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US. GOVERNMENT
INFORMATION
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                      114TH CONGRESS                                            REPORT
                         2d Session      HOUSE   OF  REPRESENTATIVES            114-406







                       FAIR   INVESTMENT OPPORTUNITIES FOR PROFESSIONAL
                                                 EXPERTS ACT



                      FEBRUARY 1, 2016.-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. 2187]

                                [Including cost estimate of the Congressional Budget Office]

                        The  Committee   on Financial  Services, to whom   was  referred  the
                     bill (H.R. 2187)  to direct the Securities and  Exchange   Commission
                     to revise its regulations regarding  the  qualifications of natural per-
                     sons  as accredited investors, 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.
                       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;
                           (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 five 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
                                that if the amount of such indebtedness outstanding at the time of sale
                         59-006

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