H.R. 1574 — Introduced in House

I 118th CONGRESS 1st Session H. R. 1574 IN THE HOUSE OF REPRESENTATIVES March 14, 2023Mr. Davidson introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Securities Act of 1933 to permit an individual to invest in private issuers upon acknowledging the investment risks, and for other purposes. 1. Short title This Act may be cited as the Risk Disclosure and Investor Attestation Act. 2. Investor attestation (a) In general Section 2(a)(15) of the Securities Act of 1933 (77b(a)(15)) is amended— (1) by redesignating clause (i) as subparagraph (A); (2) in subparagraph (A), as so redesignated, by striking or at the end; (3) by redesignating clause (ii) as subparagraph (B); (4) in subparagraph (B), as so redesignated, by striking the period at the end and inserting ; and; and (5) by adding at the end the following: (C) with respect to an issuer, any individual that has attested to the issuer that the individual understands the risks of investment in private issuers, using such form as the Commission shall establish, by rule, but which form may not be longer than 2 pages in length. . (b) Rulemaking Not later than the end of the 1-year period beginning on the date of enactment of this Act, the Securities and Exchange Commission shall issue rules to carry out the amendments made by subsection (a), including establishing the form required under such amendments.