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. 
(a) IN GENERAL.—Section 2(a)(15) of the Securities 
Act of 1933 (15 U.S.C. 77b(a)(15)) is amended— 
(1) by redesignating subparagraphs (i) and (ii) 
as subparagraphs (A) and (F), respectively; and 
(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 or spousal equivalent, exceeds $1,000,000 
(which amount, along with the amounts set forth 
in subparagraph (C), shall be adjusted for infla-
tion by the Commission every 5 years to the 
nearest $10,000 to reflect the change in the Con-
sumer Price Index for All Urban Consumers 
published by the Bureau of Labor Statistics) 
where, for purposes of calculating net worth 
under this subparagraph— 
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‘‘(i) the person’s primary residence 
shall not be included as an asset; 
‘‘(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 2 most recent years or joint income with that 
person’s spouse or spousal equivalent in excess of 
$300,000 in each of those years and has a rea-
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sonable expectation of reaching the same income 
level in the current year; 
‘‘(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, the District 
of Columbia, or a territory of the United States 
or the equivalent division responsible for licens-
ing or registration of individuals in connection 
with securities 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’’. 
(b) RULEMAKING.—The Commission shall revise the 
definition of accredited investor under Regulation D (17 
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CFR 230.501 et seq.) to conform with the amendments made 
by subsection (a). 
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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 cer-
tain qualifications of individuals as accredited in-
vestors for purposes of the securities laws. 
JUNE 5, 2023 
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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