Mike Flood (R-NE)
Equal Opportunity for All Investors Act of 2025
A Republican bill with 3 Democratic cosponsors · See all 4 cosponsors
Last activity — Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
In the other chamber's committee
Passed one chamber and has been handed to a committee in the other.
The committee decides whether it goes any further, and most bills that reach a committee never leave it. A committee that simply does nothing kills a bill without anyone ever voting against it, so no news from here is usually the news.
Its path through Congress
- Introduced
- Passed House voice vote
- In Senate committee
The House by voice vote (members called out yes or no together): no member's position on it was recorded.
What this bill would do
The Equal Opportunity for All Investors Act of 2025 requires the Securities and Exchange Commission to revise the definition of an "accredited investor" under Regulation D. This revision would allow any natural person to qualify as an accredited investor if they pass a specific certification examination. The Commission must establish this examination program within one year of the Act's enactment. This examination is designed to ensure individuals demonstrate competency in various financial areas, such as securities types, corporate governance, and specific investment risks. Once established, a registered national securities association will administer the test to the public free of charge.
Yes
- Scored +5
Does this give people more protection from unfair business practices?
The bill enhances investor protection by requiring competency in understanding risks and conflicts of interest.
- Scored +4
Would households on low incomes be better off under this?
The bill expands investment access to natural persons who can demonstrate financial competency.
- Scored +4
Would middle-income households be better off under this?
The bill provides a path for middle-class individuals to qualify as accredited investors via certification.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
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Expanding Investor Access: The bill allows a natural person to become an accredited investor by passing an examination rather than relying on existing definitions (Section 2(a)).
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Ensuring Financial Competency: The examination requires individuals to demonstrate knowledge in several critical areas, which could help them understand the risks of various investments (Section 2(b)(2)).
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Risk Awareness: The program aims to teach individuals about specific risks, such as limited liquidity, limited disclosures, leverage risks, and concentration risk (Section 2(b)(2)(v)).
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Conflict of Interest Awareness: The examination includes methods to determine if an individual understands potential conflicts of interest between financial professionals and their clients (Section 2(b)(2)(vi)).
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No Cost to Participate: The examination is to be offered free of charge to the public (Section 2(c)).
Potential Negative Impacts for People
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Requirement of Examination: To be considered an accredited investor, a natural person must undergo a certification examination (Section 2(a)).
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Examination Difficulty: While designed so a sophisticated individual is unlikely to fail, the examination includes several complex topics including financial statements, disclosure requirements, and various investment risks (Section 2(b)(2)).
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Tap or hover a score for the reason it gave.
- Demographic And Interest Groups
- Would households on low incomes be better off under this? — The bill expands investment access to natural persons who can demonstrate financial competency. Would middle-income households be better off under this? — The bill provides a path for middle-class individuals to qualify as accredited investors via certification.
- Economy And Finance
- Does this give people more protection from unfair business practices? — The bill enhances investor protection by requiring competency in understanding risks and conflicts of interest.
- 7/22/2025
- Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 7/21/2025
- Motion to reconsider laid on the table Agreed to without objection.
- Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3506)
- On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3506)
- DEBATE - The House proceeded with forty minutes of debate on H.R. 3339.
- Considered under suspension of the rules. (consideration: CR H3506-3508)
- Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended.
- 6/3/2025
- Reported (Amended) by the Committee on Financial Services. H. Rept. 119-127.
- Placed on the Union Calendar, Calendar No. 97.
- 5/20/2025
- Committee Consideration and Mark-up Session Held
- Ordered to be Reported (Amended) by the Yeas and Nays: 49 - 2.
- 5/13/2025
- Referred to the House Committee on Financial Services.
- 4 Cosponsors added.
- Introduced in House
Cleo FieldsDemocrat · Louisiana
Michael LawlerRepublican · New York
Sarah McBrideDemocrat · Delaware
Shri ThanedarDemocrat · Michigan