Bill > HR3339

This bill requires the Securities and Exchange Commission (SEC) to create a new certification examination for individuals seeking to become "accredited investors" - a legal designation that currently allows wealthy or financially sophisticated individuals to invest in certain unregistered securities. The examination would test individuals on their knowledge of financial topics including different types of securities, disclosure requirements, corporate governance, financial statements, and risks associated with private investments such as limited liquidity, valuation challenges, and information asymmetry. The exam would be designed to be challenging enough to ensure only truly financially knowledgeable individuals pass, but not impossibly difficult. Once established, the examination would be administered free of charge by a registered national securities association within 180 days of its creation, and would effectively modify the current definition of "accredited investor" to include only those who successfully complete this certification process. The goal appears to be increasing investor protection by ensuring that individuals investing in complex, less regulated financial products have a baseline understanding of potential risks and investment mechanisms.

Business and Industry, Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/house-bill/3339/all-info