The U.S. Financial Services Committee announced that the House of Representatives passed a package of committee bills spanning securities regulation, small business capital formation, homebuyer privacy, and certain international and CFIUS-related matters. On capital markets, the House passed the Fair Investment Opportunities for Professional Experts Act (H.R. 3394) by 397-12 to broaden the Securities Act “accredited investor” definition to include individuals with certain licenses, education, or job experience in addition to wealth and income thresholds. It also approved measures to streamline and broaden offering pathways, including the ELEVATE Act (H.R. 3301) to allow emerging growth companies to use two years of audited financial statements in IPOs and spin-offs, and the Encouraging Public Offerings Act (H.R. 3381) to codify SEC Rule 163B for all issuers, permit confidential draft registration submissions, and reduce the public filing window before effectiveness to 10 days. Additional SEC-related bills included the HALOS Act (H.R. 3352) to codify SEC Rule 148 on “demo day” communications and define “angel investor group”, and the Access to Small Business Investor Capital Act (H.R. 2225) to exclude acquired fund fees and expenses incurred indirectly through business development company investments from registered investment company calculations. Two bills expanded the remit of the SEC’s Advocate for Small Business Capital Formation by requiring rural small businesses to be monitored for access-to-capital challenges (H.R. 1190) and mandating educational resources and events for underrepresented and rural businesses (H.R. 3422, passed 321-87). Outside capital formation, the Homebuyers Privacy Protection Act (H.R. 2808) would amend the Fair Credit Reporting Act to limit credit reporting agencies’ sale of mortgage “trigger leads”, while the Taiwan Non-Discrimination Act (H.R. 910) would direct the Treasury Secretary to advocate for Taiwan’s IMF membership and meaningful participation and the Agricultural Risk Review Act (H.R. 1713) would add the Secretary of Agriculture to CFIUS for covered agriculture-related transactions and strengthen reviews of agricultural land deals involving foreign adversaries.
U.S. Financial Services Committee 2025-06-23
U.S. Financial Services Committee bills pass the House with accredited investor expansion SEC offering reforms and trigger lead limits
The U.S. Financial Services Committee announced the House passed bills on securities regulation, small business capital formation, homebuyer privacy, and international matters. Key measures include expanding the "accredited investor" definition, streamlining IPO processes, and enhancing SEC rules for small business capital access. Additional bills focus on limiting credit reporting agencies' sale of mortgage leads and advocating for Taiwan's IMF participation.