Bipartisan Accredited Investor Bill Clears U.S. House

In mid-July, the U.S. House of Representatives passed by voice vote the “Equal Opportunity for All Investors Act of 2025” (H.R. 3339), which would expand the definition of an accredited investor for purposes of participating in private offerings of securities. In part, the bill allows for an individual to qualify through an examination established by the Securities and Exchange Commission (SEC). The examination must be conducted at an appropriate level of difficulty, ensure the examinee understands the disclosure requirements of particular securities, be administered by a registered national securities association, and be offered free of charge to the public. The bill, sponsored by Representative Mike Flood (R-NE) and cosponsored by Representative Sarah McBride (D-DE), received 49 votes in the House Financial Services Committee with only two members of the Committee voting against the measure.

While the bill is bipartisan in nature, the Senate’s rigorous schedule may delay consideration by the Senate Banking Committee. The bill could potentially be included in a larger financial services package later this Congress. Additionally, several other bills have been introduced and even considered by the House Financial Services Committee to amend the definition or qualifications for accredited investor status. This is also an area that SEC Chair Paul Atkins has highlighted as an area of consideration by the Commission staff.

Click here to view the text of H.R. 3339 “Equal Opportunity for All Investors Act of 2025.”