All Roll Calls
Yes: 397 • No: 12
119-hr-3394119th CongressWALLET
Fair Investment Opportunities for Professional Experts Act
Sponsored By: Representative Hill, J. French [R-AR-2]
Passed House
Summary
Expands who counts as an accredited investor. The Fair Investment Opportunities for Professional Experts Act adds clear net‑worth and income tests and creates professional pathways so more people can access private securities markets.
Show full summary
- Individuals with high net worth: Natural persons or joint spouses with net worth over $1,000,000 can qualify for accredited status. The law excludes a primary residence from assets and sets specific mortgage rules.
- High earners: People with individual income above $200,000 or joint income above $300,000 who meet those levels recently and expect the same this year may qualify under the income test.
- Licensed and professionally qualified people: Current brokers or registered investment advisers in good standing qualify, and the Securities and Exchange Commission must revise Regulation D to conform within 180 days.
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Bill Overview
Analyzed Economic Effects
2 provisions identified: 1 benefits, 0 costs, 1 mixed.
More paths to accredited investor status
This bill would add more ways to count as an accredited investor. You could qualify by income: over $200,000 alone or $300,000 with a spouse or spousal equivalent in each of the last two years, and you reasonably expect the same this year. You could also qualify by net worth over $1,000,000 at the time of an investment, not counting your primary home; special rules apply to mortgage debt, including any increase in the last 60 days and any amount above the home’s value. Licensed brokers and investment advisers in good standing would qualify. The SEC could also approve people with verified, investment‑related education or job experience. The SEC would adjust the dollar thresholds for inflation every five years, to the nearest $10,000.
SEC deadline to update investor rules
If enacted, the SEC would have 180 days to revise Regulation D to match the new accredited‑investor definition. This would set how issuers and platforms apply the updated rules for private offerings.
Sponsors & CoSponsors
Sponsor
Hill, J. French [R-AR-2]
AR • R
Cosponsors
Rep. Vargas, Juan [D-CA-52]
CA • D
Sponsored 5/14/2025
Rep. Davidson, Warren [R-OH-8]
OH • R
Sponsored 5/19/2025
Rep. Sessions, Pete [R-TX-17]
TX • R
Sponsored 5/19/2025
Roll Call Votes
house vote • 6/23/2025
On Motion to Suspend the Rules and Pass, as Amended
Yes: 397 • No: 12