Fair Investment Opportunities for Professional Experts Act

Bill: 115-hr-1585
Sponsor: Rep. Schweikert, David [R-AZ-6]
Introduced: 2017-03-16 in the House
Policy area: Finance and Financial Sector
Subjects: Financial services and investments
Securities

Summary:
action_date: 2017-03-16
text: 
This bill amends the Securities Act of 1933 to modify the definition of &quot;accredited investor&quot; for purposes of participating in private offerings to include:
 
 
an individual whose net worth, or joint net worth with their spouse, exceeds $1 million, excluding their primary residence;
 
an individual whose income over the last two years exceeded $200,000, or joint spousal income exceeded $300,000;
 
an individual who holds a state-issued financial services license; and
 
an individual determined by the Securities and Exchange Commission to have qualifying education or experience.
 

action_date: 2017-10-31
text: 

Fair Investment Opportunities for Professional Experts Act

 
(Sec. 2) This bill amends the Securities Act of 1933 to modify the definition of &quot;accredited investor&quot; for purposes of participating in private offerings to include: 
 
 
an individual whose net worth or joint net worth with their spouse exceeds $1 million (adjusted for inflation), excluding from the calculation of their net worth their primary residence and a mortgage secured by that residence in certain circumstances; 
 
an individual whose income over the last two years exceeded $200,000 (adjusted for inflation) or joint spousal income exceeded $300,000 (adjusted for inflation) and who has a reasonable expectation of reaching the same income level in the current year; 
 
an individual who is licensed as a broker or investment advisor by certain entities; and 
 
an individual determined by the Securities and Exchange Commission (SEC) to have qualifying education or experience. 
 
 
(Certain unregistered securities may only be offered to accredited investors.)
 
The SEC is directed to revise the definition of &quot;accredited investor&quot; in Regulation D (which exempts certain offerings from SEC registration requirements) to conform to changes in this bill.

action_date: 2017-11-01
text: 
(This measure has not been amended since it was reported to the House on October 31, 2017. The summary of that version is repeated here.)
 

Fair Investment Opportunities for Professional Experts Act

 
(Sec. 2) This bill amends the Securities Act of 1933 to modify the definition of &quot;accredited investor&quot; for purposes of participating in private offerings to include: 
 
 
an individual whose net worth or joint net worth with their spouse exceeds $1 million (adjusted for inflation), excluding from the calculation of their net worth their primary residence and a mortgage secured by that residence in certain circumstances; 
 
an individual whose income over the last two years exceeded $200,000 (adjusted for inflation) or joint spousal income exceeded $300,000 (adjusted for inflation) and who has a reasonable expectation of reaching the same income level in the current year; 
 
an individual who is licensed as a broker or investment advisor by certain entities; and 
 
an individual determined by the Securities and Exchange Commission (SEC) to have qualifying education or experience. 
 
 
(Certain unregistered securities may only be offered to accredited investors.)
 
The SEC is directed to revise the definition of &quot;accredited investor&quot; in Regulation D (which exempts certain offerings from SEC registration requirements) to conform to changes in this bill.


Legislative actions:
action_date: 2017-11-02
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2017-11-01
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2017-11-01
text: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H8320-8321)
action_date: 2017-11-01
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H8320-8321)
action_date: 2017-11-01
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 1585.
action_date: 2017-11-01
text: Considered under suspension of the rules. (consideration: CR H8320-8323)
action_date: 2017-11-01
text: Mr. Huizenga moved to suspend the rules and pass the bill, as amended.
action_date: 2017-10-31
text: Placed on the Union Calendar, Calendar No. 275.
action_date: 2017-10-31
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 115-375.
action_date: 2017-10-31
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 115-375.
action_date: 2017-10-12
text: Ordered to be Reported (Amended) by the Yeas and Nays: 58 - 2.
action_date: 2017-10-12
text: Committee Consideration and Mark-up Session Held.
action_date: 2017-10-11
text: Committee Consideration and Mark-up Session Held.
action_date: 2017-03-16
text: Referred to the House Committee on Financial Services.
action_date: 2017-03-16
text: Introduced in House
action_date: 2017-03-16
text: Introduced in House