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Expanding accredited investor definition to include those with professional financial advice.

This bill aims to broaden access to certain types of investments for more individuals. The changes will allow people who receive professional investment advice to be considered "accredited investors," a status previously limited to those with high incomes or significant assets. This means citizens using financial advisors may gain access to a wider range of investment opportunities.
Key points
Individuals receiving individualized investment advice from certain professionals will qualify as "accredited investors."
This change opens up investment opportunities previously restricted to high-income or high-net-worth individuals.
Definitions of "investment advice" and "investment recommendation" will align with existing investment adviser regulations.
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Status:
Expired
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Additional Information
Print number: 118_HR_2773
Sponsor: Rep. McHenry, Patrick T. [R-NC-10]
Process start date: 2023-04-20
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

To amend the definition of an accredited investor to include individuals receiving advice from certain professionals, and for other purposes.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_2773.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-04-20.

What are the main provisions?

Key points include:

  • Individuals receiving individualized investment advice from certain professionals will qualify as "accredited investors."
  • This change opens up investment opportunities previously restricted to high-income or high-net-worth individuals.
  • Definitions of "investment advice" and "investment recommendation" will align with existing investment adviser regulations.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. McHenry, Patrick T. [R-NC-10].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

What is the impact of this bill?

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Economy