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![handle is hein.congrecreports/crptxafjq0001 and id is 1 raw text is: AUTHENTICATED
U.GOVERNMENT
INFORMATION .
118TH CONGRESS REPORT
1st Session HOUSE OF REPRESENTATIVES 118-87
FAIR INVESTMENT OPPORTUNITIES FOR PROFESSIONAL
EXPERTS ACT
JUNE 5, 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. 835]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 835) to amend the Securities Act of 1933 to codify certain
qualifications of individuals as accredited investors for purposes of
the securities laws, 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 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 subparagraphs (i) and (ii) as subparagraphs (A) and (F),
respectively; 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 or spousal equivalent, exceeds $1,000,000 (which
amount, along with the amounts set forth in subparagraph (C), shall be ad-
justed 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 calcu-
lating 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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