IB 

Union Calendar No. 64 

118TH CONGRESS 

1ST SESSION H. R. 835 

[Report No. 118–87] 

To amend the Securities Act of 1933 to codify certain qualifications of 

individuals as accredited investors for purposes of the securities laws. 

IN THE HOUSE OF REPRESENTATIVES 

FEBRUARY 6, 2023 

Mr. HILL (for himself and Mr. SCHWEIKERT) introduced the following bill; 

which was referred to the Committee on Financial Services 

JUNE 5, 2023 

Additional sponsors: Mr. DONALDS, Mr. VARGAS, Mr. LAWLER, Mr. 

DAVIDSON, Mr. STEIL, and Mr. EMMER

JUNE 5, 2023 

Reported with an amendment, committed to the Committee of the Whole 

House on the State of the Union, and ordered to be printed 

[Strike out all after the enacting clause and insert the part printed in italic] 

[For text of introduced bill, see copy of bill as introduced on February 6, 2023] 


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A BILL 

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


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1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Fair Investment Oppor5 tunities for Professional Experts Act’’. 

6 SEC. 2. DEFINITION OF ACCREDITED INVESTOR. 

7 (a) IN GENERAL.—Section 2(a)(15) of the Securities 

8 Act of 1933 (15 U.S.C. 77b(a)(15)) is amended— 

9 (1) by redesignating subparagraphs (i) and (ii) 

10 as subparagraphs (A) and (F), respectively; and 

11 (2) in subparagraph (A) (as so redesignated), by 

12 striking ‘‘; or’’ and inserting a semicolon, and insert13 ing after such subparagraph the following: 

14 ‘‘(B) any natural person whose individual 

15 net worth, or joint net worth with that person’s 

16 spouse or spousal equivalent, exceeds $1,000,000 

17 (which amount, along with the amounts set forth 

18 in subparagraph (C), shall be adjusted for infla19 tion by the Commission every 5 years to the 

20 nearest $10,000 to reflect the change in the Con21 sumer Price Index for All Urban Consumers 

22 published by the Bureau of Labor Statistics) 

23 where, for purposes of calculating net worth 

24 under this subparagraph— 


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1 ‘‘(i) the person’s primary residence 

2 shall not be included as an asset; 

3 ‘‘(ii) indebtedness that is secured by 

4 the person’s primary residence, up to the es5 timated fair market value of the primary 

6 residence at the time of the sale of securities, 

7 shall not be included as a liability (except 

8 that if the amount of such indebtedness out9 standing at the time of sale of securities ex10 ceeds the amount outstanding 60 days be11 fore such time, other than as a result of the 

12 acquisition of the primary residence, the 

13 amount of such excess shall be included as 

14 a liability); and 

15 ‘‘(iii) indebtedness that is secured by 

16 the person’s primary residence in excess of 

17 the estimated fair market value of the pri18 mary residence at the time of the sale of se19 curities shall be included as a liability; 

20 ‘‘(C) any natural person who had an indi21 vidual income in excess of $200,000 in each of 

22 the 2 most recent years or joint income with that 

23 person’s spouse or spousal equivalent in excess of 

24 $300,000 in each of those years and has a reaVerDate Sep 11 2014 01:00 Jun 06, 2023 Jkt 039200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6203 E:\BILLS\H835.RH H835

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1 sonable expectation of reaching the same income 

2 level in the current year; 

3 ‘‘(D) any natural person who is currently 

4 licensed or registered as a broker or investment 

5 adviser by the Commission, the Financial Indus6 try Regulatory Authority, or an equivalent self7 regulatory organization (as defined in section 

8 3(a)(26) of the Securities Exchange Act of 1934), 

9 or the securities division of a State, the District 

10 of Columbia, or a territory of the United States 

11 or the equivalent division responsible for licens12 ing or registration of individuals in connection 

13 with securities activities; 

14 ‘‘(E) any natural person the Commission 

15 determines, by regulation, to have demonstrable 

16 education or job experience to qualify such per17 son as having professional knowledge of a subject 

18 related to a particular investment, and whose 

19 education or job experience is verified by the Fi20 nancial Industry Regulatory Authority or an 

21 equivalent self-regulatory organization (as de22 fined in section 3(a)(26) of the Securities Ex23 change Act of 1934); or’’. 

24 (b) RULEMAKING.—The Commission shall revise the 

25 definition of accredited investor under Regulation D (17 


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1 CFR 230.501 et seq.) to conform with the amendments made 

2 by subsection (a). 


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kjohnson on DSK79L0C42PROD with BILLS
Union Calendar No. 64 

118TH CONGRESS 

1ST SESSION H. R. 835 

[Report No. 118–87] 

A BILL 

To amend the Securities Act of 1933 to codify cervestors for purposes of the securities laws. tain qualifications of individuals as accredited inJUNE 5, 2023 

Reported with an amendment, committed to the Comand ordered to be printed mittee of the Whole House on the State of the Union, 


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