IB 
Union Calendar No. 103 
119TH CONGRESS 
1ST SESSION H. R. 3348 
[Report No. 119–134] 
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 
MAY 13, 2025 
Mr. HUIZENGA introduced the following bill; which was referred to the 
Committee on Financial Services 
JUNE 4, 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 13, 2025] 
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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. 
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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 ‘‘Accredited Investor Defi-
nition Review Act’’. 
SEC. 2. CERTIFICATIONS, DESIGNATIONS, AND CREDEN-
TIALS UNDER THE DEFINITION OF ACCRED-
ITED 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 (B), respectively; 
(2) in subparagraph (A), as so redesignated, by 
striking ‘‘adviser; or’’ and inserting ‘‘adviser;’’; 
(3) in subparagraph (B), as so redesignated, by 
striking the period at the end and inserting ‘‘; or’’; 
and 
(4) by adding at the end the following: 
‘‘(C) an individual holding such certifi-
cations, designations, or credentials as the Com-
mission determines necessary or appropriate in 
the public interest or for the protection of inves-
tors, where— 
‘‘(i) such list of certifications, designa-
tions, or credentials shall include those pro-
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fessional certifications described in the 
Commission order titled ‘Order Designating 
Certain Professional Licenses as Qualifying 
Natural Persons for Accredited Investor 
Status’ (85 Fed. Reg. 64234; published Oc-
tober 9, 2020); and 
‘‘(ii) in establishing which attributes 
should be considered for purposes of deter-
mining such certifications, designations, or 
credentials, the Commission shall consider 
attributes that are no less broad than those 
attributes described in the amendments 
made to section 230.501(a)(10) of title 17, 
Code of Federal Regulations, by the final 
rule of the Commission titled ‘Accredited 
Investor Definition’ (85 Fed. Reg. 64234; 
published October 9, 2020).’’. 
SEC. 3. PERIODIC REVIEW OF CERTIFICATIONS, DESIGNA-
TIONS, AND CREDENTIALS. 
Section 413(b) of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act (15 U.S.C. 77b note) is 
amended by adding at the end the following: 
‘‘(3) PERIODIC
REVIEW
OF
CERTIFICATIONS, 
DESIGNATIONS, AND CREDENTIALS.—Not later than 
18 months after the date of the enactment of this 
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paragraph and not less frequently than once every 5 
years thereafter, the Commission shall— 
‘‘(A) review the list of certifications, des-
ignations, and credentials designated as quali-
fying natural persons for accredited investor sta-
tus pursuant to Rule 501(a)(10) (17 CFR 
230.501(a)(10)); 
‘‘(B) add such certifications, designations, 
and credentials to such list as the Commission 
determines are substantially similar in meas-
uring the financial sophistication, knowledge, 
and experience in financial matters of an indi-
vidual to the certifications, designations, and 
credentials included on such list at the time of 
such review; and 
‘‘(C) adjust or modify such list as the Com-
mission determines necessary or appropriate in 
the public interest or for the protection of inves-
tors.’’. 
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Union Calendar No. 103 
119TH CONGRESS 
1ST SESSION 
H. R. 3348 
[Report No. 119–134] 
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. 
JUNE 4, 2025 
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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