Rep. Mike Flood | Mike Flood Official Website
Rep. Mike Flood | Mike Flood Official Website
WASHINGTON, D.C. – On May 31, Congressman Flood’s first bill, the Equal Opportunity for All Investors Act of 2023, passed in the House with bipartisan support. Congressman Wiley Nickel (D-North Carolina), introduced this bill alongside Congressman Flood in April.
Right now, an individual or business must meet one of several financial or professional criteria to be classified as an accredited investor. Current criteria are outlined here. H.R. 2797 provides a pathway for Americans to become accredited investors by allowing individuals seeking status to take an examination, which will be established by the Securities and Exchange Commission and administered by the Financial Industry Regulatory Authority (FINRA).
“The Equal Opportunity for All Investors Act of 2023 will give Americans new opportunities to grow their wealth and savings,” said Congressman Flood. “It is my firm belief that the accredited investor definition should not be tied exclusively to wealth. Instead, we should unlock opportunities for knowledgeable investors that may not come from means. This legislation expands the accredited investor definition to include individuals that are certified through an exam written by the SEC and administered by FINRA. Thank you to my colleagues in the House for their bipartisan support of this legislation.”
“I’m grateful to representatives on both sides of the aisle for supporting and passing the Equal Opportunities for All Investors Act, which I was proud to work on with Congressman Flood,” said Congressman Nickel. “This common sense, bipartisan legislation will spur economic growth in places like North Carolina’s Research Triangle Park and enhance access to capital for minorities, veterans, and women by improving choices for investors. I look forward to working with Congressman Flood and our Senate counterparts to get this across the finish line.”
A copy of the full legislation can be found by clicking here.
Video of Congressman Flood’s remarks can be found by clicking here. News outlets are welcome to use the footage for their reporting purposes.
Original source can be found here
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