US Congress House Bill 2187 (Prior Session Legislation)

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Sponsorship: Bipartisan Bill
Status: Engrossed on February 2 2016 - 50% progression, died in committee
Action: 2016-02-02 - 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 add to the definition of accredited investor any natural person whose individual net worth, or joint net worth with his or her spouse, exceeds $1 million (adjusted every five years for inflation). The person's net worth shall exclude: the person's primary residence; and as a liability any indebtedness secured by the primary residence, up to the estimated fair market value of the residence at the time of the sale of securities. Indebtedness secured by the person's primary residence in excess of the residence's estimated fair market value at the time of the sale of securities, however, shall be included in net worth as a liability. An accredited investor shall also include any natural person: whose individual income exceeded $200,000 in each of the two most recent years, or whose joint income with spouse exceeded $300,000 in each of those years, and has a reasonable expectation of reaching the same income level in the current year; currently licensed or registered as a broker or investment adviser by the Securities and Exchange Commission, the Financial Industry Regulatory Authority (FINRA) (or an equivalent self-regulatory organization), or a state division responsible for licensing or registration of individuals in connection with securities activities; or whose demonstrable education or job experience qualifies as professional knowledge of a subject related to a particular investment, and whose education or job experience is verified by the FINRA or an equivalent self-regulatory organization.

Fair Investment Opportunities for Professional Experts Act

Rep. David Schweikert [R-AZ]

Sen. Kyrsten Sinema [I-AZ]

2016-02-01 - House - On Motion to Suspend the Rules and Pass, as Amended (Y: 347 N: 8 NV: 78 Abs: 0) [PASS]

Date	Chamber	Action
2016-02-02	Senate	Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
2016-02-01	House	On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 347 - 8 (Roll no. 46). (text: CR H378)
2016-02-01	House	Motion to reconsider laid on the table Agreed to without objection.
2016-02-01	House	Considered as unfinished business. (consideration: CR H401)
2016-02-01	House	At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
2016-02-01	House	DEBATE - The House proceeded with forty minutes of debate on H.R. 2187.
2016-02-01	House	Considered under suspension of the rules. (consideration: CR H378-379)
2016-02-01	House	Mr. Garrett moved to suspend the rules and pass the bill, as amended.
2016-02-01	House	Placed on the Union Calendar, Calendar No. 309.
2016-02-01	House	Reported (Amended) by the Committee on Financial Services. H. Rept. 114-406.
2015-12-09	House	Ordered to be Reported (Amended) by the Yeas and Nays: 54 - 2.
2015-12-09	House	Committee Consideration and Mark-up Session Held.
2015-12-08	House	Committee Consideration and Mark-up Session Held.
2015-06-16	House	Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.
2015-04-30	House	Referred to the House Committee on Financial Services.
2015-04-30	House	Introduced in House

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/2187/all-info
Text	https://www.congress.gov/114/bills/hr2187/BILLS-114hr2187ih.pdf
Text	https://www.congress.gov/114/bills/hr2187/BILLS-114hr2187rh.pdf
Text	https://www.congress.gov/114/bills/hr2187/BILLS-114hr2187eh.pdf
Roll Call	https://clerk.house.gov/Votes/201646