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118th Congress Finance and Financial Sector

H.R. 2797: Equal Opportunity for All Investors Act of 2023

Passed HouseMay 31, 2023

  1. Introduced (completed)Apr 24, 2023
  2. Passed House (completed)May 31, 2023, 383–18
  3. Passed Senate (not reached)
  4. To the President (not reached)
  5. Became law (not reached)

Summary

Passed House, May 31, 2023

This bill expands who may be considered an accredited investor for purposes of participating in private offerings of securities. Certain unregistered securities may only be offered to accredited investors.

Specifically, the bill allows an individual to qualify through an examination established by the Securities and Exchange Commission. The examination must

  • be designed with an appropriate difficulty level such that an individual with financial sophistication or training would be unlikely to fail,
  • include methods to determine competency in certain areas, and
  • be administered by a registered national securities association and offered free of charge to the public.
Read the full summary

Currently, accredited investors must satisfy certain requirements indicating their reduced exposure to financial risk, including those related to income, net worth, or knowledge and experience.

Written by the Congressional Research Service, Library of Congress.

Key votes

House final vote, May 31, 2023

On Motion to Suspend the Rules and Pass, as Amended

Passed 383–18

Yea 383two-thirds 268Nay 18

  • Democrats177 yea, 18 nay
  • Republicans205 yea, 0 nay
  • Independents1 yea, 0 nay

Broke with their party: Jill Tokuda (D-HI), Delia Ramirez (D-IL), Katie Porter (D-CA), Alexandria Ocasio-Cortez (D-NY), James McGovern (D-MA), Pramila Jayapal (D-WA), Robert Garcia (D-CA), Jesús García (D-IL), Rashida Tlaib (D-MI) and Ayanna Pressley (D-MA) voted Nay; and 8 more

See how all 401 members voted

Showing 435 of 435 members

Yea 383

Republicans (205)

Democrats (177)

Independents (1)

Nay 18

Not voting 34

Senate

Not yet voted

Passed the House May 31, 2023. Awaiting Senate action.

Roll calls

1 vote on this bill

Showing 1 of 1 roll calls

  • May 31, 2023HouseOn Motion to Suspend the Rules and Pass, as AmendedFinal passagePassed, yea-nay 383–18
    Roll call 244 tally by party
    PartyYeaNayPresentNot voting
    Democrats17718018
    Republicans2050016
    Independents1000
    Total38318034

    House roll call 244: On Motion to Suspend the Rules and Pass, as Amended. Passed.

    18 crossed party lines: 18 Democrats

    How each member voted (435)

Amendments

0 offered

No amendments were offered to this bill.

Cosponsors

3

Bipartisan support.

Who scored on this bill

176 points earned
  1. 1Mike Flood R-NE SponsorDrew cross-party cosponsors, introduced, reported, passed House4 events+56
  2. 2Jamaal Bowman D-NY1 maverick vote1 event+6
  3. 2Cori Bush D-MO1 maverick vote1 event+6
  4. 2Gregorio Casar D-TX1 maverick vote1 event+6
  5. 2Jasmine Crockett D-TX1 maverick vote1 event+6
See all scorers and every scoring event

Introductions and cosponsorships count toward weekly caps and show no points.

Other bills by Mike Flood

History

  1. May 31, 2023Passed the House, 383–18.
  2. Apr 24, 2023Introduced in the House by Mike Flood.
Show the full action history (15 actions)
  1. Jun 1, 2023Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  2. May 31, 2023Considered as unfinished business. (consideration: CR H2706)
  3. May 31, 2023Passed/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): 383 - 18 (Roll no. 244). (text: 05/30/2023 CR H2656)
  4. May 31, 2023On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 383 - 18 (Roll no. 244). (text: 05/30/2023 CR H2656)
  5. May 31, 2023Motion to reconsider laid on the table Agreed to without objection.
  6. May 30, 2023Reported (Amended) by the Committee on Financial Services. H. Rept. 118-77.
  7. May 30, 2023Placed on the Union Calendar, Calendar No. 56.
  8. May 30, 2023Mrs. Wagner moved to suspend the rules and pass the bill, as amended.
  9. May 30, 2023Considered under suspension of the rules. (consideration: CR H2656-2658)
  10. May 30, 2023DEBATE - The House proceeded with forty minutes of debate on H.R. 2797.
  11. May 30, 2023At 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.
  12. Apr 26, 2023Committee Consideration and Mark-up Session Held.
  13. Apr 26, 2023Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 42 - 1.
  14. Apr 24, 2023Introduced in House
  15. Apr 24, 2023Referred to the House Committee on Financial Services.