IB 
Union Calendar No. 275 
115TH CONGRESS 
1ST SESSION H. R. 1585 
[Report No. 115–375] 
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 
MARCH 16, 2017 
Mr. SCHWEIKERT (for himself, Ms. SINEMA, Mr. ROYCE of California, Mr. 
HILL, Mrs. CAROLYN B. MALONEY of New York, Mr. YOHO, Mr. 
LAMALFA, Mr. HULTGREN, Mr. GOTTHEIMER, Mr. DAVIDSON, and Mr. 
POLIS) introduced the following bill; which was referred to the Committee 
on Financial Services 
OCTOBER 31, 2017 
Additional sponsor: Mr. MESSER 
OCTOBER 31, 2017 
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 16, 2017] 
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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. 
(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 clauses (i) and (ii) as sub-
paragraphs (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, 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— 
‘‘(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 2 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 expectation 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’’. 
(b) RULEMAKING.—The Commission shall revise the 
definition of accredited investor under Regulation D (17 
C.F.R. 230.501 et seq.) to conform with the amendments 
made by subsection (a). 
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Union Calendar No. 275 
115TH CONGRESS 
1ST SESSION 
H. R. 1585 
[Report No. 115–375] 
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. 
OCTOBER 31, 2017 
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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