IB 

Union Calendar No. 69 

118TH CONGRESS 

1ST SESSION H. R. 1579 

[Report No. 118–92] 

To amend the Securities Act of 1933 and the Dodd-Frank Wall Street 

Reform and Consumer Protection Act with respect to the definition 

of accredited investor, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MARCH 14, 2023 

Mr. HUIZENGA introduced the following bill; which was referred to the 

Committee on Financial Services 

JUNE 5, 2023 

Additional sponsor: Mr. LAWLER

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 March 14, 2023] 


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•HR 1579 RH

A BILL 

To amend the Securities Act of 1933 and the Dodd-Frank 

Wall Street Reform and Consumer Protection Act with 

respect to the definition of accredited investor, and for 

other purposes. 


kjohnson on DSK79L0C42PROD with BILLS
3 

•HR 1579 RH

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 ‘‘Accredited Investor Defi5 nition Review Act’’. 

6 SEC. 2. CERTIFICATIONS, DESIGNATIONS, AND CREDEN7 TIALS UNDER THE DEFINITION OF ACCRED8 ITED INVESTOR. 

9 Section 2(a)(15) of the Securities Act of 1933 (15 

10 U.S.C. 77b(a)(15)) is amended— 

11 (1) by redesignating clauses (i) and (ii) as sub12 paragraphs (A) and (B), respectively; 

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

14 striking ‘‘adviser; or’’ and inserting ‘‘adviser;’’; 

15 (3) in subparagraph (B), as so redesignated, by 

16 striking the period at the end and inserting ‘‘; or’’; 

17 and 

18 (4) by adding at the end the following: 

19 ‘‘(C) an individual holding such certifi20 cations, designations, or credentials as the Com21 mission determines necessary or appropriate in 

22 the public interest or for the protection of inves23 tors, where such list of certifications, designa24 tions, or credentials shall be no less broad than 

25 those certifications, designations, or credentials 


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•HR 1579 RH

1 described in the amendments made to section 

2 230.501 of title 17, Code of Federal Regulations, 

3 by the final rule of the Commission titled ‘Ac4 credited Investor Definition’ (85 Fed. Reg. 

5 64234; published October 9, 2020).’’. 

6 SEC. 3. PERIODIC REVIEW OF CERTIFICATIONS, DESIGNA7 TIONS, AND CREDENTIALS. 

8 Section 413(b) of the Dodd-Frank Wall Street Reform 

9 and Consumer Protection Act (15 U.S.C. 77b note) is 

10 amended by adding at the end the following: 

11 ‘‘(3) PERIODIC REVIEW OF CERTIFICATIONS, 

12 DESIGNATIONS, AND CREDENTIALS.—Not later than 

13 18 months after the date of the enactment of this 

14 paragraph and not less frequently than once every 5 

15 years thereafter, the Commission shall— 

16 ‘‘(A) review the list of certifications, des17 ignations, and credentials accepted with respect 

18 to meeting the requirements of the definition of 

19 ‘accredited investor’ under section 2(a)(15) of the 

20 Securities Act of 1933 (15 U.S.C. 77b(a)(15)) 

21 and rules issued pursuant to such section; 

22 ‘‘(B) add such certifications, designations, 

23 and credentials to such list as the Commission 

24 determines are substantially similar in meas25 uring the financial sophistication, knowledge, 


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•HR 1579 RH

1 and experience in financial matters of an indi2 vidual to the certifications, designations, and 

3 credentials included on such list at the time of 

4 such review; and 

5 ‘‘(C) adjust or modify such list as the Com6 mission determines necessary or appropriate in 

7 the public interest or for the protection of inves8 tors.’’. 


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Union Calendar No. 69 

118TH CONGRESS 

1ST SESSION H. R. 1579 

[Report No. 118–92] 

A BILL 

To amend the Securities Act of 1933 and the 

accredited investor, and for other purposes. Protection Act with respect to the definition of Dodd-Frank Wall Street Reform and Consumer 

JUNE 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, 


kjohnson on DSK79L0C42PROD with BILLS