3.0.0 2187 2023-01-11T13:27:30Z 2023-01-11T13:27:30Z House HR 2015-04-30 114 [Congressional Record Volume 161, Number 64 (Thursday, April 30, 2015)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. SCHWEIKERT:H.R. 2187.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8: The Congress shall have Power To layand collect Taxes, Duties, Imposts and Excises, to pay theDebts and provide for the common Defence and general Welfareof the United States; but all Duties, Imposts and Excisesshall be uniform throughout the United States[Page H2772]]]> ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2016-02-02T19:22:12Z hsba00 Financial Services Committee House Standing hsba16 Capital Markets Subcommittee Hearings by 2015-06-16T14:17:29Z Reported by 2016-02-01T19:34:43Z Markup by 2015-12-09T22:00:34Z Referred to 2015-04-30T14:09:00Z H. Rept. 114-406 Creating Financial Prosperity for Businesses and Investors Act 114 6427 HR 2016-12-06 Received in the Senate. Related bill CRS Financial CHOICE Act of 2016 114 5983 HR 2016-12-20 Placed on the Union Calendar, Calendar No. 693. Related bill CRS 2016-02-02 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2016-02-01 18:48:04 On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 347 - 8 (Roll no. 46). (text: CR H378) Floor H37300 2 House floor actions 46 https://clerk.house.gov/evs/2016/roll046.xml House 114 2016-02-01T23:48:04Z 2 2016-02-01 18:48:04 Motion to reconsider laid on the table Agreed to without objection. Floor H38310 2 House floor actions 2016-02-01 18:48:04 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): 347 - 8 (Roll no. 46).(text: CR H378) Floor 8000 9 Library of Congress 46 https://clerk.house.gov/evs/2016/roll046.xml House 114 2016-02-01T23:48:04Z 2 2016-02-01 18:31:00 Considered as unfinished business. (consideration: CR H401) Floor H30000 2 House floor actions 2016-02-01 15:28:32 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. Floor H37220 2 House floor actions 2016-02-01 15:15:32 DEBATE - The House proceeded with forty minutes of debate on H.R. 2187. Floor H8D000 2 House floor actions 2016-02-01 15:15:30 Considered under suspension of the rules. (consideration: CR H378-379) Floor H30000 2 House floor actions 2016-02-01 15:15:17 Mr. Garrett moved to suspend the rules and pass the bill, as amended. Floor H30300 2 House floor actions 2016-02-01 Placed on the Union Calendar, Calendar No. 309. Calendars H12410 2 House floor actions U00309 2016-02-01 Reported (Amended) by the Committee on Financial Services. H. Rept. 114-406. Committee H12200 2 House floor actions hsba00 Financial Services Committee 2016-02-01 Reported (Amended) by the Committee on Financial Services. H. Rept. 114-406. Committee 5000 9 Library of Congress hsba00 Financial Services Committee 2015-12-09 hsba00 Financial Services Committee 1 House committee actions Ordered to be Reported (Amended) by the Yeas and Nays: 54 - 2. Committee 2015-12-09 hsba00 Financial Services Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2015-12-08 hsba00 Financial Services Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2015-06-16 hsba16 Capital Markets Subcommittee 1 House committee actions Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral. Committee 2015-04-30 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2015-04-30 Introduced in House IntroReferral Intro-H 9 Library of Congress 2015-04-30 Introduced in House IntroReferral 1000 9 Library of Congress S001183 Rep. Schweikert, David [R-AZ-6] David Schweikert R AZ 6 N S001191 Rep. Sinema, Kyrsten [D-AZ-9] Kyrsten Sinema D AZ 9 2015-12-10 False 2016-01-19T16:26:00Z H.R. 2187, a bill to direct the Securities and Exchange Commission to revise its regulations regarding the qualifications of natural persons as accredited investors https://www.cbo.gov/publication/51151 As ordered reported by the House Committee on Financial Services on December 9, 2015 Finance and Financial Sector Administrative law and regulatory procedures Banking and financial institutions regulation Financial services and investments Licensing and registrations Securities Securities and Exchange Commission (SEC) Finance and Financial Sector 00 2015-04-30 Introduced in House 2015-05-27T20:43:29Z Fair Investment Opportunities for Professional Experts Act

This bill directs the Securities and Exchange Commission (SEC) to revise its rules under Regulation D to consider a natural person an accredited investor, regardless of specified income and net worth requirements, if the person certifies to the issuer before the sale of securities to that person that he or she:

  • is a person described in specified other requirements of Regulation D,
  • has retained and used the services of certain banks, savings and loan associations, insurance companies, registered brokers or dealers, or certain other entities or their employees to make an investment decision relative to the securities being offered, or
  • is licensed as an accredited investor by the Financial Industry Regulatory Authority (FINRA) after completing an exam administered by FINRA using specified criteria established by the SEC.

The SEC shall establish such criteria for FINRA to use in administering an exam to license as accredited investors natural persons who don't meet certain income and net worth requirements of Regulation D.

]]> 36 2016-02-01 Passed House amended 2016-04-12T21:11:35Z Fair Investment Opportunities for Professional Experts Act

(Sec. 2) This bill amends the Securities Act of 1933 to add to the definition of accredited investor any natural person whose individual net worth, or joint net worth with his or her spouse, exceeds $1 million (adjusted every five years for inflation).

The person's net worth shall exclude:

  • the person's primary residence; and
  • as a liability any indebtedness secured by the primary residence, up to the estimated fair market value of the residence at the time of the sale of securities.

Indebtedness secured by the person's primary residence in excess of the residence's estimated fair market value at the time of the sale of securities, however, shall be included in net worth as a liability.

An accredited investor shall also include any natural person:

  • whose individual income exceeded $200,000 in each of the two most recent years, or whose joint income with spouse exceeded $300,000 in each of those years, and has a reasonable expectation of reaching the same income level in the current year;
  • currently licensed or registered as a broker or investment adviser by the Securities and Exchange Commission, the Financial Industry Regulatory Authority (FINRA) (or an equivalent self-regulatory organization), or a state division responsible for licensing or registration of individuals in connection with securities activities; or
  • whose demonstrable education or job experience qualifies as professional knowledge of a subject related to a particular investment, and whose education or job experience is verified by the FINRA or an equivalent self-regulatory organization.
]]> Fair Investment Opportunities for Professional Experts Act Display Title Fair Investment Opportunities for Professional Experts Act Official Title as Introduced To direct the Securities and Exchange Commission to revise its regulations regarding the qualifications of natural persons as accredited investors. Introduced in House IH Short Titles as Introduced Fair Investment Opportunities for Professional Experts Act Short Titles as Reported to House Fair Investment Opportunities for Professional Experts Act H House Short Titles as Passed House Fair Investment Opportunities for Professional Experts Act H House Referred in Senate 2016-02-02T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr2187rfs/xml/BILLS-114hr2187rfs.xml Engrossed in House 2016-02-01T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr2187eh/xml/BILLS-114hr2187eh.xml Reported in House 2016-02-01T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr2187rh/xml/BILLS-114hr2187rh.xml Introduced in House 2015-04-30T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr2187ih/xml/BILLS-114hr2187ih.xml 2016-02-02 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.