What This Bill Does · Plain English
Summary · Congress.gov
Risk Disclosure and Investor Attestation Act 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 by certifying to the issuer of securities that the individual understands the risks of investment in private issuers. 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.
Action Timeline
2025-01-03
Referred to the House Committee on Financial Services.
2025-01-03
Introduced in House
2025-01-03
Introduced in House
Frequently Asked Questions
Did HR.145 pass?
HR.145 is still alive. Current stage: COMMITTEE. Pass likelihood: 40%.
What does HR.145 do?
Risk Disclosure and Investor Attestation Act 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 by certifying to the issuer of securities that the individual understands the risks of investment in private issuers. Currently, accredited investors must satisfy certain requirements indicating their reduced exposure to financial risk, including those related to income, net worth, or knowledg…
Who sponsored HR.145?
HR.145 was sponsored by Warren Davidson (R-Ohio).
Full Bill Text
119 HR 145 IH: Risk Disclosure and Investor Attestation Act U.S. House of Representatives 2025-01-03 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. I 119th CONGRESS 1st Session H. R. 145 IN THE HOUSE OF REPRESENTATIVES January 3, 2025 Mr. Davidson introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Securities Act of 1933 to permit an individual to invest in private issuers upon acknowledging the investment risks, and for other purposes. 1. Short title This Act may be cited as the Risk Disclosure and Investor Attestation Act . 2. Investor attestation (a) In general Section 2(a)(15) of the Securities Act of 1933 (77b(a)(15)) is amended— (1) by redesignating clause (i) as subparagraph (A); (2) in subparagraph (A), as so redesignated, by striking or at the end; (3) by redesignating clause (ii) as subparagraph (B); (4) in subparagraph (B), as so redesignated, by striking the period at the end and inserting ; and ; and (5) by adding at the end the following: (C) with respect to an issuer, any individual that has attested to the issuer that the individual understands the risks of investment in private issuers, using such form as the Commission shall establish, by rule, but which form may not be longer than 2 pages in length. . (b) Rulemaking Not later than the end of the 1-year period beginning on the date of enactment of this Act, the Securities and Exchange Commission shall issue rules to carry out the amendments made by subsection (a), including establishing the form required under such amendments.
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