{"format":1,"id":"118-hr-2797","congress":118,"number":"H.R. 2797","kind":"bill","group":"bills","title":"Equal Opportunity for All Investors Act of 2023","title_source":"Short Title(s) as Passed House","official_title":"To amend the Securities Act of 1933 to require certification examinations for accredited investors, and for other purposes.","titles":[{"type":"Official Title as Introduced","title":"To amend the Securities Act of 1933 to require certification examinations for accredited investors, and for other purposes."},{"type":"Display Title","title":"Equal Opportunity for All Investors Act of 2023"},{"type":"Short Titles from RFS (Referred to Senate) bill text","title":"Equal Opportunity for All Investors Act of 2023"},{"type":"Short Title(s) as Introduced","title":"Equal Opportunity for All Investors Act of 2023"},{"type":"Short Title(s) as Reported to House","title":"Equal Opportunity for All Investors Act of 2023"},{"type":"Short Title(s) as Passed House","title":"Equal Opportunity for All Investors Act of 2023"}],"outcome":"passed_house","law_number":null,"introduced":"2023-04-24","chambers":{"house":{"status":"roll_call","date":"2023-05-31","vote":{"id":"118-2023-h244","question":"On Motion to Suspend the Rules and Pass, as Amended","title":"Equal Opportunity for All Investors Act of 2023","result":"Passed","yea":383,"nay":18,"present":0,"not_voting":34,"source":"https://clerk.house.gov/evs/2023/roll244.xml"}},"senate":{"status":"na","date":null,"vote":null}},"president":{"status":"na","date":null},"vice_president_tie_breaker":null,"latest_action":{"text":"Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.","date":"2023-06-01"},"nominees":null,"amendments":[],"other_votes":[],"crs_summary":{"date":"2023-05-31","stage":"Passed House","blocks":[{"k":"h","t":"Equal Opportunity for All Investors Act of 2023"},{"k":"p","t":"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."},{"k":"p","t":"Specifically, the bill allows an individual to qualify through an examination established by the Securities and Exchange Commission. The examination must"},{"k":"li","t":"be designed with an appropriate difficulty level such that an individual with financial sophistication or training would be unlikely to fail,","d":1},{"k":"li","t":"include methods to determine competency in certain areas, and","d":1},{"k":"li","t":"be administered by a registered national securities association and offered free of charge to the public.","d":1},{"k":"p","t":"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."}],"words":129},"summary":{"main_subject":{"text":"Requires the Securities and Exchange Commission to establish an examination that certifies individuals as accredited investors under Regulation D, and to revise the definition of accredited investor to include those who are certified.","cites":[{"label":"Sec. 2","href":"https://www.congress.gov/bill/118th-congress/house-bill/2797/text/eh#H3150CE576601461190CA8B886473B0BF"}]},"core_areas":["Accredited investor definition under Regulation D","Certification examination for accredited investors"],"what_it_does":[{"text":"Requires the Securities and Exchange Commission to revise the definition of \"accredited investor\" under Regulation D to include any natural person certified through the examination the bill requires.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/118th-congress/house-bill/2797/text/eh#H3150CE576601461190CA8B886473B0BF"}},{"text":"Requires the Commission to establish an examination, including a test, certification, or examination program, to certify an individual as an accredited investor, not later than 1 year after the date of enactment.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/118th-congress/house-bill/2797/text/eh#H3150CE576601461190CA8B886473B0BF"}},{"text":"Requires the examination to be designed with an appropriate level of difficulty such that an individual with financial sophistication would be unlikely to fail.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/118th-congress/house-bill/2797/text/eh#H3150CE576601461190CA8B886473B0BF"}},{"text":"Requires the examination to include methods to determine competency in areas such as types of securities, corporate governance, financial statements, risks of unregistered securities and private funds, and potential conflicts of interest.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/118th-congress/house-bill/2797/text/eh#H3150CE576601461190CA8B886473B0BF"}},{"text":"Requires a registered national securities association under section 15A of the Securities Exchange Act of 1934 to administer the examination and offer it free of charge to the public, beginning not later than 180 days after the examination is established.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/118th-congress/house-bill/2797/text/eh#H3150CE576601461190CA8B886473B0BF"}}],"unexpected":[],"version":{"type":"Engrossed in House","date":"2023-05-31","rule":"passed","href":"https://www.congress.gov/bill/118th-congress/house-bill/2797/text/eh"},"current":true,"model":"claude-sonnet-5-5","approved":"2026-10-02","approved_by":"checks"},"sources":{"congress_gov":"https://www.congress.gov/bill/118th-congress/house-bill/2797","text":"https://www.congress.gov/bill/118th-congress/house-bill/2797/text"},"card":{"image":"card/item/118-hr-2797.png","v":"cab102f9f490","alt":"Votes on Record. H.R. 2797, 118th Congress: Equal Opportunity for All Investors Act of 2023. House: 383 Yea, 18 Nay. Outcome: Passed House, 31 May 2023."}}