H.R.3394 — Fair Investment Opportunities for Professional Experts Act
House Roll Call
H.R.3394
| Bill | H.R.3394 — Fair Investment Opportunities for Professional Experts Act |
|---|---|
| Vote question | On Motion to Suspend the Rules and Pass, as Amended |
| Vote type | 2/3 Yea-And-Nay |
| Result | Passed |
| Totals | Yea 397 / Nay 12 / Present 0 / Not Voting 23 |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| R | 211 | 0 | 0 | 9 |
| D | 186 | 12 | 0 | 14 |
| I | 0 | 0 | 0 | 0 |
Research Brief
On Motion to Suspend the Rules and Pass, as Amended
Bill Analysis
Bill Summary: HR 3394 - Fair Investment Opportunities for Professional Experts Act
The Fair Investment Opportunities for Professional Experts Act (HR 3394) aims to expand investment opportunities for certain qualified individuals, specifically those with professional expertise in fields such as finance, law, and other relevant sectors. The bill seeks to amend the Securities Act of 1933 to allow these professionals to participate in private investment offerings that are typically restricted to accredited investors.
Key Provisions:
- Eligibility Expansion: The bill proposes to define “professional experts” as individuals with significant experience and credentials in investment-related fields, thereby allowing them access to investment opportunities that are not available to the general public.
- Investment Opportunities: The legislation facilitates participation in private placements, which are generally exempt from SEC registration requirements, thereby enabling these professionals to invest in startups and other private ventures.
Funding and Authorities: The bill does not allocate specific funding but empowers the Securities and Exchange Commission (SEC) to establish rules and guidelines for the implementation of the new definitions and eligibility criteria. This includes potential oversight mechanisms to ensure compliance with the expanded investment access.
Agencies Affected: The primary agency impacted by this legislation is the SEC, which will be responsible for developing regulations to support the bill’s objectives.
Beneficiaries: The primary beneficiaries of this act are professional experts seeking to diversify their investment portfolios and gain access to high-potential private investment opportunities. Additionally, startups and private companies could benefit from increased capital influx from these knowledgeable investors.
Key Timelines: Following its introduction, HR 3394 was received in the Senate, read twice, and referred to the Committee on Banking, Housing, and Urban Affairs for further consideration. The timeline for subsequent hearings and potential amendments will be determined by the committee’s schedule.
In summary, HR 3394 seeks to broaden the scope of who qualifies as an accredited investor, thereby enhancing investment opportunities for experienced professionals while fostering capital growth for private enterprises.
Yea (397)
K
Ken Calvert
J
Jason Crow
L
Lloyd Doggett
S
Scott Franklin
J
John Garamendi
M
Mark Green
J
John Mannion
L
Lucy McBath
L
Lisa McClain
J
John Rutherford
D
David Schweikert
P
Pete Sessions
E
Eric Swalwell
N
Nydia Velázquez
D
Debbie Wasserman Schultz
Nay (12)
Not Voting (23)
