United States 114th Congress Status: Died 1 R cosponsors

HR 2187 — Fair Investment Opportunities for Professional Experts Act

Last action — Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 114th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Fair Investment Opportunities for Professional Experts Act (Sec. 2) This bill amends the Securities Act of 1933 to add to the definition of accredited investor any natural person whose individual net worth, or joint net worth with his or her spouse, exceeds $1 million (adjusted every five years for inflation). The person's net worth shall exclude: the person's primary residence; and as a liability any indebtedness secured by the primary residence, up to the estimated fair market value of the residence at the time of the sale of securities. Indebtedness secured by the person's primary residence in excess of the residence's estimated fair market value at the time of the sale of securities, however, shall be included in net worth as a liability. An accredited investor shall also include any natural person: whose individual income exceeded $200,000 in each of the two most recent years, or whose joint income with spouse exceeded $300,000 in each of those years, and has a reasonable expectation of reaching the same income level in the current year; currently licensed or registered as a broker or investment adviser by the Securities and Exchange Commission, the Financial Industry Regulatory Authority (FINRA) (or an equivalent self-regulatory organization), or a state division responsible for licensing or registration of individuals in connection with securities activities; or whose demonstrable education or job experience qualifies as professional knowledge of a subject related to a particular investment, and whose education or job experience is verified by the FINRA or an equivalent self-regulatory organization.

Bill Text

We don't have the full text on file for this bill yet.

Read HR 2187 on the official United States source →

Action History

  1. Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

  2. On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 347 - 8 (Roll no. 46). (text: CR H378)

  3. Motion to reconsider laid on the table Agreed to without objection.

  4. Considered as unfinished business. (consideration: CR H401)

  5. At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.

  6. DEBATE - The House proceeded with forty minutes of debate on H.R. 2187.

  7. Considered under suspension of the rules. (consideration: CR H378-379)

  8. Mr. Garrett moved to suspend the rules and pass the bill, as amended.

  9. Placed on the Union Calendar, Calendar No. 309.

  10. Reported (Amended) by the Committee on Financial Services. H. Rept. 114-406.

  11. Ordered to be Reported (Amended) by the Yeas and Nays: 54 - 2.

  12. Committee Consideration and Mark-up Session Held.

  13. Committee Consideration and Mark-up Session Held.

  14. Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.

  15. Referred to the House Committee on Financial Services.

  16. Introduced in House

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Subjects

taxation finance
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Frequently asked questions

What does HR 2187 do?
Fair Investment Opportunities for Professional Experts Act (Sec. 2) This bill amends the Securities Act of 1933 to add to the definition of accredited investor any natural person whose individual net worth, or joint net worth with his or her spouse, exceeds $1 million (adjusted every five years for inflation). The person's net worth shall exclude: the person's primary residence; and as a liability any indebtedness secured by the primary residence, up to the estimated fair market value of the residence at the time of the sale of securities. Indebtedness secured by the person's primary residence in excess of the residence's estimated fair market value at the time of the sale of securities, however, shall be included in net worth as a liability. An accredited investor shall also include any natural person: whose individual income exceeded $200,000 in each of the two most recent years, or whose joint income with spouse exceeded $300,000 in each of those years, and has a reasonable expectation of reaching the same income level in the current year; currently licensed or registered as a broker or investment adviser by the Securities and Exchange Commission, the Financial Industry Regulatory Authority (FINRA) (or an equivalent self-regulatory organization), or a state division responsible for licensing or registration of individuals in connection with securities activities; or whose demonstrable education or job experience qualifies as professional knowledge of a subject related to a particular investment, and whose education or job experience is verified by the FINRA or an equivalent self-regulatory organization.
Who sponsors HR 2187?
HR 2187 is sponsored by David Schweikert (R).
What is the current status of HR 2187?
This bill died with 114th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 2187?
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