Rep. Downing Introduces Informed Investor Access Act to Expand Private Investment Rules
To amend the definition of an accredited investor to include individuals receiving advice from certain professionals, and for other purposes.
This bill was introduced in the House on July 1, 2026, and was sent to the House Committee on Financial Services. It is currently waiting for the committee to review it, which is the first step in the process. Since July 1, 2026, no further action has been taken, and most bills like this do not receive a committee vote.
While the bill has bipartisan cosponsors, most bills introduced in the House face a long path to becoming law and often stall in committee.
This bill’s path across every version that has carried it.
Reintroduced
Reintroduced from H.R. 2773 (118th), which died when its Congress ended.
H.R. 2773 (118th) →Scores run from -100 (strongly harmful) to +100 (strongly beneficial) for each group, combining impact, certainty, scope, and duration ratings of 1-5. How impact scoring works
Startups and small companies that raise money through private placements (Reg D offerings) would have access to a larger pool of potential investors, since people who get personalized advice from a registered adviser or broker could invest even without meeting the usual income or net worth tests. This could make it easier for small businesses and startups to find funding outside of banks or venture capital.
“any natural person that the issuer reasonably believes is receiving personalized investment advice or personalized investment recommendations with respect to the applicable transaction from--”
Referred to the House Committee on Financial Services.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Rep. Troy Downing (R-MT) introduced the Informed Investor Access Act, which would allow individuals to qualify as accredited investors based on receiving personalized investment advice from a registered investment adviser or broker-dealer, rather than relying solely on wealth thresholds.
The Institute for Portfolio Alternatives (IPA) expressed support for the Informed Investor Access Act, noting it creates a responsible pathway for individuals receiving professional advice to access private-market investments previously reserved for the wealthy.
No votes or related bills recorded for this bill yet.
Document Type
Congressional Bill
Official Title
To amend the definition of an accredited investor to include individuals receiving advice from certain professionals, and for other purposes.
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