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HR 3972 115th Congress House

Family Office Technical Correction Act of 2017

Official title: To clarify that family offices and family clients are accredited investors, and for other purposes.

Introduced: October 5, 2017 See on congress.gov
Finance and Financial Sector Family relationshipsFinancial services and investmentsSecurities
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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
Oct 25, 2017
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Oct 24, 2017
Motion to reconsider laid on the table Agreed to without objection.
Oct 24, 2017
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H8097)
Oct 24, 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 H8097)
Oct 24, 2017
DEBATE - The House proceeded with forty minutes of debate on H.R. 3972.
Oct 24, 2017
Considered under suspension of the rules. (consideration: CR H8097-8099)
Oct 24, 2017
Mr. Barr moved to suspend the rules and pass the bill, as amended.
Oct 23, 2017
Reported (Amended) by the Committee on Financial Services. H. Rept. 115-362.
Oct 23, 2017
Placed on the Union Calendar, Calendar No. 266.
Oct 12, 2017
Ordered to be Reported (Amended) by the Yeas and Nays: 60 - 0.
Oct 12, 2017
Committee Consideration and Mark-up Session Held.
Oct 11, 2017
Committee Consideration and Mark-up Session Held.
Oct 5, 2017
Referred to the House Committee on Financial Services.
Oct 5, 2017
Introduced in House
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 Latest action October 25, 2017

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

 Plain-English summary Congressional Research Service

Family Office Technical Correction Act of 2017

(Sec. 2) This bill provides that family offices are accredited investors as set forth by the Securities and Exchange Commission in Regulation D, allowing such investors to purchase certain unregistered securities. (A family office is a company that has no clients other than family clients, is wholly owned and exclusively controlled by family clients, and does not hold itself out to the public as an investment advisor.)

A family office is an accredited investor if:

  • the office manages assets in excess of $5 million,
  • the office was not formed for the purpose of acquiring the offered securities, and
  • a qualified person is directing the purchase.
 Related & companion bills 3
  • HR 6147 Related bill Interior, Environment, Financial Services and General Government, Agriculture, Rural Development, Food and Drug Adminis…
  • HR 6258 Related bill Financial Services and General Government Appropriations Act, 2019
  • S 488 Related bill Encouraging Employee Ownership Act
 Bill text 4 versions

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 3972: Family Office Technical Correction Act of 2017. 115th Congress. Open America. https://openamerica.io/bill/115-HR-3972/
MLA
"H.R. 3972: Family Office Technical Correction Act of 2017." 115th Congress, 2026, Open America, https://openamerica.io/bill/115-HR-3972/.
Bluebook (legal)
H.R. 3972, 115th Cong. (2026), https://openamerica.io/bill/115-HR-3972/.
Markdown link
[H.R. 3972: Family Office Technical Correction Act of 2017](https://openamerica.io/bill/115-HR-3972/)
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