H.R. 3394 Passed the House Finance and Financial Sector

Fair Investment Opportunities for Professional Experts Act

To amend the Securities Act of 1933 to codify certain qualifications of individuals as accredited investors for purposes of the securities laws.

  1. Introduced
  2. Committee
  3. Passed House
  4. Passed Senate
  5. To President
  6. Became law
Sponsor Rep. Hill, J. French [R-AR-2] Introduced May 14, 2025 Cosponsors 3 (1 D, 2 R) Latest action June 24, 2025

Summary

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.

Summary by the Congressional Research Service, Library of Congress.

Congress.gov

Roll-call votes

Actions

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

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