,i  #aafth ,,congress  #ast ,session    
,h4 ,r4 #dgfb  ,,in ,,the ,,house ,,of  
,,representatives  ,october #ah1        
#bjai,mr4 ,hill of ,arkansas 7for       
himself and ,mr4 ,schweikert7 introduced
 the following bill2 which was referred 
to the ,committee on ,financial         
,services  ,a ,,bill  ,to amend the     
,securities ,act of #aicc to codify     
certain qualifications of individuals as
 accredited investors for purposes of   
the securities laws4  #a4 ,short title  
,this ,act may be cited as the ,fair    
,investment ,opportunities for          
,professional ,experts ,act4  #b4       
,definition of accredited investor  7a7 
,in general ,section #b7;a77#ae7 of the 
,securities ,act of #aicc 7#ae ,u4,s4,c4
 #gg;b7a77#ae77 is amended--  7#a7 by   
redesignating clauses 7i7 and 7ii7 as   
subparagraphs 7,a7 and 7,f71            
respectively2 and  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 #e  
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 #b 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  7b7 ,rulemaking ,the ,commission   
shall revise the definition of          
accredited investor under ,regulation ,d
 7#ag ,,cfr #bcj4eja et seq47 to conform
 with the amendments made by subsection 
7a74