Bill · H.R. 3348· House(119-HR-3348)
Accredited Investor Definition Review Act
- Introduced
- 5/13/2025
- Last activity
- 6/4/2025 — Placed on the Union Calendar, Calendar No. 103.
- Sponsored by
- Bill Huizenga
- Cosponsors
- None
- Introduced
- On Calendar
What this bill would do
The Accredited Investor Definition Review Act aims to amend the Securities Act of 1933 and the Dodd-Frank Wall Street Reform and Consumer Protection Act. It seeks to update the definition of an accredited investor by allowing individuals to qualify through specific certifications, designations, or credentials. The Commission would have the authority to determine which credentials are necessary or appropriate in the public interest. Additionally, the bill establishes a process for the Commission to conduct periodic reviews of these credentials. This includes adding new credentials that demonstrate financial sophistication and adjusting the list as necessary.
Yes· 3 of 5
Is this likely to grow the economy?+5
By expanding accredited investor status via credentials, the bill may increase liquidity and access to private investment opportunities.
Would middle-income households be better off under this?+4
Allows middle-class individuals with specific professional credentials to access previously restricted investment opportunities.
Does this give the federal government more power?+4
The bill expands the SEC Commission's authority to define qualifying credentials.
The opposite
Does this give people more protection from unfair business practices?-2
Granting the Commission discretion to adjust credentials could potentially alter consumer-level investment protections.
Who it would affect, and how
Potential Positive Impacts for People
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Expanded Accredited Investor Status: Under Section 2, an individual can qualify as an accredited investor by holding certain certifications, designations, or credentials determined by the Commission. This could provide more people with access to certain investment opportunities based on their professional credentials rather than just wealth.
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Regular Updates to Credentials: Section 3 requires the Commission to review the list of qualifying credentials at least every five years. This ensures that the list can be updated to include certifications that are substantially similar in measuring financial sophistication, knowledge, and experience.
Potential Negative Impacts for People
-
Commission Discretionary Power: In Section 2, the Commission is given the authority to determine which credentials are necessary or appropriate in the public interest or for the protection of investors. This gives the Commission significant power to decide who qualifies to be an accredited investor.
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Potential for List Changes: Section 3 allows the Commission to adjust or modify the list of credentials as it deems necessary or appropriate in the public interest or for the protection of investors, which could result in changes to who is considered an accredited investor.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Demographic And Interest Groups
- Good For Middle Class Households+4Good For Business Owners+3
- Economy And Finance
- Improves Economic Growth+5Improves Small Business Support+3Improves Consumer Protection-2
- Governance And Ideology
- Increases Federal Power+4
- 6/4/2025
- Reported (Amended) by the Committee on Financial Services. H. Rept. 119-134.
- Placed on the Union Calendar, Calendar No. 103.
- 5/20/2025
- Committee Consideration and Mark-up Session Held
- Ordered to be Reported (Amended) by the Yeas and Nays: 34 - 16.
- 5/13/2025
- Referred to the House Committee on Financial Services.
- Introduced in House