IB 
Union Calendar No. 309 
114TH CONGRESS 
2D SESSION 
H. R. 2187 
[Report No. 114–406] 
To direct the Securities and Exchange Commission to revise its regulations 
regarding the qualifications of natural persons as accredited investors. 
IN THE HOUSE OF REPRESENTATIVES 
APRIL 30, 2015 
Mr. SCHWEIKERT introduced the following bill; which was referred to the 
Committee on Financial Services 
FEBRUARY 1, 2016 
Additional sponsor: Ms. SINEMA 
FEBRUARY 1, 2016 
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 April 30, 2015] 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Fair Investment Oppor-
tunities for Professional Experts Act’’. 
SEC. 2. DEFINITION OF ACCREDITED INVESTOR. 
Section 2(a)(15) of the Securities Act of 1933 (15 
U.S.C. 77b(a)(15) is amended— 
(1) by redesignating clauses (i) and (ii) as sub-
paragraphs (A) and (F), respectively; 
(2) in subparagraph (A) (as so redesignated), by 
striking ‘‘; or’’ and inserting a semicolon, and insert-
ing after such subparagraph the following: 
‘‘(B) any natural person whose individual 
net worth, or joint net worth with that person’s 
spouse, exceeds $1,000,000 (which amount, along 
with the amounts set forth in subparagraph (C), 
shall be adjusted for inflation by the Commission 
every five years to the nearest $10,000 to reflect 
the change in the Consumer Price Index for All 
Urban Consumers published by the Bureau of 
Labor Statistics) where, for purposes of calcu-
lating net worth under this subparagraph— 
‘‘(i) the person’s primary residence 
shall not be included as an asset; 
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‘‘(ii) indebtedness that is secured by 
the person’s primary residence, up to the es-
timated fair market value of the primary 
residence at the time of the sale of securities, 
shall not be included as a liability (except 
that if the amount of such indebtedness out-
standing at the time of sale of securities ex-
ceeds the amount outstanding 60 days be-
fore such time, other than as a result of the 
acquisition of the primary residence, the 
amount of such excess shall be included as 
a liability); and 
‘‘(iii) indebtedness that is secured by 
the person’s primary residence in excess of 
the estimated fair market value of the pri-
mary residence at the time of the sale of se-
curities shall be included as a liability; 
‘‘(C) any natural person who had an indi-
vidual income in excess of $200,000 in each of 
the two most recent years or joint income with 
that person’s spouse in excess of $300,000 in 
each of those years and has a reasonable expecta-
tion of reaching the same income level in the 
current year; 
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‘‘(D) any natural person who is currently 
licensed or registered as a broker or investment 
adviser by the Commission, the Financial Indus-
try Regulatory Authority, or an equivalent self- 
regulatory organization (as defined in section 
3(a)(26) of the Securities Exchange Act of 1934), 
or the securities division of a State or the equiv-
alent State division responsible for licensing or 
registration of individuals in connection with se-
curities activities; 
‘‘(E) any natural person the Commission 
determines, by regulation, to have demonstrable 
education or job experience to qualify such per-
son as having professional knowledge of a subject 
related to a particular investment, and whose 
education or job experience is verified by the Fi-
nancial Industry Regulatory Authority or an 
equivalent self-regulatory organization (as de-
fined in section 3(a)(26) of the Securities Ex-
change Act of 1934); or’’. 
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Union Calendar No. 309 
114TH CONGRESS 
2D SESSION 
H. R. 2187 
[Report No. 114–406] 
A BILL 
To direct the Securities and Exchange Commission 
to revise its regulations regarding the qualifica-
tions of natural persons as accredited investors. 
FEBRUARY 1, 2016 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
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