On Monday, the US House of Representatives passed 10 bipartisan bills that originated with the House Financial Services Committee.

If approved by the Senate (and signed by President Trump), the new laws would expand the definition of “accredited investor,” offer accommodation to emerging growth companies in their initial public offerings, and limit the ability of credit reporting agencies to sell consumer information to mortgage brokers, among other things.

High five

Let’s take a deeper dive into the five bills we’ve picked out as particularly significant.

Fair Opportunities for Professional Experts Act

This bill, sponsored by French Hill (R-AR), the chair of the Financial Services Committee, passed the House with overwhelming bipartisan support (397-12). It expands the definition of “accredited investor” to include individuals with certain licenses, education, or job experience, beyond just those meeting wealth and income thresholds.

“Before I was in Congress, I helped investors and founders found companies and raise funds through Reg D private placements. I witnessed firsthand how the current accredited investor definition impaired talented, knowledgeable innovators from fully participating in their business formation dream,” said Hill.

ELEVATE Act of 2025

The ELEVATE Act of 2025, sponsored by Representative Zach Nunn (R-IA), unanimously passed the House by voice vote and clarifies that an emerging growth company may present two years, rather than three years, of audited financial statements in both initial public offerings (IPOs) and spin-off transactions.

This bill expands the JOBS Act accommodation currently limited to IPOs to give these smaller businesses access to capital to grow.

Homebuyers Privacy Protection Act

Sponsored by Representative John Rose (R-TN), this bill amends the Fair Credit Reporting Act (FCRA) to limit the ability of credit reporting agencies to sell “triggers leads” to mortgage brokers and lenders when a consumer’s credit report is pulled in relation to a mortgage application. 

“Currently, credit bureaus are notified when a consumer applies for mortgage financing. That information, which is referred to as a ‘trigger lead’, is then often sold by the credit bureaus to data brokers and other lenders without the consumer’s knowledge or approval. The Homebuyers Privacy Protection Act would dramatically reduce the number of unwanted calls and messages that millions endure during the homebuyer process,” said Rose.

HALOS Act of 2025

The HALOS Act, sponsored by Representative Mike Lawler (R-NY), unanimously passed the House by voice vote, and it codifies SEC Rule 148 to ensure that communications made at certain “demo day” events do not constitute general solicitation under federal securities laws. The bill also defines “angel investor group” and clarifies the types of sponsors and conditions under which issuers may present without triggering offering restrictions.

“We should be doing everything we can to encourage investment, foster innovation, and make it easier – not harder – for entrepreneurs to succeed,” Lawler said.

Promoting Opportunities for Non-Traditional Capital Formation Act

This bill, sponsored by Ranking Member Maxine Waters (D-CA), passed the House by a bipartisan vote of 321-87.

It requires the SEC’s Advocate for Small Business Capital Formation to provide educational resources and host events that promote capital-raising options for traditionally underrepresented small businesses and businesses in rural areas.