{"format":1,"id":"119-hr-3394","congress":119,"number":"H.R. 3394","kind":"bill","group":"bills","title":"Fair Investment Opportunities for Professional Experts Act","title_source":"Short Title(s) as Passed House","official_title":"To amend the Securities Act of 1933 to codify certain qualifications of individuals as accredited investors for purposes of the securities laws.","titles":[{"type":"Official Title as Introduced","title":"To amend the Securities Act of 1933 to codify certain qualifications of individuals as accredited investors for purposes of the securities laws."},{"type":"Official Title from EH (Engrossed in House) bill text","title":"To amend the Securities Act of 1933 to codify certain qualifications of individuals as accredited investors for purposes of the securities laws."},{"type":"Short Titles from RFS (Referred to Senate) bill text","title":"Fair Investment Opportunities for Professional Experts Act"},{"type":"Short Title(s) as Passed House","title":"Fair Investment Opportunities for Professional Experts Act"},{"type":"Short Title(s) as Reported to House","title":"Fair Investment Opportunities for Professional Experts Act"},{"type":"Display Title","title":"Fair Investment Opportunities for Professional Experts Act"},{"type":"Short Title(s) as Introduced","title":"Fair Investment Opportunities for Professional Experts Act"}],"outcome":"passed_house","law_number":null,"introduced":"2025-05-14","chambers":{"house":{"status":"roll_call","date":"2025-06-23","vote":{"id":"119-2025-h173","question":"On Motion to Suspend the Rules and Pass, as Amended","title":"Fair Investment Opportunities for Professional Experts Act","result":"Passed","yea":397,"nay":12,"present":0,"not_voting":23,"source":"https://clerk.house.gov/evs/2025/roll173.xml"}},"senate":{"status":"pending","date":null,"vote":null}},"president":{"status":"not_yet","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":"2025-06-24"},"nominees":null,"amendments":[],"other_votes":[],"crs_summary":{"date":"2025-05-14","stage":"Introduced in House","blocks":[{"k":"h","t":"Fair Investment Opportunities for Professional Experts Act"},{"k":"p","t":"This bill expands the eligibility criteria for an accredited investor for purposes of participating in private offerings of securities to include an individual determined by the Securities and Exchange Commission (SEC) to have qualifying professional knowledge through educational or professional experience. (Certain unregistered securities may only be offered to accredited investors.)"},{"k":"p","t":"The bill also provides statutory authority for certain existing criteria for an accredited investor, including licensure or registration in good standing as a broker or investment adviser, specified annual salary, and specified net worth."},{"k":"p","t":"Further, 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."}],"words":122},"summary":{"main_subject":{"text":"Amends the Securities Act of 1933 to write into the statute the definition of an accredited investor, including several criteria for natural persons, and directs the Securities and Exchange Commission to conform Regulation D.","cites":[{"label":"Sec. 2","href":"https://www.congress.gov/bill/119th-congress/house-bill/3394/text/eh#H79493E1185EF4820BE28D70BF87A39CE"}]},"core_areas":["Accredited investor definition under the Securities Act of 1933","Securities and Exchange Commission rulemaking on Regulation D"],"what_it_does":[{"text":"Amends Section 2(a)(15) of the Securities Act of 1933 by redesignating existing subparagraphs (i) and (ii) as subparagraphs (A) and (F) and adding new subparagraphs (B) through (E) between them.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/119th-congress/house-bill/3394/text/eh#H79493E1185EF4820BE28D70BF87A39CE"}},{"text":"Adds a net worth criterion: a natural person whose individual net worth, or joint net worth with a spouse or spousal equivalent, exceeds $1,000,000 at the time of a sale, excluding the primary residence as an asset and applying stated rules for debt secured by it.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/119th-congress/house-bill/3394/text/eh#H79493E1185EF4820BE28D70BF87A39CE"}},{"text":"Adds an income criterion: a natural person with individual income over $200,000, or joint income with a spouse or spousal equivalent over $300,000, in each of the 2 most recent years and a reasonable expectation of the same level in the current year.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/119th-congress/house-bill/3394/text/eh#H79493E1185EF4820BE28D70BF87A39CE"}},{"text":"Adds a criterion for a natural person currently licensed or registered as a broker or investment adviser with the Commission, a self-regulatory organization, or a state securities division, and in good standing with that licence or registration.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/119th-congress/house-bill/3394/text/eh#H79493E1185EF4820BE28D70BF87A39CE"}},{"text":"Adds a criterion for a natural person whom the Commission determines by regulation to have education or job experience giving professional knowledge of a subject related to a particular investment, verified by a self-regulatory organization.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/119th-congress/house-bill/3394/text/eh#H79493E1185EF4820BE28D70BF87A39CE"}},{"text":"Requires the Securities and Exchange Commission, within 180 days after enactment, to revise the accredited investor definition in Regulation D to conform with the amendments.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/119th-congress/house-bill/3394/text/eh#H79493E1185EF4820BE28D70BF87A39CE"}}],"unexpected":[],"version":{"type":"Engrossed in House","date":"2025-06-23","rule":"passed","href":"https://www.congress.gov/bill/119th-congress/house-bill/3394/text/eh"},"current":true,"model":"claude-sonnet-5-5","approved":"2026-09-29","approved_by":"checks"},"sources":{"congress_gov":"https://www.congress.gov/bill/119th-congress/house-bill/3394","text":"https://www.congress.gov/bill/119th-congress/house-bill/3394/text"},"card":{"image":"card/item/119-hr-3394.png","v":"0123ae76e2fa","alt":"Votes on Record. H.R. 3394, 119th Congress: Fair Investment Opportunities for Professional Experts Act. House: 397 Yea, 12 Nay. Senate: not yet considered. Outcome: Passed House, 23 Jun 2025."}}