WHAT THE LAW DOINCongress, in plain words

H.R. 3394 · 119th Congress

Fair Investment Opportunities for Professional Experts Act

Passed HouseFinance and Financial Sector
IntroducedMay 14, 2025
Passed HouseJun 23, 2025
Passed SenateNot yet
To PresidentNot yet
Became lawNot yet

Where it stands

Passed House. Latest step, Jun 24, 2025: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. The House passed it 397–12. All 4 of Iowa's representatives voted yes in the House. It would change 1 section of existing law.

How this bill changes the law

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H.R. 3394 would change 1 section of existing law. Read from the bill text as sent to the Senate (Jun 24, 2025).

15 U.S.C. 77b Definitions; promotion of efficiency, competition, and capital formation

What the words would change: every change, in place (2)

Today's wording of each part of the law, with what would be struck out and added. Each change also gives the bill's own instruction, word for word.

  1. 15 U.S.C. 77b(a)(15)renumberedby H.R. 3394 Sec. 2(a)

    The bill says: by redesignating subparagraphs (i) and (ii) as subparagraphs (A) and (F), respectively; and

  2. 15 U.S.C. 77b(a)(15)(A)changedby H.R. 3394 Sec. 2(a)

    (B) with respect to a proposed sale of a security, any natural person whose individual net worth, or joint net worth with that person’s spouse or spousal equivalent, at the time of such sale, exceeds $1,000,000 (which amount, along with the amounts set forth in subparagraph (C), shall be adjusted for inflation by the Commission every 5 years to the nearest $10,000 to reflect the change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics) where, for purposes of calculating net worth under this subparagraph—(i) the person’s primary residence shall not be included as an asset;(ii) indebtedness that is secured by the person’s primary residence, up to the estimated fair market value of the primary residence at the time of such sale, shall not be included as a liability (except that if the amount of such indebtedness outstanding at the time of such sale exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess shall be included as a liability); and(iii) indebtedness that is secured by the person’s primary residence in excess of the estimated fair market value of the primary residence at the time of such sale shall be included as a liability;(C) any natural person who had an individual income in excess of $200,000 in each of the 2 most recent years or joint income with that person’s spouse or spousal equivalent in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year;(D) any natural person who is—(i) currently licensed or registered as a broker or investment adviser by the Commission, a self-regulatory organization (as defined in section 3(a) of the Securities Exchange Act of 1934), or the securities division of a State, the District of Columbia, or a territory of the United States or the equivalent division responsible for licensing or registration of individuals in connection with securities activities; and(ii) in good standing with respect to such licence or registration;(E) any natural person the Commission determines, by regulation, to have demonstrable education or job experience to qualify such person as having professional knowledge of a subject related to a particular investment, and whose education or job experience is verified by a self-regulatory organization (as defined in section 3(a) of the Securities Exchange Act of 1934); or

    The bill says: in subparagraph (A) (as so redesignated), by striking "; or" and inserting a semicolon, and inserting after such subparagraph the following:

From the bill's official text on GovInfo and the U.S. Code, 2024 edition, which may not yet show changes made since.

What it does

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Fair Investment Opportunities for Professional Experts Act

This bill expands the eligibility criteria for an accredited investor for purposes of participating in private offerings of securities to include an individual determined by the Securities and Exchange Commission (SEC) to have qualifying professional knowledge through educational or professional experience. (Certain unregistered securities may only be offered to accredited investors.)

The bill also provides statutory authority for certain existing criteria for an accredited investor, including licensure or registration in good standing as a broker or investment adviser, specified annual salary, and specified net worth.

Further, 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.

Official summary by the Congressional Research Service (Introduced in House, May 14, 2025).

Our plain-language breakdown, with what it means for you and the case for and against, is written once a bill starts to move.

What has happened

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  1. Jun 24, 2025Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.Senate
  2. Jun 23, 2025Motion to reconsider laid on the table Agreed to without objection.House floor actions
  3. Jun 23, 2025On 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) Roll call recordHouse floor actions
  4. Jun 23, 2025Passed/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) Roll call recordLibrary of Congress
  5. Jun 23, 2025Considered as unfinished business. (consideration: CR H2878-2879)House floor actions
  6. Jun 23, 2025At 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.House floor actions
  7. Jun 23, 2025DEBATE - The House proceeded with forty minutes of debate on H.R. 3394.House floor actions
  8. Jun 23, 2025Considered under suspension of the rules. (consideration: CR H2869-2871)House floor actions
  9. Jun 23, 2025Mrs. Wagner moved to suspend the rules and pass the bill, as amended.House floor actions
  10. Jun 3, 2025Placed on the Union Calendar, Calendar No. 85.House floor actions
  11. Jun 3, 2025Reported (Amended) by the Committee on Financial Services. H. Rept. 119-115.House floor actions
  12. Jun 3, 2025Reported (Amended) by the Committee on Financial Services. H. Rept. 119-115.Library of Congress
  13. May 20, 2025Ordered to be Reported (Amended) by the Yeas and Nays: 45 - 1.House committee actions
  14. May 20, 2025Committee Consideration and Mark-up Session HeldHouse committee actions
  15. May 14, 2025Referred to the House Committee on Financial Services.House floor actions
  16. May 14, 2025Introduced in HouseLibrary of Congress
  17. May 14, 2025Introduced in HouseLibrary of Congress

Show key steps only

Recorded votes

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  1. Jun 23, 2025 · HousePassed 397–12
    On Motion to Suspend the Rules and Pass, as Amended · needed two-thirds
    R 211 yes, 0 noD 186 yes, 12 noEach member · Record

Cosponsors

  • Warren Davidson R-OH-8
  • Pete Sessions R-TX-17
  • Juan Vargas D-CA-52