114th Congress > House > Vote 746

Date: February 01, 2016

Result: 347-8 (Passed)

Clerk session vote number: 46

Sponsor: SCHWEIKERT, David (R-AZ)

Bill number: HR2187

Question: On Motion to Suspend the Rules and Pass, as Amended

Description: Fair Investment Opportunities for Professional Experts Act

Bill summary: Fair Investment Opportunities for Professional Experts Act (Sec. 2) This bill amends the Securities Act of 1933 to add to the definition of accredited investor any natural person whose individual net worth, or joint net worth with his or her spouse, exceeds $1 million (adjusted every five years for inflation). The person's net worth shall exclude: the person's primary residence; and as a liability any indebtedness secured by the primary residence, up to the estimated fair market value of the residence at the time of the sale of securities. Indebtedness secured by the person's primary residence in excess of the residence's estimated fair market value at the time of the sale of securities, however, shall be included in net worth as a liability. An accredited investor shall also include any natural person: whose individual income exceeded $200,000 in each of the two most recent years, or whose joint income with spouse exceeded $300,000 in each of those years, and has a reasonable expectation of reaching the same income level in the current year; currently licensed or registered as a broker or investment adviser by the Securities and Exchange Commission, the Financial Industry Regulatory Authority (FINRA) (or an equivalent self-regulatory organization), or a state division responsible for licensing or registration of individuals in connection with securities activities; or whose demonstrable education or job experience qualifies as professional knowledge of a subject related to a particular investment, and whose education or job experience is verified by the FINRA or an equivalent self-regulatory organization.

Bill titles: To direct the Securities and Exchange Commission to revise its regulations regarding the qualifications of natural persons as accredited investors.

Links for more info on the vote: congress.gov

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