Davidson Urges Senate to Advance House-Passed INVEST Act

Warren Davidson is urging the Senate to take up the House-passed bipartisan INVEST Act, which would revise who qualifies for some private offerings under accredited-investor rules.

The House has approved the bill, which is awaiting Senate action. Davidson says the current definition has made accredited-investor status synonymous with affluence rather than actual accreditation.

Current rules use income and net-worth thresholds to determine eligibility for certain private offerings, limiting access for people who do not meet them.

Separately, the SEC has requested public comment on whether certain professional credentials and an exam developed by the Financial Industry Regulatory Authority (FINRA) should create additional paths to accredited-investor status. The request was part of the SEC’s broader private-market proposals, which remain unfinished. The SEC’s request for comment on additional paths to accredited-investor status covers that separate process.