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![handle is hein.congrecreports/crptxafjg0001 and id is 1 raw text is: AUTHENTICATED
U.GOVERNMENT
INFORMATION .
118TH CONGRESS REPORT
1st Session HOUSE OF REPRESENTATIVES 118-77
EQUAL OPPORTUNITY FOR ALL INVESTORS ACT OF 2023
MAY 30, 2023.-Committed to the Committee of the Whole House on the State of
the Union and ordered to be printed
Mr. MCHENRY, from the Committee on Financial Services,
submitted the following
R E P O R T
[To accompany H.R. 2797]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 2797) to amend the Securities Act of 1933 to require cer-
tification examinations for accredited investors, and for other pur-
poses, having considered the same, reports favorably thereon with
an amendment and recommends 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 Equal Opportunity for All Investors Act of 2023.
SEC. 2. CERTIFICATION EXAMINATIONS FOR ACCREDITED INVESTORS.
(a) IN GENERAL.-The Securities and Exchange Commission shall revise the defi-
nition of accredited investor under Regulation D (section 230.501 of title 15, Code
of Federal Regulations) to include any natural person who is certified through the
examination required under subsection (b).
(b) ESTABLISHMENT OF EXAMINATION.-Not later than 1 year after the date of the
enactment of this Act, the Securities and Exchange Commission shall establish an
examination (including a test, certification, or examination program)-
(1) to certify an individual as an accredited investor; and
(2) that-
(A) is designed with an appropriate level of difficulty such that an indi-
vidual with financial sophistication would be unlikely to fail; and
(B) includes methods to determine whether an individual seeking to be
certified as an accredited investor demonstrates competency with respect
to-
(i) the different types of securities;
(ii) the disclosure requirements under the securities laws applicable
to issuers and private companies as compared to public companies;
(iii) corporate governance;
(iv) financial statements and the components of such statements;
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