Fair Investment Opportunities for Professional Experts Act

What this does

Congress would write the definition of "accredited investor" into the Securities Act of 1933 itself, instead of leaving it to the SEC. An accredited investor is a person allowed to buy private, unregistered securities. The bill sets the qualifying thresholds in statute: a net worth over $1,000,000 not counting the person's primary residence, or income over $200,000 (or $300,000 with a spouse) in each of the two most recent years. It adjusts the net-worth and income figures for inflation every five years. It also opens two new paths to accredited status that do not depend on wealth: brokers and investment advisers in good standing qualify, and the SEC may deem a person qualified if they have education or job experience showing professional knowledge of a given investment and a self-regulatory organization verifies it. The bill directs the SEC to revise Regulation D within 180 days to match.

House vote · 397-12

Democrats186–12

Republicans211–0

Independents0–0

How we know · 9 sourced claims

The bill amends the Securities Act of 1933 to define who qualifies as an accredited investor.Source: Sec. 2(a), 'Definition of accredited investor': 'Section 2(a)(15) of the Securities Act of 1933 (15 U.S.C. 77b(a)(15)) is amended'; long title: 'To amend the Securities Act of 1933 to codify certain qualifications of individuals as accredited investors'
It sets a qualifying net worth over $1,000,000, excluding the person's primary residence.Source: Sec. 2(a) new subparagraph (B): 'individual net worth, or joint net worth with that person's spouse or spousal equivalent ... exceeds $1,000,000' and '(i) the person's primary residence shall not be included as an asset'
It sets a qualifying income over $200,000 individual or $300,000 joint in each of the two most recent years.Source: Sec. 2(a) new subparagraph (C): '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'
The net-worth and income figures are adjusted for inflation every five years.Source: Sec. 2(a) new subparagraph (B): the $1,000,000 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'
Brokers and investment advisers licensed and in good standing qualify.Source: Sec. 2(a) new subparagraph (D): 'currently licensed or registered as a broker or investment adviser' and 'in good standing with respect to such licence or registration'
The SEC may deem a person qualified based on education or job experience showing professional knowledge, verified by a self-regulatory organization.Source: Sec. 2(a) new subparagraph (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'
The SEC must revise Regulation D within 180 days to conform.Source: Sec. 2(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)'
The bill is single-subject, amending one section of the Securities Act plus a conforming rulemaking directive.Source: Bill contains only Sec. 1 (Short title) and Sec. 2 (Definition of accredited investor, with subsections (a) amendment and (b) rulemaking); no other sections or divisions
The version is the House-passed engrossed text.Source: Header 'version: Engrossed in House'; '119 HR 3394 EH'; closing line 'Passed the House of Representatives June 23, 2025. Kevin F. McCumber, Clerk.'

Read the bill on congress.gov ↗

Your representatives

How did your member vote on this?

House roll call

The full roll call

R206–0D183–12I1–0

Position

Party

State

Republicans

215

Democrats

208

Independents

YeaKevin KileyCA · District 3