| 1 | 1 | | I |
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| 2 | 2 | | 119THCONGRESS |
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| 3 | 3 | | 1 |
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| 4 | 4 | | STSESSION H. R. 145 |
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| 5 | 5 | | To amend the Securities Act of 1933 to permit an individual to invest |
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| 6 | 6 | | in private issuers upon acknowledging the investment risks, and for |
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| 7 | 7 | | other purposes. |
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| 8 | 8 | | IN THE HOUSE OF REPRESENTATIVES |
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| 9 | 9 | | JANUARY3, 2025 |
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| 10 | 10 | | Mr. D |
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| 11 | 11 | | AVIDSONintroduced the following bill; which was referred to the |
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| 12 | 12 | | Committee on Financial Services |
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| 13 | 13 | | A BILL |
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| 14 | 14 | | To amend the Securities Act of 1933 to permit an individual |
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| 15 | 15 | | to invest in private issuers upon acknowledging the in- |
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| 16 | 16 | | vestment risks, and for other purposes. |
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| 17 | 17 | | Be it enacted by the Senate and House of Representa-1 |
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| 18 | 18 | | tives of the United States of America in Congress assembled, 2 |
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| 19 | 19 | | SECTION 1. SHORT TITLE. 3 |
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| 20 | 20 | | This Act may be cited as the ‘‘Risk Disclosure and 4 |
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| 21 | 21 | | Investor Attestation Act’’. 5 |
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| 22 | 22 | | SEC. 2. INVESTOR ATTESTATION. 6 |
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| 23 | 23 | | (a) I |
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| 24 | 24 | | NGENERAL.—Section 2(a)(15) of the Securities 7 |
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| 25 | 25 | | Act of 1933 (77b(a)(15)) is amended— 8 |
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| 26 | 26 | | VerDate Sep 11 2014 17:30 Mar 24, 2025 Jkt 059200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H145.IH H145 |
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| 27 | 27 | | ssavage on LAPJG3WLY3PROD with BILLS 2 |
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| 28 | 28 | | •HR 145 IH |
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| 29 | 29 | | (1) by redesignating clause (i) as subparagraph 1 |
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| 30 | 30 | | (A); 2 |
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| 31 | 31 | | (2) in subparagraph (A), as so redesignated, by 3 |
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| 32 | 32 | | striking ‘‘or’’ at the end; 4 |
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| 33 | 33 | | (3) by redesignating clause (ii) as subparagraph 5 |
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| 34 | 34 | | (B); 6 |
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| 35 | 35 | | (4) in subparagraph (B), as so redesignated, by 7 |
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| 36 | 36 | | striking the period at the end and inserting ‘‘; and’’; 8 |
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| 37 | 37 | | and 9 |
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| 38 | 38 | | (5) by adding at the end the following: 10 |
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| 39 | 39 | | ‘‘(C) with respect to an issuer, any indi-11 |
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| 40 | 40 | | vidual that has attested to the issuer that the 12 |
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| 41 | 41 | | individual understands the risks of investment 13 |
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| 42 | 42 | | in private issuers, using such form as the Com-14 |
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| 43 | 43 | | mission shall establish, by rule, but which form 15 |
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| 44 | 44 | | may not be longer than 2 pages in length.’’. 16 |
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| 45 | 45 | | (b) R |
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| 46 | 46 | | ULEMAKING.—Not later than the end of the 1- 17 |
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| 47 | 47 | | year period beginning on the date of enactment of this 18 |
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| 48 | 48 | | Act, the Securities and Exchange Commission shall issue 19 |
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| 49 | 49 | | rules to carry out the amendments made by subsection (a), 20 |
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| 50 | 50 | | including establishing the form required under such 21 |
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| 51 | 51 | | amendments. 22 |
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| 52 | 52 | | Æ |
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| 53 | 53 | | VerDate Sep 11 2014 17:30 Mar 24, 2025 Jkt 059200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H145.IH H145 |
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| 54 | 54 | | ssavage on LAPJG3WLY3PROD with BILLS |
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