US Congress House Bill 1585 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Republican 8-3-1)
Status: Engrossed on November 2 2017 - 50% progression, died in committee
Action: 2017-11-02 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Engrossed) [PDF]

Fair Investment Opportunities for Professional Experts Act (Sec. 2) This bill amends the Securities Act of 1933 to modify the definition of "accredited investor" for purposes of participating in private offerings to include: an individual whose net worth or joint net worth with their spouse exceeds $1 million (adjusted for inflation), excluding from the calculation of their net worth their primary residence and a mortgage secured by that residence in certain circumstances; an individual whose income over the last two years exceeded $200,000 (adjusted for inflation) or joint spousal income exceeded $300,000 (adjusted for inflation) and who has a reasonable expectation of reaching the same income level in the current year; an individual who is licensed as a broker or investment advisor by certain entities; and an individual determined by the Securities and Exchange Commission (SEC) to have qualifying education or experience. (Certain unregistered securities may only be offered to accredited investors.) The SEC is directed to revise the definition of "accredited investor" in Regulation D (which exempts certain offerings from SEC registration requirements) to conform to changes in this bill.

Fair Investment Opportunities for Professional Experts Act

Rep. David Schweikert [R-AZ]	Sen. Kyrsten Sinema [I-AZ]	Rep. Edward Royce [R-CA]	Rep. French Hill [R-AR]
Rep. Carolyn Maloney [D-NY]	Rep. Ted Yoho [R-FL]	Rep. Doug LaMalfa [R-CA]	Rep. Randy Hultgren [R-IL]
Rep. Josh Gottheimer [D-NJ]	Rep. Warren Davidson [R-OH]	Rep. Jared Polis [D-CO]	Rep. Luke Messer [R-IN]

Date	Chamber	Action
2017-11-02	Senate	Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
2017-11-01	House	Motion to reconsider laid on the table Agreed to without objection.
2017-11-01	House	On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H8320-8321)
2017-11-01	House	DEBATE - The House proceeded with forty minutes of debate on H.R. 1585.
2017-11-01	House	Considered under suspension of the rules. (consideration: CR H8320-8323)
2017-11-01	House	Mr. Huizenga moved to suspend the rules and pass the bill, as amended.
2017-10-31	House	Placed on the Union Calendar, Calendar No. 275.
2017-10-31	House	Reported (Amended) by the Committee on Financial Services. H. Rept. 115-375.
2017-10-12	House	Ordered to be Reported (Amended) by the Yeas and Nays: 58 - 2.
2017-10-12	House	Committee Consideration and Mark-up Session Held.
2017-10-11	House	Committee Consideration and Mark-up Session Held.
2017-03-16	House	Referred to the House Committee on Financial Services.
2017-03-16	House	Introduced in House

HB6147 (Related) 2018-09-07 - Message on Senate action sent to the House.
SB488 (Related) 2018-07-18 - Message on House action received in Senate and at desk: House amendments to Senate bill.

Type	Source
Summary	https://www.congress.gov/bill/115th-congress/house-bill/1585/all-info
Text	https://www.congress.gov/115/bills/hr1585/BILLS-115hr1585ih.pdf
Text	https://www.congress.gov/115/bills/hr1585/BILLS-115hr1585rh.pdf
Text	https://www.congress.gov/115/bills/hr1585/BILLS-115hr1585eh.pdf