[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 835 Referred in Senate (RFS)]

<DOC>
118th CONGRESS
  1st Session
                                H. R. 835


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              June 6, 2023

Received; read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

_______________________________________________________________________

                                 AN ACT


 
To amend the Securities Act of 1933 to codify certain qualifications of 
  individuals as accredited investors for purposes of the securities 
                                 laws.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Fair Investment Opportunities 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 subparagraphs (i) and (ii) as 
        subparagraphs (A) and (F), respectively; and
            (2) in subparagraph (A) (as so redesignated), by striking 
        ``; or'' and inserting a semicolon, and inserting after such 
        subparagraph the following:
                    ``(B) any natural person whose individual net 
                worth, or joint net worth with that person's spouse or 
                spousal equivalent, 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 calculating net worth under this 
                subparagraph--
                            ``(i) the person's primary residence shall 
                        not be included as an asset;
                            ``(ii) indebtedness that is secured by the 
                        person's primary residence, up to the estimated 
                        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 outstanding at the 
                        time of sale of securities exceeds the amount 
                        outstanding 60 days before 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 primary 
                        residence at the time of the sale of securities 
                        shall be included as a liability;
                    ``(C) any natural person who had an individual 
                income in excess of $200,000 in each of the 2 most 
                recent years or joint income with that person's spouse 
                or spousal equivalent 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;
                    ``(D) any natural person who is currently licensed 
                or registered as a broker or investment adviser by the 
                Commission, the Financial Industry 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, the District of Columbia, or a 
                territory of the United States or the equivalent 
                division responsible for licensing or registration of 
                individuals in connection with securities activities;
                    ``(E) any natural person the Commission determines, 
                by regulation, to have demonstrable education or job 
                experience to qualify such person as having 
                professional knowledge of a subject related to a 
                particular investment, and whose education or job 
                experience is verified by the Financial Industry 
                Regulatory Authority or an equivalent self-regulatory 
                organization (as defined in section 3(a)(26) of the 
                Securities Exchange Act of 1934); or''.
    (b) Rulemaking.--The Commission shall revise the definition of 
accredited investor under Regulation D (17


              

 CFR 230.501 et seq.) to conform with the amendments made by subsection 
(a).

            Passed the House of Representatives June 5, 2023.

            Attest:

                                             CHERYL L. JOHNSON,

                                                                 Clerk.