Equal Opportunity for All Investors Act of 2023

Bill: 118-hr-2797
Sponsor: Rep. Flood, Mike [R-NE-1]
Introduced: 2023-04-24 in the House
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation
Financial services and investments
Securities

Summary:
action_date: 2023-04-24
text: 

Equal Opportunity for All Investors Act of 2023

 
This bill expands who may be considered an accredited investor for purposes of participating in private offerings of securities. Certain unregistered securities may only be offered to accredited investors. 
 
Specifically, the bill allows an individual to qualify through an examination established by the Securities and Exchange Commission. The examination 
 
 
must be designed with an appropriate difficulty level such that an individual with financial sophistication or training would be unlikely to fail,
 
may include methods to determine competency in certain areas, and 
 
must be administered by a registered national securities association and offered free of charge to the public. 
 
 
Currently, accredited investors must satisfy certain requirements indicating their reduced exposure to financial risk, including those related to income, net worth, or knowledge and experience.

action_date: 2023-05-30
text: 

Equal Opportunity for All Investors Act of 2023

 
This bill expands who may be considered an accredited investor for purposes of participating in private offerings of securities. Certain unregistered securities may only be offered to accredited investors. 
 
Specifically, the bill allows an individual to qualify through an examination established by the Securities and Exchange Commission. The examination must
 
 
be designed with an appropriate difficulty level such that an individual with financial sophistication or training would be unlikely to fail,
 
include methods to determine competency in certain areas, and 
 
be administered by a registered national securities association and offered free of charge to the public. 
 
 
Currently, accredited investors must satisfy certain requirements indicating their reduced exposure to financial risk, including those related to income, net worth, or knowledge and experience.

action_date: 2023-05-31
text: 

Equal Opportunity for All Investors Act of 2023

 
This bill expands who may be considered an accredited investor for purposes of participating in private offerings of securities. Certain unregistered securities may only be offered to accredited investors. 
 
Specifically, the bill allows an individual to qualify through an examination established by the Securities and Exchange Commission. The examination must
 
 
be designed with an appropriate difficulty level such that an individual with financial sophistication or training would be unlikely to fail,
 
include methods to determine competency in certain areas, and 
 
be administered by a registered national securities association and offered free of charge to the public. 
 
 
Currently, accredited investors must satisfy certain requirements indicating their reduced exposure to financial risk, including those related to income, net worth, or knowledge and experience.


Legislative actions:
action_date: 2023-06-01
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2023-05-31
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2023-05-31
text: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 383 - 18 (Roll no. 244). (text: 05/30/2023 CR H2656)
action_date: 2023-05-31
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 383 - 18 (Roll no. 244). (text: 05/30/2023 CR H2656)
action_date: 2023-05-31
text: Considered as unfinished business. (consideration: CR H2706)
action_date: 2023-05-30
text: At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
action_date: 2023-05-30
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 2797.
action_date: 2023-05-30
text: Considered under suspension of the rules. (consideration: CR H2656-2658)
action_date: 2023-05-30
text: Mrs. Wagner moved to suspend the rules and pass the bill, as amended.
action_date: 2023-05-30
text: Placed on the Union Calendar, Calendar No. 56.
action_date: 2023-05-30
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 118-77.
action_date: 2023-05-30
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 118-77.
action_date: 2023-04-26
text: Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 42 - 1.
action_date: 2023-04-26
text: Committee Consideration and Mark-up Session Held.
action_date: 2023-04-24
text: Referred to the House Committee on Financial Services.
action_date: 2023-04-24
text: Introduced in House
action_date: 2023-04-24
text: Introduced in House