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House Bill 2797
118th Congress(2023-2024)
Equal Opportunity for All Investors Act of 2023
Active
Active
Passed House on May 31, 2023
Overview
Text
Sponsor
Republican
Introduced
Apr 24, 2023
Latest Action
Jun 1, 2023
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
2797
Congress
118
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
Sponsorship by Party
Republican
Mike Flood
Nebraska
Democrat
Shri Thanedar
Michigan
Republican
Michael Lawler
New York
Democrat
Wiley Nickel
North Carolina
House Votes (1)
Senate Votes (0)
Passed on June 1, 2023
Question
On Motion to Suspend the Rules and Pass, as Amended
Status
Passed
Type
Roll Call Vote
Roll Call Vote
A vote that records the individual position of each Member who voted. Such votes occurring on the House floor (by the "yeas and nays" or by "recorded vote") are taken by electronic device. The Senate has no electronic voting system; in such votes, Senators answer "yea" or "nay" as the clerk calls each name aloud. Each vote is compiled by clerks and receives a roll call number (referenced in Congress.gov as a "Record Vote" [Senate] or "Roll no." [House]).
Roll Call Type
2/3 Yea-And-Nay
Roll Number
244
House Roll Call Votes
Summary

Equal Opportunity for All Investors Act of 2023

This bill expands who may be considered an accredited investor for purposes of participating in private offerings of securities. Certain unregistered securities may only be offered to accredited investors.

Specifically, the bill allows an individual to qualify through an examination established by the Securities and Exchange Commission. The examination

  • must be designed with an appropriate difficulty level such that an individual with financial sophistication or training would be unlikely to fail,
  • may include methods to determine competency in certain areas, and
  • must be administered by a registered national securities association and offered free of charge to the public.

Currently, accredited investors must satisfy certain requirements indicating their reduced exposure to financial risk, including those related to income, net worth, or knowledge and experience.

Text (4)
Referred in Senate
June 1, 2023
Engrossed in House
May 31, 2023
Reported in House
May 30, 2023
Introduced in House
April 24, 2023
Actions (15)
06/01/2023
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
05/31/2023
Motion to reconsider laid on the table Agreed to without objection.
05/31/2023
On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 383 - 18 (Roll no. 244). (text: 05/30/2023 CR H2656)
05/31/2023
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 383 - 18 (Roll no. 244).(text: 05/30/2023 CR H2656)
05/31/2023
Considered as unfinished business. (consideration: CR H2706)
05/30/2023
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.
05/30/2023
DEBATE - The House proceeded with forty minutes of debate on H.R. 2797.
05/30/2023
Considered under suspension of the rules. (consideration: CR H2656-2658)
05/30/2023
Mrs. Wagner moved to suspend the rules and pass the bill, as amended.
05/30/2023
Placed on the Union Calendar, Calendar No. 56.
05/30/2023
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-77.
04/26/2023
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 42 - 1.
04/26/2023
Committee Consideration and Mark-up Session Held.
04/24/2023
Referred to the House Committee on Financial Services.
04/24/2023
Introduced in House
Public Record
Record Updated
Sep 20, 2023 2:04:35 PM
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