Bill · H.R. 3394· House(119-HR-3394)
Fair Investment Opportunities for Professional Experts Act
- Introduced
- 5/14/2025
- Last activity
- 6/24/2025 — Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Sponsored by
- J. Hill
- Cosponsors
- - 2 - 1
- Introduced
- Passed House
- In Senate committee
What this bill would do
The "Fair Investment Opportunities for Professional Experts Act" aims to amend the Securities Act of 1933. It focuses on updating and codifying the qualifications required to be considered an accredited investor. The bill introduces specific net worth thresholds and income requirements for natural persons. It also includes provisions for licensed professionals and those with specific expertise. Additionally, the Act mandates that the Securities and Exchange Commission revise current definitions to align with these changes.
What Congress actually voted on
One recorded vote has been taken on this bill.
- The House: a fast-track vote, needing two-thirds to passPassed 397–12
The House sets aside its normal procedure to move quickly: no amendments, little debate, and a two-thirds bar instead of a simple majority. It is used for measures expected to be uncontroversial, so a bill that fails here failed despite broad expectations that it would not.
06/23/2025 · Roll call 173 · recorded as “On Motion to Suspend the Rules and Pass, as Amended”
Who it would affect, and how
Potential Positive Impacts for People
-
Adjusted Net Worth Thresholds: The bill establishes that a person can be an accredited investor if their individual or joint net worth exceeds $1,000,000, which will be adjusted for inflation every 5 years to reflect changes in the Consumer Price Index (Section 2(a)(1)).
-
Protections for Homeowners: When calculating net worth, a person's primary residence is not included as an asset, and mortgage debt up to the home's fair market value is not counted as a liability (Section 2(a)(1)(B)(i-ii)).
-
Income-Based Qualifications: Individuals with specific annual income levels—exceeding $200,000 individually or $300,000 jointly—can qualify as accredited investors (Section 2(a)(1)(C)).
-
Professional Recognition: The bill allows those currently licensed or registered as brokers or investment advisers in good standing to qualify (Section 2(a)(1)(D)).
-
Expertise-Based Opportunities: The Commission can allow individuals to qualify if they have demonstrable education or job experience related to a particular investment, verified by a self-regulatory organization (Section 2(a)(1)(E)).
Potential Negative Impacts for People
- Liability for Excessive Debt: If a person's debt secured by their primary residence exceeds the home's estimated fair market value at the time of sale, that excess amount must be included as a liability (Section 2(a)(1)(B)(iii)).
- 6/24/2025
- Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 6/23/2025
- Motion to reconsider laid on the table Agreed to without objection.
- Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 397 - 12 (Roll no. 173). (text: CR H2869-2870)
- On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 397 - 12 (Roll no. 173). (text: CR H2869-2870)
- Considered as unfinished business. (consideration: CR H2878-2879)
- At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
- DEBATE - The House proceeded with forty minutes of debate on H.R. 3394.
- Considered under suspension of the rules. (consideration: CR H2869-2871)
- Mrs. Wagner moved to suspend the rules and pass the bill, as amended.
- 6/3/2025
- Reported (Amended) by the Committee on Financial Services. H. Rept. 119-115.
- Placed on the Union Calendar, Calendar No. 85.
- 5/20/2025
- Committee Consideration and Mark-up Session Held
- Ordered to be Reported (Amended) by the Yeas and Nays: 45 - 1.
- 5/19/2025
- 2 Cosponsors added.
- 5/14/2025
- Referred to the House Committee on Financial Services.
- 1 Cosponsor added.
- Introduced in House
Warren DavidsonRepublican · Ohio
Pete SessionsRepublican · Texas
Juan VargasDemocrat · California