HR 835 United States House · 118th Congress

Fair Investment Opportunities for Professional Experts Act

This bill amends the definition of "accredited investor" under securities law to expand who qualifies. It adds four new categories: individuals with net worth over $1 million (excluding primary residence value), those with high income ($200,000 individually or $300,000 jointly), licensed financial professionals, and individuals with verified investment expertise. The bill requires the SEC to update Regulation D to reflect these changes, with the $1 million net worth threshold adjusted for inflation every five years. This directly affects investors seeking to participate in certain private securities offerings by lowering the accreditation barriers for qualified professionals and high-net-worth individuals.

Bill status passed 3 of 5 stages cleared

Introduction

Feb 2023

Committee Review

Jun 2023

House Passage

Jun 2023

Senate Passage

President

Introduced Feb 6, 2023 Last action Jun 6, 2023

Maddy AI version diff · 1 comparison

What changed between versions

Introduced in House → Engrossed in House · 2 edits · Jun 5, 2023

MINOR

The Engrossed version of HR 835 makes three substantive changes to the accredited investor definition: it expands 'spouse' to 'spouse or spousal equivalent' in both the net worth and income tests, and broadens the geographic scope of the licensed professional category to include the District of Columbia and U.S. territories. These changes make the bill more inclusive by recognizing non-traditional partnerships and extending eligibility to professionals in D.C. and territorial jurisdictions.

ELIGIBILITY

In both the net worth test (subparagraph B) and the income test (subparagraph C), 'that person's spouse' was changed to 'that person's spouse or spousal equivalent,' allowing individuals in non-traditional partnerships to count joint assets or income toward the accredited investor threshold.

SCOPE

Subparagraph (D) on licensed professionals was expanded from covering only state securities divisions to also include the District of Columbia and U.S. territories, so that brokers and investment advisers registered in those jurisdictions would qualify as accredited investors under this bill.

Floor votes

How they voted

This bill passed the House by voice vote (no roll call recorded).

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Jun 6, 2023

Committee

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

upper

Jun 5, 2023

Introduced

On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H2717)

lower

Jun 5, 2023

Lower · Passed

Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H2717)

lower

Jun 5, 2023

Introduced

Mrs. Wagner moved to suspend the rules and pass the bill, as amended.

lower

Jun 5, 2023

Lower · Passed

Reported (Amended) by the Committee on Financial Services. H. Rept. 118-87.

lower

Apr 26, 2023

Introduced

Ordered to be Reported in the Nature of a Substitute (Amended) by Voice Vote.

lower

Apr 26, 2023

Lower · Passed

Committee Consideration and Mark-up Session Held.

lower

Feb 6, 2023

Committee

Referred to the House Committee on Financial Services.

lower

Feb 6, 2023

Introduced

Introduced in House

lower

1 primary · 7 co-sponsors