HR 3394
Passed a chamber
Expands the definition of accredited investor to include people who pass new net worth, income, professional license, or expertise tests, and directs the Securities and Exchange Commission to conform its rules within 180 days.
Official title: Fair Investment Opportunities for Professional Experts Act
Timeline each lane is a chamber; dates pull from congress.gov actions
House
Introduced
14-MAY-2025
Referred
14-MAY-2025
Approved by committee
20-MAY-2025
Reported
03-JUN-2025
On the calendar
03-JUN-2025
Passed
23-JUN-2025
Senate
Received
24-JUN-2025
- Adds a net worth test of more than $1,000,000 for individuals or couples, excluding the primary residence, with the threshold adjusted for inflation every 5 years.
- Adds an income test of more than $200,000 for an individual or $300,000 for a couple in each of the two most recent years, with a reasonable expectation of the same income in the current year.
- Adds people who hold a current broker or investment adviser license or registration in good standing, and people whose education or job experience is verified by a self-regulatory organization under SEC rules.
- Requires the SEC to revise Regulation D to match these changes not later than 180 days after enactment.
Covers an older version. The newest CRS summary describes the bill as of "Introduced in House" (14-MAY-2025); the text has changed since (Engrossed in House, 23-JUN-2025).
CRS is the Library of Congress's nonpartisan research office. Read it on congress.govFinance and Financial Sector
■ 2 R■ 1 D
2 Republicans
1 Democrat