The record

LegislationLegislation· Jul 2025
HR 3339 Passed House — in Senate

Sponsored by Mike Flood (R)

Equal Opportunity for All Investors Act of 2025

Lets people qualify as accredited investors by passing an SEC-approved exam instead of income or net worth tests.

Tradeoff

Opens private securities markets to more individuals based on financial knowledge rather than wealth. The SEC must design and administer the exam within 18 months of enactment.

What's in it

See official bill text

Net federal cost is negligible over 2025-2030; the SEC would spend approximately $1 million in 2026 and 2027 to administer the program, offset by fee increases on financial entities.

The $1 million annual federal cost is just what the SEC needs to develop and administer the exam—the policy's real impact is that it enables more people to invest in higher-risk securities and shifts compliance costs onto financial firms through higher SEC fees.

H.R. 3339, Equal Opportunity for All Investors Act of 2025 · Jul 2025

Passed the House by on July 21, 2025 — sitting in the Senate.

  1. House

    Introduced

    (May 13, 2025)

  2. House

    Committee on Financial Services(May 13, 2025)

  3. House

    The Committee on Financial Services voted to send it to the floor

    Reported 49 - 2(May 20, 2025)

    Committee report H. Rept. 119-127.

  4. House

    Passage of the bill

    Passed by (Jul 21, 2025)

    No individual votes were recorded.

  5. Senate

    Received from the House

    on Banking, Housing, and Urban Affairs(Jul 22, 2025)