House Passes Bill to Require Accredited Investor Exam

Rep. Ann Wagner, R-Mo., chairwoman of the House Financial Services Subcommittee on Capital Markets, said on the House floor that under H.R. 2797, “if you can demonstrate competency with these types of investments through an exam, then you qualify as an ‘accredited investor’ … by expanding the pathways to qualify as an ‘accredited investor’ beyond wealth tests, this bill modernizes the outdated definition that has inappropriately sidelined sophisticated-but-not-wealthy individuals from high-growth asset classes historically reserved for the wealthiest individuals.”

The full House also plans to vote this week on the Accredited Investor Definition Review Act, H.R. 1579, which would broaden the accredited investor definition to include those holding certain designations, certifications and credentials.

The bill was introduced by Rep. Bill Huizenga, R-Mich., and passed the House Financial Services Committee with a 41-2 vote on April 26.