To require certification examinations for accredited investors, and for other purposes.
Sponsors
Legislative Progress
Passed HouseReceived; read twice and referred to the Committee on Banking, …
Passed House (inferred from eh version)
Reported with an amendment, committed to the Committee of the …
Mr. Flood (for himself, Mr. Fields, Mr. Lawler, Ms. McBride, …
Summary
What This Bill Does
This bill requires the SEC to create a certification examination that allows individuals to become accredited investors based on demonstrated financial sophistication, rather than just wealth thresholds.
Who Benefits and How
Individuals without high net worth but with financial knowledge can access private investments. Investment opportunities become more accessible to financially sophisticated people regardless of wealth.
Who Bears the Burden and How
SEC must develop and administer the certification exam. Private companies may face larger pools of potential investors to manage.
Key Provisions
- SEC must create accredited investor certification exam within 1 year
- Exam tests financial sophistication
- Provides alternative to wealth-based qualification
Evidence Chain:
This summary is derived from the structured analysis below. See "Detailed Analysis" for per-title beneficiaries/burden bearers with clause-level evidence links.
Primary Purpose
Creates certification examination pathway for individuals to qualify as accredited investors under SEC rules
Policy Domains
Main Bill
Likely Beneficiaries
- Financially sophisticated individuals
- Private investment issuers
Inferred from context, no direct clause evidence
Likely Burden Bearers
- SEC
Inferred from context, no direct clause evidence
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "the_commission"
- → Securities and Exchange Commission
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology