U.S. Representatives Mike Flood, Cleo Fields, Mike Lawler, Sarah McBride, and Shri Thanedar have introduced the Equal Opportunity for All Investors Act of 2025. This bipartisan bill aims to provide an alternative route for individuals to become accredited investors by passing an examination. The Securities and Exchange Commission will establish this exam, which will be administered by the Financial Industry Regulatory Authority (FINRA).
Currently, individuals or businesses must meet specific financial or professional criteria to achieve accredited investor status. The proposed legislation seeks to broaden access based on merit and knowledge rather than wealth alone.
Rep. Flood emphasized the importance of accessibility to capital markets through merit: “It is my firm belief that greater access to our capital markets should be accessible due to merit and knowledge, not just wealth.” He expressed gratitude towards his colleagues for supporting this initiative.
Rep. Fields highlighted the need for reform in investment opportunities: “Louisiana families understand that wealth-building shouldn’t be restricted by arbitrary income thresholds.” He believes that this change would allow more qualified investors from diverse backgrounds to participate in private markets.
Rep. Lawler noted that modernizing the definition of ‘accredited investor’ could open high-growth investment opportunities to a broader audience: “The Equal Opportunity for All Investors Act is about opening up high-growth investment opportunities to more Americans.”
Rep. McBride underscored the potential impact on financial inclusion: “Everyone deserves a fair shot at opportunity.” She stated that expanding accredited investor pools could lead to greater access for women, veterans, and communities of color.
Rep. Thanedar shared his personal perspective on economic barriers: “As someone who came from deep poverty, I know first-hand that the financial system isn’t set up for those without means to succeed.” He supports the bill as a step toward economic development across Michigan’s 13th Congressional District.
The full text of the legislation is available online.
Rep. Flood serves on the House Financial Services Committee and chairs its Housing & Insurance Subcommittee.
