Equal Opportunity for All Investors Act of 2025

The Equal Opportunity for All Investors Act of 2025 would change who can invest in private securities offerings. Currently, only accredited investors—those meeting certain income, net worth, or experience thresholds—can participate in these private offerings. This bill would create an alternative pathway by allowing individuals to qualify as accredited investors by passing an examination developed by the Securities and Exchange Commission.

The proposed exam would be designed to test financial knowledge and competency in areas like securities disclosure requirements. It would need to be set at a difficulty level where someone with financial training would be unlikely to fail, ensuring it measures genuine understanding rather than being prohibitively difficult. The exam would be administered by a registered national securities association and offered to the public at no cost.

If enacted, this bill could expand investment opportunities for people who have financial knowledge but lack the income or net worth currently required to be accredited investors. It would allow more individuals to participate in private investment offerings that are typically only available to wealthier investors. However, it could also increase exposure to investment risk for people who pass the exam but may not fully understand complex securities.

The bill passed the House and is currently in committee in the Senate, where it is being reviewed by the Committee on Banking, Housing, and Urban Affairs. Further action would be needed in the Senate before it could become law.