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HR 1585 115th Congress House Finance and Financial Sector Financial services and investments Securities

Fair Investment Opportunities for Professional Experts Act

Introduced: October 11, 2017 Introduced by: Schweikert, David Republican · Arizona See on congress.gov
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This bill died when the 115th Congress ended
It never became law before the 115th Congress (2017–2018) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 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
Considered under suspension of the rules. (consideration: CR H8320-8323)
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
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
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 Plain-English summary Congressional Research Service

(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 November 2, 2017

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Related & companion bills 2
  • HR 6147 Related bill Interior, Environment, Financial Services and General Government, Agriculture, Rural Development, Food and Drug Adminis…
  • S 488 Related bill Encouraging Employee Ownership Act
 Bill text 4 versions

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Cosponsors 5
All 5 Democratic 1 Republican 2
Messer, Luke
· Oct 11, 2017
 R
Davidson, Warren
Ohio · Mar 16, 2017
 D
Gottheimer, Josh
New Jersey · Mar 16, 2017
 R
Hill, J. French
Arkansas · Mar 16, 2017
ROYCE, ED
· Mar 16, 2017
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 1585: Fair Investment Opportunities for Professional Experts Act. 115th Congress. Open America. https://openamerica.io/bill/115-HR-1585/
MLA
"H.R. 1585: Fair Investment Opportunities for Professional Experts Act." 115th Congress, 2026, Open America, https://openamerica.io/bill/115-HR-1585/.
Bluebook (legal)
H.R. 1585, 115th Cong. (2026), https://openamerica.io/bill/115-HR-1585/.
Markdown link
[H.R. 1585: Fair Investment Opportunities for Professional Experts Act](https://openamerica.io/bill/115-HR-1585/)
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