1. Short title This Act may be cited as the Fair Investment Opportunities for Professional Experts Act . 2. Definition of accredited investor (a) In general Section 2(a) of the Securities Act of 1933 ( 15 U.S.C. 77b(a) ) is amended by striking paragraph (15) and inserting the following: (15) (A) The term accredited investor shall mean— (i) a bank, as defined in section 3(a)(2), whether acting in its individual or fiduciary capacity; an insurance company, as defined in paragraph (13) of this subsection; an investment company registered under the Investment Company Act of 1940 ( 15 U.S.C. 80a–1 et seq.) or a business development company, as defined in section 2(a)(48) of that Act ( 15 U.S.C. 80a–2(a)(48) ); a small business investment company licensed by the Small Business Administration; or an employee benefit plan, including an individual retirement account, which is subject to the provisions of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1001 et seq.), if the investment decision is made by a plan fiduciary, as defined in section 3(21) of such Act ( 29 U.S.C. 1002(21) ), which is either a bank, an insurance company, or a registered investment adviser; (ii) any natural person whose individual net worth, or joint net worth with that person’s spouse, exceeds $1,000,000 (which amount shall be adjusted for inflation by the Commission every 3 years to reflect the change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics, rounding to the nearest $10,000) where, for purposes of calculating net worth under this clause— (I) the person’s primary residence shall not be included as an asset