The full House passed legislation on Wednesday requiring the Securities and Exchange Commission to devise an accredited investor certification exam.
The bill, The Equal Opportunity for All Investors Act of 2023, introduced by Reps. Mike Flood, R-Neb., and Wiley Nickel, D-N.C., was introduced in April.
"H.R. 2797 provides a pathway for Americans to become accredited investors by allowing individuals seeking status to take an examination," to be established by the SEC and administered by the Financial Industry Regulatory Authority, Flood said.
"It is my firm belief that the accredited investor definition should not be tied exclusively to wealth," Flood said in a statement after the bill's passage. "Instead, we should unlock opportunities for knowledgeable investors that may not come from means."
