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House vote
Official title: HR 3394: On Motion to Suspend the Rules and Pass, as Amended
A fast-track vote to pass it: 40 minutes of debate, no floor amendments. Needs two-thirds.
SourceBill passed: 390 yes, 12 no, 22 not voting
, HR 3394
Verified, Official roll call data
Official source: clerk.house.gov(opens in a new tab)Fair Investment Opportunities for Professional Experts Act
Topic: Finance and Financial Sector
What the bill does
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.) 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. 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.
Source: Congressional Research Service summary