,,ib  ,union ,calendar ,no4 #cji  #aadth
 ,,congress  #b;d ,session  ,h4 ,r4     
#bahg  ,report ,no4 #aad-djf  ,,in ,,the
 ,,house ,,of ,,representatives  ,april 
#cj1 #bjae ,mr4 ,schweikert introduced  
the following bill2 which was referred  
to the ,committee on ,financial         
,services  ,february #a1 #bjaf          
,additional sponsor3 ,ms4 ,sinema       
,february #a1 #bjaf ,reported with an   
amendment1 committed to the ,committee  
of the ,whole ,house on the ,state of   
the ,union1 and ordered to be printed   
,strike out all after the enacting      
clause and insert the part printed in   
italic ,for text of introduced bill1 see
 copy of bill as introduced on ,april   
#cj1 #bjae  ,a ,,bill  ,to direct the   
,securities and ,exchange ,commission to
 revise its regulations regarding the   
qualifications of natural persons as    
accredited investors4  #a4 ,short title 
,this ,act may be cited as the ,fair    
,investment ,opportunities for          
,professional ,experts ,act4  #b4       

,definition of accredited investor      
,section #b7;a77#ae7 of the ,securities 
,act of #aicc 7#ae ,u4,s4,c4            
#gg;b7a77#ae7 is amended--  7#a7 by     
redesignating clauses 7i7 and 7ii7 as   
subparagraphs 7,a7 and 7,f71            
respectively2  7#b7 in subparagraph 7,a7
 7as so redesignated71 by striking 2 or 
and inserting a semicolon1 and inserting
 after such subparagraph the following3 
7,b7 any natural person whose individual
 net worth1 or joint net worth with that
 person's spouse1 exceeds #a1jjj1jjj    
7which amount1 along with the amounts   
set forth in subparagraph 7,c71 shall be
 adjusted for inflation by the          
,commission every five years to the     
nearest #aj1jjj to reflect the change in
 the ,consumer ,price ,index for ,all   
,urban ,consumers published by the      
,bureau of ,labor ,statistics7 where1   
for purposes of calculating net worth   
under this subparagraph-- 7i7 the       
person's primary residence shall not be 
included as an asset2  7ii7 indebtedness

 that is secured by the person's primary
 residence1 up to the estimated fair    
market value of the primary residence at
 the time of the sale of securities1    
shall not be included as a liability    
7except that if the amount of such      
indebtedness outstanding at the time of 
sale of securities exceeds the amount   
outstanding #fj days before such time1  
other than as a result of the           
acquisition of the primary residence1   
the amount of such excess shall be      
included as a liability72 and  7iii7    
indebtedness that is secured by the     
person's primary residence in excess of 
the estimated fair market value of the  
primary residence at the time of the    
sale of securities shall be included as 
a liability2  7,c7 any natural person   
who had an individual income in excess  
of #bjj1jjj in each of the two most     
recent years or joint income with that  
person's spouse in excess of #cjj1jjj in
 each of those years and has a          
reasonable expectation of reaching the  

same income level in the current year2  
7,d7 any natural person who is currently
 licensed or registered as a broker or  
investment adviser by the ,commission1  
the ,financial ,industry ,regulatory    
,authority1 or an equivalent            
self-regulatory organization 7as defined
 in section #c7;a77#bf7 of the          
,securities ,exchange ,act of #aicd71 or
 the securities division of a ,state or 
the equivalent ,state division          
responsible for licensing or            
registration of individuals in          
connection with securities activities2  
7,e7 any natural person the ,commission 
determines1 by regulation1 to have      
demonstrable education or job experience
 to qualify such person as having       
professional knowledge of a subject     
related to a particular investment1 and 
whose education or job experience is    
verified by the ,financial ,industry    
,regulatory ,authority or an equivalent 
self-regulatory organization 7as defined
 in section #c7;a77#bf7 of the          

,securities ,exchange ,act of #aicd72 or
  4  ,february #a1 #bjaf ,reported with 
an amendment1 committed to the          
,committee of the ,whole ,house on the  
,state of the ,union1 and ordered to be 
printed