I
119THCONGRESS
1
STSESSION H. R. 145
To amend the Securities Act of 1933 to permit an individual to invest
in private issuers upon acknowledging the investment risks, and for
other purposes.
IN THE HOUSE OF REPRESENTATIVES
JANUARY3, 2025
Mr. D
AVIDSONintroduced the following bill; which was referred to the
Committee on Financial Services
A BILL
To amend the Securities Act of 1933 to permit an individual
to invest in private issuers upon acknowledging the in-
vestment risks, and for other purposes.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘Risk Disclosure and 4
Investor Attestation Act’’. 5
SEC. 2. INVESTOR ATTESTATION. 6
(a) I
NGENERAL.—Section 2(a)(15) of the Securities 7
Act of 1933 (77b(a)(15)) is amended— 8
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•HR 145 IH
(1) by redesignating clause (i) as subparagraph 1
(A); 2
(2) in subparagraph (A), as so redesignated, by 3
striking ‘‘or’’ at the end; 4
(3) by redesignating clause (ii) as subparagraph 5
(B); 6
(4) in subparagraph (B), as so redesignated, by 7
striking the period at the end and inserting ‘‘; and’’; 8
and 9
(5) by adding at the end the following: 10
‘‘(C) with respect to an issuer, any indi-11
vidual that has attested to the issuer that the 12
individual understands the risks of investment 13
in private issuers, using such form as the Com-14
mission shall establish, by rule, but which form 15
may not be longer than 2 pages in length.’’. 16
(b) R
ULEMAKING.—Not later than the end of the 1- 17
year period beginning on the date of enactment of this 18
Act, the Securities and Exchange Commission shall issue 19
rules to carry out the amendments made by subsection (a), 20
including establishing the form required under such 21
amendments. 22
Æ
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