On Friday, October 5, The U.S. Department of the Treasury released the second in a series of recommendations for financial reform. This memorandum, called “A Financial System That Creates Economic Opportunities,” focuses on expanding capital access for small and large businesses and increased investment opportunities for all types of investors.
The Treasury’s report notes that the last time Congress made major changes to investment law was 2012’s JOBS Act, a collection of bills that created online investing opportunities. Changes recommended by the Treasury include modernizing the definition of Accredited Investor, increasing the crowdfunding investment limits, and expanding secondary securities market liquidity.
There was a previous attempt in the 114th Congress to change the definition of accredited investor, 2016’s Fair Investment Opportunities for Professional Experts Act. This bill passed in the House 347-8 but did not proceed past the Senate Committee on Banking, Housing, and Urban Affairs.
Read the report here.