exchange Act of 1934); or''.

    (b) Rulemaking.--Not later than 180 days after the date of 
enactment of this Act, the Securities and Exchange Commission shall 
revise the definition of accredited investor under Regulation D (17 CFR 
230.500 et seq.) to conform with the amendments made by subsection

    (a) .

 Passed the House of Representatives June 23, 2025.

 Attest:

 KEVIN F. MCCUMBER,

 Clerk.