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U.S. GOVERNMENT
INFORMATION
Gp
115TH CONGRESS REPORT
1st Session HOUSE OF REPRESENTATIVES 115-375
FAIR INVESTMENT OPPORTUNITIES FOR PROFESSIONAL
EXPERTS ACT
OCTOBER 31, 2017.-Committed to the Committee of the Whole House on the State
of the Union and ordered to be printed
Mr. HENSARLING, from the Committee on Financial Services,
submitted the following
REPORT
[To accompany H.R. 1585]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 1585) to amend the Securities Act of 1933 to codify cer-
tain qualifications of individuals as accredited investors for pur-
poses of the securities laws, having considered the same, report fa-
vorably thereon with an amendment and recommend that the bill
as amended do pass.
The amendment is as follows:
Strike all after the enacting clause and insert the following:
SECTION 1. SHORT TITLE.
This Act may be cited as the Fair Investment Opportunities for Professional Ex-
perts Act.
SEC. 2. DEFINITION OF ACCREDITED INVESTOR.
(a) IN GENERAL.-Section 2(a)(15) of the Securities Act of 1933 (15 U.S.C.
77b(a)(15) is amended-
(1) by redesignating clauses (i) and (ii) as subparagraphs (A) and (F), respec-
tively; and
(2) in subparagraph (A) (as so redesignated), by striking ; or and inserting
a semicolon, and inserting after such subparagraph the following:
(B) any natural person whose individual net worth, or joint net worth
with that person's spouse, 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 the sale of securities, shall not be included as a liability (except
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