HR 1585
115th Congress
House
Finance and Financial Sector
Financial services and investments
Securities
Fair Investment Opportunities for Professional Experts Act
Introduced: March 16, 2017
Introduced by:
Schweikert, David
Republican
· Arizona
See on congress.gov
Everywhere this bill has been
14 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 2, 2017
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Nov 1, 2017
Motion to reconsider laid on the table Agreed to without objection.
Nov 1, 2017
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H8320-8321)
Nov 1, 2017
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H8320-8321)
Nov 1, 2017
DEBATE - The House proceeded with forty minutes of debate on H.R. 1585.
Nov 1, 2017
Considered under suspension of the rules. (consideration: CR H8320-8323)
Nov 1, 2017
Mr. Huizenga moved to suspend the rules and pass the bill, as amended.
Oct 31, 2017
Placed on the Union Calendar, Calendar No. 275.
Oct 31, 2017
Reported (Amended) by the Committee on Financial Services. H. Rept. 115-375.
Oct 12, 2017
Ordered to be Reported (Amended) by the Yeas and Nays: 58 - 2.
Oct 12, 2017
Committee Consideration and Mark-up Session Held.
Oct 11, 2017
Committee Consideration and Mark-up Session Held.
Mar 16, 2017
Referred to the House Committee on Financial Services.
Mar 16, 2017
Introduced in House
Plain-English summary
(This measure has not been amended since it was reported to the House on October 31, 2017. The summary of that version is repeated here.)
Fair Investment Opportunities for Professional Experts Act
(Sec. 2) This bill amends the Securities Act of 1933 to modify the definition of "accredited investor" for purposes of participating in private offerings to include:
- an individual whose net worth or joint net worth with their spouse exceeds $1 million (adjusted for inflation), excluding from the calculation of their net worth their primary residence and a mortgage secured by that residence in certain circumstances;
- an individual whose income over the last two years exceeded $200,000 (adjusted for inflation) or joint spousal income exceeded $300,000 (adjusted for inflation) and who has a reasonable expectation of reaching the same income level in the current year;
- an individual who is licensed as a broker or investment advisor by certain entities; and
- an individual determined by the Securities and Exchange Commission (SEC) to have qualifying education or experience.
(Certain unregistered securities may only be offered to accredited investors.)
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.
What's happening now
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Committees of jurisdiction
2