Accredited Investor Definition Review Act

Summary

On May 20, 2025, the House Committee on Financial Services held a full committee markup to consider various measures related to capital formation and financial institution regulation. The committee examined ten bills, including the Greenlighting Growth Act (H.R. 3343), which would reduce financial reporting requirements for emerging growth companies; the HALOS Act (H.R. 3352), which would define angel investors and clarify general solicitation rules; the TAILOR Act (H.R. 3380), which would require federal financial regulators to tailor supervision to institutions' risk profiles; the Small Entity Update Act (H.R. 3382), directing the SEC to study and define small entities; the FAIR Exams Act (H.R. 940), establishing procedures for bank examination reviews; the Improving Access to Small Business Information Act (H.R. 3351), exempting the SEC's small business advocate from paperwork reduction requirements; the Encouraging Public Offerings Act (H.R. 3381), allowing issuers to test market interest in securities offerings; the HUMPS Act (H.R. 3379), requiring changes to the CAMELS financial institution rating system; the FIRM Act (H.R. 2702), addressing banking agency supervision; and the Expanding Access to Capital for Rural Job Creators Act (H.R. 1190), requiring reports on rural small business capital formation challenges. The committee voted favorably on several bills, including H.R. 3343 by a vote of 49-2 and H.R. 3381 by a vote of 48-2. The bills generally aimed at promoting capital formation and reducing regulatory burdens on small businesses and emerging growth companies. No witnesses were listed for the hearing. The markup represents an important step in the legislative process, though passage by the committee does not guarantee the bills will advance further in Congress.

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