I 115th CONGRESS 1st Session H. R. 1585 IN THE HOUSE OF REPRESENTATIVES March 16, 2017 Mr. Schweikert (for himself, Ms. Sinema , Mr. Royce of California , Mr. Hill , Mrs. Carolyn B. Maloney of New York , Mr. Yoho , Mr. LaMalfa , Mr. Hultgren , Mr. Gottheimer , Mr. Davidson , and Mr. Polis ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Securities Act of 1933 to codify certain qualifications of individuals as accredited investors for purposes of the securities laws.

1. Definition of accredited investor Section 2(a)(15)(ii) of the Securities Act of 1933 ( 15 U.S.C. 77b(a)(15)(ii) ) is amended by striking the period at the end and inserting the following: , and shall include— (I) any natural person whose individual net worth, or joint net worth with that person’s spouse, exceeds $1,000,000, not including the value of such person’s primary residence owned either individually or jointly with his or her spouse; (II) any natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with that person’s spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year; (III) any natural person who holds a current financial services-related license issued by a State; and (IV) any natural person the Commission determines, by regulation, to have demonstrable education or job experience to qualify such person as having professional knowledge of a subject related to a particular investment, and whose education or job experience is verified by the Financial Industry Regulatory Authority. .