“Simply put, this legislation would rightfully expand the definition of ‘accredited investor’ to include professional experts, allowing the opportunity for more Americans to invest in ideas early on based on their knowledge and suitability rather than their wealth,” said Congressman Schweikert. “The current financial parameters on investors we have are based solely on wealth, excluding individuals who have the experiences necessary to be provided access to suitable investments. I thank my colleague, Representative French Hill, for his continued support and I hope this common-sense legislation can swiftly pass the House.”
The Fair Investment Opportunities for Professional Experts Act expands the definition of an accredited investor to allow access to private offerings for individuals who have demonstrated an understanding of the subject matter related to the offering. This will provide additional investment opportunities for more Americans and will enhance the ability of small businesses to raise capital and grow.
In the 115th Congress, the House Financial Services Committee passed a previous version of this legislation, H.R. 1585, by an overwhelming bipartisan vote of 58-2, and by a voice vote in the full House; it did not receive consideration in the Senate.
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