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Bill115th CongressFiled Mar 16, 2017Finance and Financial Sector
H.R. 1585

Fair Investment Opportunities for Professional Experts Act

Bill journey · stage 2 of 5

Under committee review

Filed
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Law

What it doesSummary passed house amended (Nov 1, 2017)

(This measure has not been amended since it was reported to the House on October 31, 2017. The summary of that version is repeated here.)

Fair Investment Opportunities for Professional Experts Act

(Sec. 2) This bill amends the Securities Act of 1933 to modify the definition of "accredited investor" for purposes of participating in private offerings to include:

  • an individual whose net worth or joint net worth with their spouse exceeds $1 million (adjusted for inflation), excluding from the calculation of their net worth their primary residence and a mortgage secured by that residence in certain circumstances;
  • an individual whose income over the last two years exceeded $200,000 (adjusted for inflation) or joint spousal income exceeded $300,000 (adjusted for inflation) and who has a reasonable expectation of reaching the same income level in the current year;
  • an individual who is licensed as a broker or investment advisor by certain entities; and
  • an individual determined by the Securities and Exchange Commission (SEC) to have qualifying education or experience.

(Certain unregistered securities may only be offered to accredited investors.)

The SEC is directed to revise the definition of "accredited investor" in Regulation D (which exempts certain offerings from SEC registration requirements) to conform to changes in this bill.

What just happenedNov 2, 2017

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Who’s behind it

Rep. Schweikert, David [R-AZ-6](R-AZ)Sponsor
11 cosponsors4 D7 R
Read on Congress.gov
11cosponsors2committees16actions2related bills2subjects
  1. Nov 2, 2017IntroReferral

    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Banking, Housing, and Urban Affairs Committee
  2. Nov 1, 2017FloorH38310

    Motion to reconsider laid on the table Agreed to without objection.

  3. Nov 1, 2017FloorH37300

    On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H8320-8321)

  4. Nov 1, 2017Floor8000

    Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H8320-8321)

  5. Nov 1, 2017FloorH8D000

    DEBATE - The House proceeded with forty minutes of debate on H.R. 1585.

  6. Nov 1, 2017FloorH30000

    Considered under suspension of the rules. (consideration: CR H8320-8323)

  7. Nov 1, 2017FloorH30300

    Mr. Huizenga moved to suspend the rules and pass the bill, as amended.

  8. Oct 31, 2017CalendarsH12410

    Placed on the Union Calendar, Calendar No. 275.

  9. Oct 31, 2017CommitteeH12200

    Reported (Amended) by the Committee on Financial Services. H. Rept. 115-375.

    Financial Services Committee
  10. Oct 31, 2017Committee5000

    Reported (Amended) by the Committee on Financial Services. H. Rept. 115-375.

    Financial Services Committee
  11. Oct 12, 2017Committee

    Ordered to be Reported (Amended) by the Yeas and Nays: 58 - 2.

    Financial Services Committee
  12. Oct 12, 2017Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  13. Oct 11, 2017Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  14. Mar 16, 2017IntroReferralH11100

    Referred to the House Committee on Financial Services.

    Financial Services Committee
  15. Mar 16, 2017IntroReferralIntro-H

    Introduced in House

  16. Mar 16, 2017IntroReferral1000

    Introduced in House

Passed House amendedNov 1, 201736

(This measure has not been amended since it was reported to the House on October 31, 2017. The summary of that version is repeated here.)

Fair Investment Opportunities for Professional Experts Act

(Sec. 2) This bill amends the Securities Act of 1933 to modify the definition of "accredited investor" for purposes of participating in private offerings to include:

  • an individual whose net worth or joint net worth with their spouse exceeds $1 million (adjusted for inflation), excluding from the calculation of their net worth their primary residence and a mortgage secured by that residence in certain circumstances;
  • an individual whose income over the last two years exceeded $200,000 (adjusted for inflation) or joint spousal income exceeded $300,000 (adjusted for inflation) and who has a reasonable expectation of reaching the same income level in the current year;
  • an individual who is licensed as a broker or investment advisor by certain entities; and
  • an individual determined by the Securities and Exchange Commission (SEC) to have qualifying education or experience.

(Certain unregistered securities may only be offered to accredited investors.)

The SEC is directed to revise the definition of "accredited investor" in Regulation D (which exempts certain offerings from SEC registration requirements) to conform to changes in this bill.

Reported to House with amendment(s)Oct 31, 201717

Fair Investment Opportunities for Professional Experts Act

(Sec. 2) This bill amends the Securities Act of 1933 to modify the definition of "accredited investor" for purposes of participating in private offerings to include:

  • an individual whose net worth or joint net worth with their spouse exceeds $1 million (adjusted for inflation), excluding from the calculation of their net worth their primary residence and a mortgage secured by that residence in certain circumstances;
  • an individual whose income over the last two years exceeded $200,000 (adjusted for inflation) or joint spousal income exceeded $300,000 (adjusted for inflation) and who has a reasonable expectation of reaching the same income level in the current year;
  • an individual who is licensed as a broker or investment advisor by certain entities; and
  • an individual determined by the Securities and Exchange Commission (SEC) to have qualifying education or experience.

(Certain unregistered securities may only be offered to accredited investors.)

The SEC is directed to revise the definition of "accredited investor" in Regulation D (which exempts certain offerings from SEC registration requirements) to conform to changes in this bill.

Introduced in HouseMar 16, 2017

This bill amends the Securities Act of 1933 to modify the definition of "accredited investor" for purposes of participating in private offerings to include:

  • an individual whose net worth, or joint net worth with their spouse, exceeds $1 million, excluding their primary residence;
  • an individual whose income over the last two years exceeded $200,000, or joint spousal income exceeded $300,000;
  • an individual who holds a state-issued financial services license; and
  • an individual determined by the Securities and Exchange Commission to have qualifying education or experience.
Fair Investment Opportunities for Professional Experts Act — Informed