IIB 

118TH CONGRESS 

1ST SESSION H. R. 835 

IN THE SENATE OF THE UNITED STATES 

JUNE 6, 2023 

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. 

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


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1 SECTION 1. SHORT TITLE. 

2 This Act may be cited as the ‘‘Fair Investment Op3 portunities for Professional Experts Act’’. 

4 SEC. 2. DEFINITION OF ACCREDITED INVESTOR. 

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

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

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

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

9 (2) in subparagraph (A) (as so redesignated), 

10 by striking ‘‘; or’’ and inserting a semicolon, and in11 serting after such subparagraph the following: 

12 ‘‘(B) any natural person whose individual 

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

14 spouse or spousal equivalent, exceeds 

15 $1,000,000 (which amount, along with the 

16 amounts set forth in subparagraph (C), shall be 

17 adjusted for inflation by the Commission every 

18 5 years to the nearest $10,000 to reflect the 

19 change in the Consumer Price Index for All 

20 Urban Consumers published by the Bureau of 

21 Labor Statistics) where, for purposes of calcu22 lating net worth under this subparagraph— 

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

24 shall not be included as an asset; 

25 ‘‘(ii) indebtedness that is secured by 

26 the person’s primary residence, up to the 


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1 estimated fair market value of the primary 

2 residence at the time of the sale of securi3 ties, shall not be included as a liability (ex4 cept that if the amount of such indebted5 ness outstanding at the time of sale of se6 curities exceeds the amount outstanding 60 

7 days before such time, other than as a re8 sult of the acquisition of the primary resi9 dence, the amount of such excess shall be 

10 included as a liability); and 

11 ‘‘(iii) indebtedness that is secured by 

12 the person’s primary residence in excess of 

13 the estimated fair market value of the pri14 mary residence at the time of the sale of 

15 securities shall be included as a liability; 

16 ‘‘(C) any natural person who had an indi17 vidual income in excess of $200,000 in each of 

18 the 2 most recent years or joint income with 

19 that person’s spouse or spousal equivalent in 

20 excess of $300,000 in each of those years and 

21 has a reasonable expectation of reaching the 

22 same income level in the current year; 

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

24 licensed or registered as a broker or investment 

25 adviser by the Commission, the Financial InVerDate Sep 11 2014 00:50 Jun 07, 2023 Jkt 039200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H835.RFS H835

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1 dustry Regulatory Authority, or an equivalent 

2 self-regulatory organization (as defined in sec3 tion 3(a)(26) of the Securities Exchange Act of 

4 1934), or the securities division of a State, the 

5 District of Columbia, or a territory of the 

6 United States or the equivalent division respon7 sible for licensing or registration of individuals 

8 in connection with securities activities; 

9 ‘‘(E) any natural person the Commission 

10 determines, by regulation, to have demonstrable 

11 education or job experience to qualify such per12 son as having professional knowledge of a sub13 ject related to a particular investment, and 

14 whose education or job experience is verified by 

15 the Financial Industry Regulatory Authority or 

16 an equivalent self-regulatory organization (as 

17 defined in section 3(a)(26) of the Securities Ex18 change Act of 1934); or’’. 

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

20 definition of accredited investor under Regulation D (17 


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

2 made by subsection (a). 

Passed the House of Representatives June 5, 2023. 

Attest: CHERYL L. JOHNSON, 

Clerk. 


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