On June 23, 2025, the U.S. House of Representatives passed the Fair Investment Opportunities for Professional Experts Act by an overwhelming vote of 397 to 12. Included within the bill is an expansion of the definition of “accredited investor” in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended, to include individuals with certain licenses or, as determined by the Securities and Exchange Commission and the Financial Industry Regulatory Authority, qualifying education or job experience. These new categories would enable individual investors to qualify as “accredited” beyond the current wealth and income thresholds (generally, $200,000 of annual income for individuals or $300,000 of joint annual income with a spouse or spousal equivalent, or a net worth in excess of $1,000,000). The bill also provides for these wealth and income thresholds, which have not been adjusted since the 1980’s, to be adjusted for inflation every five years.
It remains to be seen whether the U.S. Senate will pass the bill and whether it will be signed into law.
