Legis Daily

Fair Investment Opportunities for Professional Experts Act

USA115th CongressHR-1585| House 
| Updated: 11/2/2017
David Schweikert

David Schweikert

Republican Representative

Arizona

Cosponsors (11)
Doug LaMalfa (Republican)Randy Hultgren (Republican)Warren Davidson (Republican)Carolyn B. Maloney (Democratic)Edward R. Royce (Republican)J. French Hill (Republican)Luke Messer (Republican)Kyrsten Sinema (Independent)Ted S. Yoho (Republican)Jared Polis (Democratic)Josh Gottheimer (Democratic)

Financial Services Committee, Banking, Housing, and Urban Affairs Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
(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.

Bill Text Versions

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4 versions available

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Timeline
Mar 16, 2017
Introduced in House
Mar 16, 2017
Referred to the House Committee on Financial Services.
Oct 11, 2017
Committee Consideration and Mark-up Session Held.
Oct 12, 2017
Committee Consideration and Mark-up Session Held.
Oct 12, 2017
Ordered to be Reported (Amended) by the Yeas and Nays: 58 - 2.
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.
Nov 1, 2017
Mr. Huizenga moved to suspend the rules and pass the bill, as amended.
Nov 1, 2017
Considered under suspension of the rules. (consideration: CR H8320-8323)
Nov 1, 2017
DEBATE - The House proceeded with forty minutes of debate on H.R. 1585.
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
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H8320-8321)
Nov 1, 2017
Motion to reconsider laid on the table Agreed to without objection.
Nov 2, 2017
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • March 16, 2017
    Introduced in House


  • March 16, 2017
    Referred to the House Committee on Financial Services.


  • October 11, 2017
    Committee Consideration and Mark-up Session Held.


  • October 12, 2017
    Committee Consideration and Mark-up Session Held.


  • October 12, 2017
    Ordered to be Reported (Amended) by the Yeas and Nays: 58 - 2.


  • October 31, 2017
    Placed on the Union Calendar, Calendar No. 275.


  • October 31, 2017
    Reported (Amended) by the Committee on Financial Services. H. Rept. 115-375.


  • November 1, 2017
    Mr. Huizenga moved to suspend the rules and pass the bill, as amended.


  • November 1, 2017
    Considered under suspension of the rules. (consideration: CR H8320-8323)


  • November 1, 2017
    DEBATE - The House proceeded with forty minutes of debate on H.R. 1585.


  • November 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)


  • November 1, 2017
    On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H8320-8321)


  • November 1, 2017
    Motion to reconsider laid on the table Agreed to without objection.


  • November 2, 2017
    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Finance and Financial Sector

Related Bills

  • S 115-488: Encouraging Employee Ownership Act
  • HR 115-6147: Interior, Environment, Financial Services and General Government, Agriculture, Rural Development, Food and Drug Administration, and Transportation, Housing and Urban Development Appropriations Act, 2019
Financial services and investmentsSecurities

Fair Investment Opportunities for Professional Experts Act

USA115th CongressHR-1585| House 
| Updated: 11/2/2017
(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.

Bill Text Versions

View Text
4 versions available

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Mar 16, 2017
Introduced in House
Mar 16, 2017
Referred to the House Committee on Financial Services.
Oct 11, 2017
Committee Consideration and Mark-up Session Held.
Oct 12, 2017
Committee Consideration and Mark-up Session Held.
Oct 12, 2017
Ordered to be Reported (Amended) by the Yeas and Nays: 58 - 2.
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.
Nov 1, 2017
Mr. Huizenga moved to suspend the rules and pass the bill, as amended.
Nov 1, 2017
Considered under suspension of the rules. (consideration: CR H8320-8323)
Nov 1, 2017
DEBATE - The House proceeded with forty minutes of debate on H.R. 1585.
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
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H8320-8321)
Nov 1, 2017
Motion to reconsider laid on the table Agreed to without objection.
Nov 2, 2017
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • March 16, 2017
    Introduced in House


  • March 16, 2017
    Referred to the House Committee on Financial Services.


  • October 11, 2017
    Committee Consideration and Mark-up Session Held.


  • October 12, 2017
    Committee Consideration and Mark-up Session Held.


  • October 12, 2017
    Ordered to be Reported (Amended) by the Yeas and Nays: 58 - 2.


  • October 31, 2017
    Placed on the Union Calendar, Calendar No. 275.


  • October 31, 2017
    Reported (Amended) by the Committee on Financial Services. H. Rept. 115-375.


  • November 1, 2017
    Mr. Huizenga moved to suspend the rules and pass the bill, as amended.


  • November 1, 2017
    Considered under suspension of the rules. (consideration: CR H8320-8323)


  • November 1, 2017
    DEBATE - The House proceeded with forty minutes of debate on H.R. 1585.


  • November 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)


  • November 1, 2017
    On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H8320-8321)


  • November 1, 2017
    Motion to reconsider laid on the table Agreed to without objection.


  • November 2, 2017
    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
David Schweikert

David Schweikert

Republican Representative

Arizona

Cosponsors (11)
Doug LaMalfa (Republican)Randy Hultgren (Republican)Warren Davidson (Republican)Carolyn B. Maloney (Democratic)Edward R. Royce (Republican)J. French Hill (Republican)Luke Messer (Republican)Kyrsten Sinema (Independent)Ted S. Yoho (Republican)Jared Polis (Democratic)Josh Gottheimer (Democratic)

Financial Services Committee, Banking, Housing, and Urban Affairs Committee

Finance and Financial Sector

Related Bills

  • S 115-488: Encouraging Employee Ownership Act
  • HR 115-6147: Interior, Environment, Financial Services and General Government, Agriculture, Rural Development, Food and Drug Administration, and Transportation, Housing and Urban Development Appropriations Act, 2019
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Financial services and investmentsSecurities