H. Rept. 115-375 1 (2017-10-31)

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                     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
                         79-006

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