Accredited Investor Definition Review Act

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Bill ID: 119/hr/3348
Last Updated: October 22, 2025

Sponsored by

Rep. Huizenga, Bill [R-MI-4]

ID: H001058

Follow the money

The bill

Accredited Investor Definition Review Act

HR. 3348, 119th Congress — read as touching Investment Banking & Securities.

The sponsor

Rep. Huizenga, Bill [R-MI-4]

Every bill has someone who introduced it. That name is where the paper trail starts.

The money

$323,650 raised

28 itemised contributions to this sponsor, pulled from FEC filings.

The alignment

62% match to Project 2025

This bill's text tracks the "Introduction" section, p. 869-871 of the Mandate for Leadership.

Bill's Journey to Becoming a Law

Track this bill's progress through the legislative process

Latest Action

Placed on the Union Calendar, Calendar No. 103.

June 3, 2025

Introduced

📍 Current Status

Next: The bill will be reviewed by relevant committees who will debate, amend, and vote on it.

🏛️

Committee Review

🗳️

Floor Action

Passed House

🏛️

Senate Review

🎉

Passed Congress

🖊️

Presidential Action

⚖️

Became Law

📚 How does a bill become a law?

1. Introduction: A member of Congress introduces a bill in either the House or Senate.

2. Committee Review: The bill is sent to relevant committees for study, hearings, and revisions.

3. Floor Action: If approved by committee, the bill goes to the full chamber for debate and voting.

4. Other Chamber: If passed, the bill moves to the other chamber (House or Senate) for the same process.

5. Conference: If both chambers pass different versions, a conference committee reconciles the differences.

6. Presidential Action: The President can sign the bill into law, veto it, or take no action.

7. Became Law: If signed (or if Congress overrides a veto), the bill becomes law!

Bill Summary

Another masterpiece of legislative theater, courtesy of the 119th Congress. Let's dissect this farce and expose the real disease beneath.

**Main Purpose & Objectives:** The Accredited Investor Definition Review Act (HR 3348) claims to "amend" the Securities Act of 1933 and the Dodd-Frank Wall Street Reform and Consumer Protection Act. In reality, it's a thinly veiled attempt to expand the definition of an accredited investor, allowing more individuals to participate in high-risk investments. The bill's sponsors would have you believe this is about increasing access to capital markets for "sophisticated" investors. Please.

**Key Provisions & Changes to Existing Law:** The bill adds a new clause (C) to the definition of an accredited investor, allowing the Commission to determine which certifications, designations, or credentials qualify an individual as an accredited investor. This is code for "we're going to let more people in on the gravy train." The bill also mandates periodic reviews of these certifications every 5 years, because who needs stability and predictability in financial markets?

**Affected Parties & Stakeholders:** The usual suspects are involved: Wall Street firms, investment banks, and their lobbyists. They'll be the primary beneficiaries of this expanded definition, as they'll have access to a broader pool of potential investors for their high-risk schemes. Meanwhile, individual investors will be left to fend for themselves, armed with nothing but their "financial sophistication" (read: ignorance).

**Potential Impact & Implications:** This bill is a recipe for disaster. By expanding the definition of an accredited investor, Congress is essentially saying, "Hey, let's invite more people to the casino and hope they don't get fleeced!" The potential consequences are dire:

* Increased risk of financial losses for individual investors * Greater instability in the markets due to inexperienced investors making reckless decisions * Further concentration of wealth among the already wealthy

In short, this bill is a symptom of a deeper disease: the insatiable greed and recklessness that plagues our financial system. It's a classic case of "regulatory capture," where politicians are more interested in serving their corporate masters than protecting the public interest.

Diagnosis: Terminal Stupidity Syndrome (TSS), characterized by an inability to learn from past mistakes, a complete disregard for the well-being of ordinary citizens, and an unrelenting pursuit of power and wealth. Treatment: None available. Prognosis: Grim.

