# 117-hr-5913: Protecting Investors from Excessive SPACs Fees Act of 2021

117-hr-5913, Protecting Investors from Excessive SPACs Fees Act of 2021, is a 117th Congress bill sponsored by Rep. Sherman, Brad [D-CA-32] (D-CA); status Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 29 - 23. (as of 2025-11-18).

- Canonical: https://policyrisk.com/legislation/117-hr-5913
- As of: 2025-11-18
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 117-hr-5913
- Congress: 117
- Title: Protecting Investors from Excessive SPACs Fees Act of 2021
- Status: Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 29 - 23.
- Introduced: 2021-11-09
- Sponsor: Rep. Sherman, Brad [D-CA-32] (D-CA)
- Cosponsors: 0
- Policy area: Finance and Financial Sector
- Touches household money: no
- Last recorded action: 2025-11-18

## Summary

Protecting Investors from Excessive SPACs Fees Act of 2021 This bill limits the transaction or recommendation by registered investment advisers to specified investors of securities belonging to certain special purpose acquisition companies and brokers. Special purpose acquisition companies raise capital through initial public offerings with the intent to acquire other companies. Specifically, these securities may not be recommended to a person who is not an accredited investor unless the related economic compensation is 5% or less or the company makes necessary disclosures to the Securities and Exchange Commission for the protection of investors. An accredited investor must satisfy certain requirements indicating their reduced exposure to financial risk, including those related to income, net worth, or knowledge and experience.

## Related bills

- 117-hr-2471: Consolidated Appropriations Act, 2022
- 117-hr-1448: PAWS for Veterans Therapy Act
- 117-hr-3537: Accelerating Access to Critical Therapies for ALS Act
- 117-hr-7791: Access to Baby Formula Act of 2022
- 117-hr-263: Big Cat Public Safety Act
- 117-hr-6899: Russia and Belarus SDR Exchange Prohibition Act of 2022

## Sources
- [117-hr-5913 on Congress.gov](https://www.congress.gov/bill/117th-congress/house-bill/5913)

## Related
- [117-hr-2471: Consolidated Appropriations Act, 2022](https://policyrisk.com/legislation/117-hr-2471)
- [117-hr-1448: PAWS for Veterans Therapy Act](https://policyrisk.com/legislation/117-hr-1448)
- [117-hr-3537: Accelerating Access to Critical Therapies for ALS Act](https://policyrisk.com/legislation/117-hr-3537)
- [117-hr-7791: Access to Baby Formula Act of 2022](https://policyrisk.com/legislation/117-hr-7791)
- [117-hr-263: Big Cat Public Safety Act](https://policyrisk.com/legislation/117-hr-263)
- [117-hr-6899: Russia and Belarus SDR Exchange Prohibition Act of 2022](https://policyrisk.com/legislation/117-hr-6899)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/117-hr-5913 (as of 2025-11-18).