Fair Investment Opportunities for Professional Experts Act

Floor Speech

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Mr. HILL of Arkansas. Mr. Speaker, I certainly thank our distinguished chair of the subcommittee, Mrs. Wagner of Missouri, for her daily leadership of our agenda to make America more competitive by having the most liquid, competitive capital markets in the world. These bills certainly take a step in that direction to support that goal. I thank my friend from California (Mr. Sherman) for his comments in support of the bill.

The gentleman is right, Mr. Speaker. I think we have all learned in our lives that intelligence and wealth aren't directly correlated. This is another example of that, where people are held back from their ability to use their expertise and their knowledge just because they don't have a specific net worth. That is what H.R. 3394, the Fair Investment Opportunities for Professional Experts Act seeks to clarify.

Many individuals, whether through work, education, or other experience, have the knowledge to make an informed investment decision, but they are excluded simply because of an income or net worth test.

Before I was in Congress, I helped investors and founders start new companies and raise funds through regulation D private placements.

I witnessed firsthand on an annual basis routinely how the current accredited investor definition impaired talented, knowledgeable innovators from fully participating up front in their business formation dream.

This bill, with my good friend from California, Representative Vargas, would expand the definition of an ``accredited investor'' and allow Americans who can demonstrate education, professional experience, or other similar credentials the opportunity to invest in a private offer.

It passed out of our Financial Services Committee 45-1, Mr. Speaker, demonstrating clear, bipartisan support. I agree with my friend from California. This bill is a step in the right direction, offering more Americans a chance to participate in the American Dream, build capital, help start a business, and use their God-given talent, skills, ability, and professional expertise to help that company be successful.

Mr. Speaker, I urge a ``yes'' vote from all the Members on both sides of the aisle.

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