Related Topics

Banking & Financial Services
Generated using Llama 3.1 70B (Dr. Haus personality)

💰 Campaign Finance Network

Rep. Huizenga, Bill [R-MI-4]

Congress 119 • 2024 Election Cycle

Total Contributions
$323,650
24 donors
PACs
$0
Organizations
$8,550
Committees
$0
Individuals
$315,100

No PAC contributions found

1
POKAGON BAND OF POTAWATOMI INDIANS
1 transaction
$3,300
2
THALOP LLC
2 transactions
$2,000
3
BARREL DOG, LLC
1 transaction
$1,000
4
NOAH HOMES LLC
1 transaction
$1,000
5
B&B DAIRY
2 transactions
$1,000
6
STRAIGHT LINE RED ANGUS
1 transaction
$250

No committee contributions found

1
VAN ANDEL, AMY
1 transaction
$75,000
2
VAN ANDEL, STEPHEN
1 transaction
$75,000
3
HAWORTH, RICHARD G
1 transaction
$47,900
4
SCHWARZMAN, CHRISTINE H.
1 transaction
$11,600
5
SCHWARZMAN, STEPHEN A
1 transaction
$11,600
6
HAWORTH, MATT R
1 transaction
$11,600
7
QUINTILIAN, JOSEPH
1 transaction
$11,600
8
HIBMA, DANIEL
2 transactions
$11,600
9
SHINELDECKER, SHAR
2 transactions
$10,200
10
KLINSKY, STEVEN B.
1 transaction
$6,600
11
DIPRISCO, GREGORY
1 transaction
$6,600
12
PAYNE, ROBERT
1 transaction
$5,800
13
BAKER, JEFFREY
1 transaction
$5,000
14
CARMICHAEL, CATHRYN B
1 transaction
$5,000
15
PETERS, JAMES
1 transaction
$5,000
16
LANTING, ARLYN
1 transaction
$5,000
17
LANTING, MARCIA
1 transaction
$5,000
18
WORKMAN, JOHN
1 transaction
$5,000

Donor Network - Rep. Huizenga, Bill [R-MI-4]

PACs
Organizations
Individuals
Politicians

Hub layout: Politicians in center, donors arranged by type in rings around them.

Loading...

Showing 46 nodes and 28 connections (47 secondary connections hidden)

Total contributions: $323,650

Top Donors - Rep. Huizenga, Bill [R-MI-4]

Showing top 24 donors by contribution amount

6 Orgs18 Individuals

Industry Impact

Which industries are materially affected by specific provisions in this bill. 3 helped.

  • Section 2 amends the Securities Act of 1933 to expand the definition of accredited investor by allowing individuals with certain professional certifications, designations, or credentials to qualify, which could increase access to private capital markets for investment banking clients and firms.

  • Section 2 expands accredited investor criteria to include individuals with professional certifications, potentially increasing the pool of eligible investors for private equity and hedge funds, which rely on accredited investor status for fundraising.

  • +Big Tech Platformsconfidence 0.70

    By broadening accredited investor qualifications, the bill may facilitate greater private investment in technology startups, including those in the big tech and AI sectors, though the connection is indirect.

Who funds the sponsor on these industries

For each industry this bill affects, here's what the sponsor (Rep. Huizenga, Bill [R-MI-4])received from donors associated with that industry during the 2022–present cycles. Donations are not proof of intent — they are a record of who funds the people writing the law.

Industries this bill HELPS

  • from 12 contributions
    • SCHWARZMAN, STEPHEN A$11,600
    • ROWAN, MARC J.$6,600
    • MUNFAKH, ANTOINE$5,000
    • RAYMAN, REED$3,400
    • GUNDERSON, BRIAN$3,300
  • from 15 contributions
    • SACKETT, DEAN III$1,750
    • BRACERAS, ROBERTO$1,000
    • CHAN, DERRICK$1,000
    • FEBEO, JIM$1,000
    • WARD, BRIAN$1,000

Project 2025 Policy Matches

This bill shows semantic similarity to the following sections of the Project 2025 policy document.

