Equal Opportunity for All Investors Act of 2025
Sponsored By: Representative Flood, Mike [R-NE-1]
Passed House
Summary
Creates an SEC-run certification exam that lets individuals become accredited investors. The bill would change Regulation D so anyone who passes the Securities and Exchange Commission (SEC) exam automatically qualifies as an accredited investor.
Show full summary
- Individuals: Prospective investors get a clear path to accreditation by passing the exam. The SEC must create the exam within 1 year and a registered national securities association must offer it free to the public within 180 days after it is established.
- Private issuers and funds: Companies and private funds would count certified individuals as accredited investors for Regulation D offerings, clarifying who can participate in many private securities deals.
- Exam scope: The exam must test securities types, disclosure rules, corporate governance, financial statements, private investment risks, and conflicts of interest.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Free exam to become an accredited investor
If enacted, you could qualify as an accredited investor by passing a new SEC exam. The SEC would set up the exam within 1 year of enactment. A national securities association would offer it to the public for free no later than 180 days after the exam is set up. Passing would count you as accredited under Regulation D, letting you access many private offerings. The test would cover securities types, offering disclosures, corporate governance, financial statements, risks in private investments, and conflicts of interest.
Sponsors & CoSponsors
Sponsor
Flood, Mike [R-NE-1]
NE • R
Cosponsors
Rep. Fields, Cleo [D-LA-6]
LA • D
Sponsored 5/13/2025
Rep. Lawler, Michael [R-NY-17]
NY • R
Sponsored 5/13/2025
McBride
DE • D
Sponsored 5/13/2025
Rep. Thanedar, Shri [D-MI-13]
MI • D
Sponsored 5/13/2025
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov