H.R. 3394 · 119th Congress

Fair Investment Opportunities for Professional Experts Act

Introduced on May 14, 2025 by J. French Hill (R-AR-2). 3 cosponsors, 1 of them from another party. Latest action (Jun 24, 2025): Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Stage
Passed one chamber
Introduced
May 14, 2025
Cosponsors
3
1 from the other party
Policy area
Finance and Financial Sector
Open in the Congress explorerCongress.govAlert me

Progress

The furthest stage the measure reached. Simple and concurrent resolutions do not go to the President.

  1. Introduced
  2. Reported by committee
  3. Passed one chamber
  4. 4Passed both chambers
  5. 5Sent to the President
  6. 6Became law

Official title

To amend the Securities Act of 1933 to codify certain qualifications of individuals as accredited investors for purposes of the securities laws.

Subjects

  • Financial services and investments
  • Securities

Summary

By the Congressional Research Service (Introduced in House, May 14, 2025). Public domain.

Fair Investment Opportunities for Professional Experts Act

This bill expands the eligibility criteria for an accredited investor for purposes of participating in private offerings of securities to include an individual determined by the Securities and Exchange Commission (SEC) to have qualifying professional knowledge through educational or professional experience. (Certain unregistered securities may only be offered to accredited investors.)

The bill also provides statutory authority for certain existing criteria for an accredited investor, including licensure or registration in good standing as a broker or investment adviser, specified annual salary, and specified net worth.

Further, the SEC is directed to revise the definition of accredited investor in Regulation D (which exempts certain offerings from SEC registration requirements) to conform to changes in this bill.

Sponsor and cosponsors

Cosponsors by party as of the day they signed on. Original cosponsors signed on the day of introduction.

J. French HillR-AR-2Sponsor

Democrats · 1

Republicans · 2

Roll calls

Recorded votes on the measure. Most measures move by voice vote or unanimous consent, which record no individual positions.

  1. On Motion to Suspend the Rules and Pass, as Amended
    Jun 23, 2025· House· Passage· Passed 397–12

History

Every action as published, oldest first. Roll calls link to how each member voted.

  1. May 14, 2025Introduced in House
  2. May 14, 2025Introduced in House
  3. May 14, 2025 · HouseReferred to the House Committee on Financial Services.
  4. May 20, 2025 · HouseCommittee Consideration and Mark-up Session Held
  5. May 20, 2025 · HouseOrdered to be Reported (Amended) by the Yeas and Nays: 45 - 1.
  6. Jun 3, 2025Reported (Amended) by the Committee on Financial Services. H. Rept. 119-115.
  7. Jun 3, 2025 · HouseReported (Amended) by the Committee on Financial Services. H. Rept. 119-115.
  8. Jun 3, 2025 · HousePlaced on the Union Calendar, Calendar No. 85.
  9. Jun 23, 2025 · HouseMrs. Wagner moved to suspend the rules and pass the bill, as amended.
  10. Jun 23, 2025 · HouseConsidered under suspension of the rules. (consideration: CR H2869-2871)
  11. Jun 23, 2025 · HouseDEBATE - The House proceeded with forty minutes of debate on H.R. 3394.
  12. Jun 23, 2025 · HouseAt 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.
  13. Jun 23, 2025 · HouseConsidered as unfinished business. (consideration: CR H2878-2879)
  14. Jun 23, 2025Passed/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): 397 - 12 (Roll no. 173). (text: CR H2869-2870)House · Roll call 173
  15. Jun 23, 2025 · HouseOn motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 397 - 12 (Roll no. 173). (text: CR H2869-2870)House · Roll call 173
  16. Jun 23, 2025 · HouseMotion to reconsider laid on the table Agreed to without objection.
  17. Jun 24, 2025 · SenateReceived in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Committees

Committees and subcommittees the measure was referred to.

Agencies in its committees' jurisdiction

Analisa's mapping of committee jurisdiction to federal agencies; the bill may touch others, or none of these.

Who lobbied on it

Organizations whose lobbying reports (LD-2) name this measure. Spending is what they reported for those quarters on all issues, not on this measure alone.

  1. Chamber of Commerce of the U.S.A.5 reports
    $87.7M reported (all issues)
  2. ESHARES, INC. D/B/A CARTA, INC.5 reports
    $560K reported (all issues)
  3. FRANKLIN RESOURCES, INC. (FRANKLIN TEMPLETON)5 reports
    $1.4M reported (all issues)
  4. SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION5 reports
    $11M reported (all issues)
  5. Financial Industry Regulatory Authority3 reports
    $660K reported (all issues)Federal contractor: FINANCIAL INDUSTRY REGULATORY AUTHORITY INC$5.1M in contracts, FY2026AI match · 100%
  6. Future Standard3 reports
    $400K reported (all issues)
  7. BIOTECHNOLOGY INNOVATION ORGANIZATION2 reports
    $4M reported (all issues)
  8. PACIFIC LIFE INSURANCE COMPANY2 reports
    $670K reported (all issues)
  9. SMALL BUSINESS & ENTREPRENEURSHIP COUNCIL (SBE COUNCIL)2 reports
    $120K reported (all issues)
  10. Americans for Financial Reform1 report
    $150K reported (all issues)
  11. Earthjustice1 report
    $45.1K reported (all issues)
  12. Franklin Square Holdings, L.P.1 report
    $160K reported (all issues)
  13. Future Standard (formerly Franklin Square Holdings, L.P.)1 report
    $140K reported (all issues)

Reports filed in 2025, 2026.

Sources and method

Every figure on this page traces to these records.

  • Bill status: bills and resolutions, sponsors, actions, subjects and CRS summaries (U.S. Government Publishing Office (GovInfo), from Congress.gov (Library of Congress))GovInfo Bill Status bulk data (Congress.gov; summaries by the Congressional Research Service) · data current to Oct 6, 2026 · loaded Oct 6, 2026 · license: Public domain (U.S. Government work, 17 U.S.C. § 105)
  • Members of Congress, their terms, committees and identifiers (The @unitedstates project (from the Biographical Directory of the U.S. Congress, the House and the Senate))unitedstates/congress-legislators: legislators, committees and current committee membership · data current to Oct 3, 2026 · loaded Oct 3, 2026 · license: CC0 1.0 (public domain dedication)
  • House roll-call votes (Office of the Clerk, U.S. House of Representatives)Office of the Clerk, U.S. House of Representatives, roll-call vote records · data current to Oct 3, 2026 · loaded Oct 3, 2026 · license: Public domain (U.S. Government work, 17 U.S.C. § 105)
  • Senate roll-call votes and DW-NOMINATE scores (Voteview (UCLA Department of Political Science))Lewis, Jeffrey B., Keith Poole, Howard Rosenthal, Adam Boche, Aaron Rudkin, and Luke Sonnet (2026). Voteview: Congressional Roll-Call Votes Database. https://voteview.com/ · data current to Oct 3, 2026 · loaded Oct 3, 2026 · license: Free to use with the required citation
  • Lobbying disclosures (LD-1 registrations, LD-2 quarterly reports, LD-203 contribution reports) (Clerk of the U.S. House of Representatives)Clerk of the House, Lobbying Disclosure Act filings (organizations only; lobbyists' names are not loaded) · data current to Oct 6, 2026 · loaded Oct 6, 2026 · license: Public domain (U.S. Government work, 17 U.S.C. § 105)
  • Positions are shown only where a roll call recorded them; voice votes and unanimous consent record none.
  • Money and votes are shown side by side; neither explains the other.