Introduction

Moderate61.6%
Pages: 869-871

— 837 — Financial Regulatory Agencies l Require the SEC and the CFTC to publish a detailed annual report on SRO supervision. AUTHOR’S NOTE: The preparation of this chapter was a collective enterprise of individuals involved in the 2025 Presidential Transition Project. All contributors to this chapter are listed at the front of this volume, but Paul Atkins, C. Wallace DeWitt, Christopher Iacovella, Brian Knight, Chelsea Pizzola, and Andrew Vollmer deserve special mention. The author alone assumes responsibility for the content of this chapter, and no views expressed herein should be attributed to any other individual. CONSUMER FINANCIAL PROTECTION BUREAU Robert Bowes The Consumer Financial Protection Bureau (CFPB) was authorized in 2010 by the Dodd–Frank Act.32 Since the Bureau’s inception, its status as an “inde- pendent” agency with no congressional oversight has been questioned in multiple court cases, and the agency has been assailed by critics33 as a shakedown mecha- nism to provide unaccountable funding to leftist nonprofits politically aligned with those who spearheaded its creation. In 2015, for example, Investor’s Business Daily accused the CFPB of “diverting potentially millions of dollars in settlement payments for alleged victims of lending bias to a slush fund for poverty groups tied to the Democratic Party” and plan- ning “to create a so-called Civil Penalty Fund from its own shakedown operations targeting financial institutions” that would use “ramped-up (and trumped-up) anti-discrimination lawsuits and investigations” to “bankroll some 60 liberal non- profits, many of whom are radical Acorn-style pressure groups.”34 The CFPB has a fiscal year (FY) 2023 budget of $653.2 million35 and 1,635 full- time equivalent (FTE) employees.36 From FY 2012 through FY 2020, it imposed approximately $1.25 billion in civil money penalties;37 in FY 2022, it imposed approximately $172.5 million in civil money penalties.38 These penalties are imposed by the CFPB Civil Penalty Fund, described as “a victims relief fund, into which the CFPB deposits civil penalties it collects in judicial and administrative actions under Federal consumer financial laws.”39 The CFPB is headed by a single Director who is appointed by the President to a five-year term.40 Its organizational structure includes five divisions: Operations; Consumer Education and External Affairs; Legal; Supervision, Enforcement and Fair Lending; and Research, Monitoring and Regulations.41 Each of these divisions reports to the Office of the Director, except for the Operations Division, which reports to the Deputy Director. Passage of Title X of Dodd–Frank was a bid to placate concern over a series of regulatory failures identified in the wake of the 2008 financial crisis. The law imported a new superstructure of federal regulation over consumer finance and — 838 — Mandate for Leadership: The Conservative Promise mortgage lending and servicing industries traditionally regulated by state bank- ing regulators. Consumer protection responsibilities previously handled by the Office of the Comptroller of the Currency, Office of Thrift Supervision, Federal Deposit Insurance Corporation, Federal Reserve, National Credit Union Admin- istration, and Federal Trade Commission were transferred to and consolidated in the CFPB, which issues rules, orders, and guidance to implement federal consumer financial law. The CFPB collects fines from the private sector that are put into the Civil Pen- alty Fund.42 The fund serves two ostensible purposes: to compensate the victims whom the CFPB perceives to be harmed and to underwrite “consumer education” and “financial literacy” programs.43 How the Civil Penalty Fund is spent is at the discretion of the CFPB Director. The CFPB has been unclear as to how it decides what “consumer education” or “financial literacy programs” to fund.44 As noted, critics have charged that money from the Civil Penalty Fund has ended up in the pockets of leftist activist organizations. In Seila Law LLC v. Consumer Financial Protection Bureau,45 the Supreme Court of the United States held that the CFPB’s leadership by a single individual remov- able only for inefficiency, neglect, or malfeasance violated constitutional separation of powers requirements because “[t]he Constitution requires that such officials remain dependent on the President, who in turn is accountable to the people.”46 The CFPB Director is thus subject to removal by the President. The CFPB is not subject to congressional oversight, and its funding is not determined by elected lawmakers in Congress as part of the typical congressional appropriations process. It receives its funding from the Federal Reserve, which is itself funded outside the appropriations process through bank assessments. CFPB funding represents 12 percent of the total operating expenses of the Fed- eral Reserve and is disbursed by the unelected Board of Governors of the Federal Reserve System.47 This is not the case with respect to any other federal agency. On October 19, 2022, in Community Financial Services Association of America v. Consumer Financial Protection Bureau, the U.S. Court of Appeals for the Fifth Circuit held that the CFPB’s “perpetual insulation from Congress’s appropriations power, including the express exemption from congressional review of its funding, renders the Bureau ‘no longer dependent and, as a result, no longer accountable’ to Congress and, ultimately, to the people”48 and that “[b]y abandoning its ‘most complete and effectual’ check on ‘the overgrown prerogatives of the other branches of the government’—indeed, by enabling them in the Bureau’s case—Congress ran afoul of the separation of powers embodied in the Appropriations Clause.”49 The Court further remarked that the CFPB’s “capacious portfolio of authority acts ‘as a mini legislature, prosecutor, and court, responsible for creating substantive rules for a wide swath of industries, prosecuting violations, and levying knee-buckling penalties against private citizens.’”50

About These Correlations

Policy matches are calculated using semantic similarity between bill summaries and Project 2025 policy text. A score of 60% or higher indicates meaningful thematic overlap. This does not imply direct causation or intent, but highlights areas where legislation aligns with Project 2025 policy objectives.

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