Rep. Mike Flood | Mike Flood Official Website
Rep. Mike Flood | Mike Flood Official Website
WASHINGTON, D.C. – This week, U.S. Congressman Mike Flood (R-Nebraska) and Congressman Wiley Nickel (D-North Carolina) introduced H.R. 2797, also known as the Equal Opportunity for All Investors Act of 2023.
Right now, an individual or business must meet one of a number of financial or professional criteria to be classified as an accredited investor. Current criteria are outlined here. H.R. 2797 provides another pathway for Americans to become an accredited investor by allowing individuals seeking the status to take an examination, which will be established by the Securities and Exchange Commission and administered by the Financial Industry Regulatory Authority (FINRA).
“It is my firm belief that greater access to our capital markets should be accessible due to merit and knowledge, not just wealth,” said Rep. Flood. “The Equal Opportunity for All Investors Act of 2023 creates a new pathway for investors to gain accredited investor status by passing a thorough investment exam administered by FINRA. Thank you to my colleague Rep. Nickel for joining this effort, and I look forward to bringing this before the full committee.”
“We need to cut through government red tape and ensure well-qualified and more diverse individuals are able to invest in our markets,” said Rep. Nickel. “In doing so, we can enable equal access to capital and funding opportunities for minorities and underrepresented communities who often face roadblocks in the financial system. I’m proud to work with Rep. Flood on this commonsense bipartisan legislation and look forward to working on getting this through the House Financial Services Committee and on to the House floor for a vote.”
A copy of the full legislation can be found by clicking here. It is expected to be marked up on Wednesday, April 26, 2023.
Both Congressmen Flood and Nickel are members of the Financial Services Committee.
Original source can be found here.
Alerts Sign-up