Risk Disclosure and Investor Attestation Act

House Bill

H.R. 145

119th Congress

Risk Disclosure and Investor Attestation Act

In Committee

Introduced:Jan 3, 2025

Primary Sponsor

David P. Joyce

Representative

Republican

OH-14

Cosponsors

0

Quick Stats

Policy Area

Finance and Financial Sector

Summary

This bill expands who can invest in private securities offerings by allowing individuals to qualify as accredited investors simply by certifying they understand the investment risks. Currently, accredited investor status requires meeting income, net worth, or professional knowledge requirements.

Latest Action

Referred to the House Committee on Financial Services.

AI Summary

Plain-English explanation of this bill

This bill expands who can invest in private securities offerings by allowing individuals to qualify as accredited investors simply by certifying they understand the investment risks. Currently, accredited investor status requires meeting income, net worth, or professional knowledge requirements.

Last updated: 1/6/2026

Official Summary

Congressional Research Service summary

Risk Disclosure and Investor Attestation ActThis 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.

Key Points

Main provisions of the bill

Expands accredited investor eligibility for private offerings
Allows qualification through risk understanding certification
Removes income and net worth requirements as sole criteria
Opens private securities markets to more investors
Maintains investor attestation as safeguard

How This Impacts Americans

Potential effects on citizens and communities

More individuals could invest in private companies and startups without meeting current wealth thresholds. This democratizes access to investment opportunities previously limited to wealthy individuals, though it also increases exposure to higher-risk investments.

Policy Areas

Primary Policy Area

Finance and Financial Sector

Related Subjects

Business investment and capital

Financial services and investments

Securities

Scope & Jurisdiction

Jurisdiction Level

federal

Congressional Session

119th Congress

Citation Reference

145, 119th Congress (2025). "Risk Disclosure and Investor Attestation Act". Source: Voter's Right Platform. https://votersright.org/bills/118-hr-145