IB 
Union Calendar No. 85 
119TH CONGRESS 
1ST SESSION H. R. 3394 
[Report No. 119–115] 
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 
MAY 14, 2025 
Mr. HILL of Arkansas (for himself and Mr. VARGAS) introduced the following 
bill; which was referred to the Committee on Financial Services 
JUNE 3, 2025 
Additional sponsors: Mr. DAVIDSON and Mr. SESSIONS 
JUNE 3, 2025 
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 May 14, 2025] 
VerDate Sep 11 2014 
00:52 Jun 04, 2025
Jkt 059200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6652
E:\BILLS\H3394.RH
H3394
kjohnson on DSK7ZCZBW3PROD with $$_JOB
A BILL 
To amend the Securities Act of 1933 to codify certain quali-
fications of individuals as accredited investors for pur-
poses of the securities laws. 
VerDate Sep 11 2014 
00:52 Jun 04, 2025
Jkt 059200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6652
E:\BILLS\H3394.RH
H3394
kjohnson on DSK7ZCZBW3PROD with $$_JOB
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) with respect to a proposed sale of a se-
curity, any natural person whose individual net 
worth, or joint net worth with that person’s 
spouse or spousal equivalent, at the time of such 
sale, exceeds $1,000,000 (which amount, along 
with the amounts set forth in subparagraph (C), 
shall be adjusted for inflation by the Commission 
every 5 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— 
VerDate Sep 11 2014 
00:52 Jun 04, 2025
Jkt 059200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6203
E:\BILLS\H3394.RH
H3394
kjohnson on DSK7ZCZBW3PROD with $$_JOB
‘‘(i) the person’s primary residence 
shall not be included as an asset; 
‘‘(ii) indebtedness that is secured by 
the person’s primary residence, up to the es-
timated fair market value of the primary 
residence at the time of such sale, shall not 
be included as a liability (except that if the 
amount of such indebtedness outstanding at 
the time of such sale exceeds the amount 
outstanding 60 days before such time, other 
than as a result of the acquisition of the 
primary residence, the amount of such ex-
cess shall be included as a liability); and 
‘‘(iii) indebtedness that is secured by 
the person’s primary residence in excess of 
the estimated fair market value of the pri-
mary residence at the time of such sale shall 
be included as a liability; 
‘‘(C) any natural person who had an indi-
vidual income in excess of $200,000 in each of 
the 2 most recent years or joint income with that 
person’s spouse or spousal equivalent in excess of 
$300,000 in each of those years and has a rea-
sonable expectation of reaching the same income 
level in the current year; 
VerDate Sep 11 2014 
00:52 Jun 04, 2025
Jkt 059200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6203
E:\BILLS\H3394.RH
H3394
kjohnson on DSK7ZCZBW3PROD with $$_JOB