HR9574Referred to Committee

Informed Investor Access Act

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Introduced
In Committee
3
Passed One Chamber
4
Passed Both
5
Signed into Law
119th
Congress
2026-07-02
Introduced
2
Cosponsors
HR
ⓘ
Type

Sponsor

Troy Downing
Troy Downing
Republican · MT · Representative
Votes with party: 96.3% (590 recorded votes)

Full profile: /officials/D000634

Source: Congress.gov · FEC

Cosponsors (2)

Members who have signed on to support this bill since introduction. Source: Congress.gov.

Latest Action

The most recent step in the bill's legislative path. Committee Activity below shows referrals and reports; the full action-by-action history including floor proceedings lives at Congress.gov →

Referred to the House Committee on Financial Services.

2026-07-02

Source: Congress.gov

Committee Activity

Currently in

Plain-English Summary

The proposal would expand who qualifies as an "accredited investor" — a status that currently allows wealthier individuals to invest in riskier, less-regulated investments like private companies and hedge funds — by letting people with lower incomes also participate if they're getting advice from licensed financial professionals. This change would give more Americans access to investment opportunities previously limited to the wealthy, though it could also expose more people to higher-risk investments. The measure is intended to democratize investment options while relying on professional advisors to help guide these decisions.

AI-assisted summary generated from the official bill metadata (title, subjects, actions) sourced from Congress.gov. Cached and reviewed. Always verify against the official text linked below.

Full Bill Text

Verbatim text published on Congress.gov via GovInfo. Use Cmd+F / Ctrl+F to search within this excerpt.

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 9574 Introduced in House (IH)] <DOC> 119th CONGRESS 2d Session H. R. 9574 To amend the definition of an accredited investor to include individuals receiving advice from certain professionals, and for other purposes. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES July 2, 2026 Mr. Downing (for himself, Mr. Lawler, and Mr. Moore of North Carolina) introduced the following bill; which was referred to the Committee on Financial Services _______________________________________________________________________ A BILL To amend the definition of an accredited investor to include individuals receiving advice from certain professionals, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Informed Investor Access Act''. SEC. 2. ACCREDITED INVESTORS INCLUDE INDIVIDUALS RECEIVING ADVICE FROM CERTAIN PROFESSIONALS. (a) Securities Act of 1933.--Section 2(a)(15) of the Securities Act of 1933 (15 U.S.C. 77b(a)(15)) is amended-- (1) by striking ``(15) The term `accredited investor' shall mean--'' and inserting the following: ``(15) Accredited investor.-- ``(A) In general.--The term `accredited investor' means--''; (2) in clause (i), by striking ``or'' at the end; (3) in clause (ii), by striking the period at the end and inserting ``; or''; (4) by adjusting the indentation of clauses (i) and (ii) by moving such clauses 2 ems to the right; and (5) by adding at the end the following: ``(iii) any natural person that the issuer reasonably believes is receiving personalized investment advice or personalized investment recommendations with respect to the applicable transaction from-- ``(I) an investment adviser registered with the Commission under the Investment Advisers Act of 1940, or a supervised person of such investment adviser (as defined in section 202(a) of the Investment Advisers Act of 1940); or ``(II) a broker or dealer registered with the Commission under the Securities Exchange Act of 1934, or a natural person who is an associated person of a broker or dealer (as defined in section 3(a) of the Securities Exchange Act of 1934) acting on behalf of such broker or dealer, in each case with respect to the applicable transaction. ``(B) Definitions.--In subparagraph (A)(iii): ``(i) Investment advice.--The term `investment advice' shall be interpreted consistent with the phrase `for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing, or selling securities' under section 202(a)(11) of the Investment Advisers Act of 1940 (15 U.S.C. 80b-2(a)(11)). ``(ii) Recommendation.--The term `recommendation' shall be interpreted consistent with the term `recommendation' under section 240.15l-1 of title 17, Code of Federal Regulations.''. (b) Conforming Changes to Regulations.--The Securities and Exchange Commission shall revise section 230.501(a) of title 17, Code of Federal Regulations, and any other definition of ``accredited investor'' in a rule of the Commission in the same manner as such definition is revised under subsection (a). <all>
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