3.0.0 1585 2023-01-11T13:35:36Z 2023-01-11T13:35:36Z House HR 2017-03-16 115 [Congressional Record Volume 163, Number 46 (Thursday, March 16, 2017)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. SCHWEIKERT:H.R. 1585.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8[Page H2150]]]> ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2017-11-02T15:43:07Z hsba00 Financial Services Committee House Standing Reported by 2017-10-31T16:29:43Z Markup by 2017-10-12T21:49:04Z Referred to 2017-03-16T14:04:45Z H. Rept. 115-375 Interior, Environment, Financial Services and General Government, Agriculture, Rural Development, Food and Drug Administration, and Transportation, Housing and Urban Development Appropriations Act, 2019 115 6147 HR 2018-09-07 Message on Senate action sent to the House. Related bill CRS JOBS and Investor Confidence Act of 2018 115 488 S 2018-07-18 Message on House action received in Senate and at desk: House amendments to Senate bill. Related bill CRS 2017-11-02 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 2017-11-01 14:36:15 Motion to reconsider laid on the table Agreed to without objection. Floor H38310 2 House floor actions 2017-11-01 14:36:12 On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H8320-8321) Floor H37300 2 House floor actions 2017-11-01 14:36:12 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) Floor 8000 9 Library of Congress 2017-11-01 14:19:08 DEBATE - The House proceeded with forty minutes of debate on H.R. 1585. Floor H8D000 2 House floor actions 2017-11-01 14:19:04 Considered under suspension of the rules. (consideration: CR H8320-8323) Floor H30000 2 House floor actions 2017-11-01 14:19:00 Mr. Huizenga moved to suspend the rules and pass the bill, as amended. Floor H30300 2 House floor actions 2017-10-31 Placed on the Union Calendar, Calendar No. 275. Calendars H12410 2 House floor actions U00275 2017-10-31 Reported (Amended) by the Committee on Financial Services. H. Rept. 115-375. Committee H12200 2 House floor actions hsba00 Financial Services Committee 2017-10-31 Reported (Amended) by the Committee on Financial Services. H. Rept. 115-375. Committee 5000 9 Library of Congress hsba00 Financial Services Committee 2017-10-12 hsba00 Financial Services Committee 1 House committee actions Ordered to be Reported (Amended) by the Yeas and Nays: 58 - 2. Committee 2017-10-12 hsba00 Financial Services Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2017-10-11 hsba00 Financial Services Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2017-03-16 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2017-03-16 Introduced in House IntroReferral Intro-H 9 Library of Congress 2017-03-16 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 2017-03-16 True R000487 Rep. Royce, Edward R. [R-CA-39] ED ROYCE R CA 39 2017-03-16 True H001072 Rep. Hill, J. French [R-AR-2] J. Hill R AR French 2 2017-03-16 True M000087 Rep. Maloney, Carolyn B. [D-NY-12] CAROLYN MALONEY D NY B. 12 2017-03-16 True Y000065 Rep. Yoho, Ted S. [R-FL-3] Ted Yoho R FL S. 3 2017-03-16 True L000578 Rep. LaMalfa, Doug [R-CA-1] Doug LaMalfa R CA 1 2017-03-16 True H001059 Rep. Hultgren, Randy [R-IL-14] Randy Hultgren R IL 14 2017-03-16 True G000583 Rep. Gottheimer, Josh [D-NJ-5] Josh Gottheimer D NJ 5 2017-03-16 True D000626 Rep. Davidson, Warren [R-OH-8] Warren Davidson R OH 8 2017-03-16 True P000598 Rep. Polis, Jared [D-CO-2] Jared Polis D CO 2 2017-03-16 True M001189 Rep. Messer, Luke [R-IN-6] Luke Messer R IN 6 2017-10-11 False 2017-10-30T15:06:25Z H.R. 1585, Fair Investment Opportunities for Professional Experts Act https://www.cbo.gov/publication/53265 As ordered reported by the House Committee on Financial Services on October 12, 2017 Finance and Financial Sector Financial services and investments Securities Finance and Financial Sector 00 2017-03-16 Introduced in House 2017-10-31T14:44:23Z This bill amends the Securities Act of 1933 to modify the definition of "accredited investor" 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.
]]> 17 2017-10-31 Reported to House with amendment(s) 2018-01-25T18:08:42Z Fair Investment Opportunities for Professional Experts Act

(Sec. 2) This bill amends the Securities Act of 1933 to modify the definition of "accredited investor" 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 "accredited investor" in Regulation D (which exempts certain offerings from SEC registration requirements) to conform to changes in this bill.

]]> 36 2017-11-01 Passed House amended 2018-04-26T21:42:44Z (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 "accredited investor" 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 "accredited investor" in Regulation D (which exempts certain offerings from SEC registration requirements) to conform to changes in this bill.

]]> Fair Investment Opportunities for Professional Experts Act Display Title Fair Investment Opportunities for Professional Experts Act Official Title as Introduced To amend the Securities Act of 1933 to codify certain qualifications of individuals as accredited investors for purposes of the securities laws. Introduced in House IH 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 2017-11-02T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr1585rfs/xml/BILLS-115hr1585rfs.xml Engrossed in House 2017-11-01T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr1585eh/xml/BILLS-115hr1585eh.xml Reported in House 2017-10-31T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr1585rh/xml/BILLS-115hr1585rh.xml Introduced in House 2017-03-16T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr1585ih/xml/BILLS-115hr1585ih.xml 2017-11-02 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.