H.R. 2797
Widens the investor pool for startups by letting people qualify as accredited investors by passing an exam.
Low confidence
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More individuals could invest in risky private offerings with fewer disclosures.
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Equal Opportunity for All Investors Act of 2023 This bill expands who may be considered an accredited investor for purposes of participating in private offerings of securities. Certain unregistered securities may only be offered to accredited investors. Specifically, the bill allows an individual to qualify through an examination established by the Securities and Exchange Commission. The examination must be designed with an appropriate difficulty level such that an individual with financial sophistication or training would be unlikely to fail, include methods to determine competency in certain areas, and be administered by a registered national securities association and offered free of charge to the public. Currently, accredited investors must satisfy certain requirements indicating their reduced exposure to financial risk, including those related to income, net worth, or knowledge and experience.
Summary by the Congressional Research Service, passed house version.
On Motion to Suspend the Rules and Pass, as Amended, May 31, 2023 · Passed