{"database": "press", "table": "releases", "rows": [["https://polis.house.gov/news/documentsingle.aspx?DocumentID=394744", "Polis, Schneider Lead Letter Calling for Expanded Access to Startup Business Investing Opportunities", "2014-09-30", "2014", "2014-09", "Democrat", "House", "CO", "Jared Polis", "P000598", "polis.house.gov", null, null, "legacy", "Last week Representatives Jared Polis (CO-02) and Brad Schneider (IL-10) sent a letter signed by fifteen Members of Congress to US Securities and Exchange Commission (SEC) Chairwoman Mary Jo White calling on her to expand the criteria for potential investors in startups and other small businesses beyond a purely financial metric. \r\nUnder federal securities law, \u201cindividual accredited investors\u201d are permitted to invest in an array of assets, including individual businesses, VC funds, PE funds, and private placements, which are not available to other individuals. To qualify as accredited under existing regulations, the SEC requires an individual to have an annual income over $200,000 ($300,000 for a married couple) or a net worth over $1 million, excluding a primary residence. \r\nCurrently, the definition does not account for those financially sophisticated investors who have the requisite financial experience and knowledge, but may not meet the SEC\u2019s financial thresholds. The SEC is currently reviewing proposals for altering the definition of an accredited investor, as it was required to do under the Dodd-Frank Act. \r\n\u201cUnder the Commission\u2019s current rules, many individual investors who do not meet the income or net worth thresholds, are equally or more financially sophisticated as those who do meet the current standards,\u201d wrote the Signatories. \u201cWe strongly urge you to adopt an additional accreditation standard based on an individual\u2019s professional experience and knowledge\u2026[to] allow more sophisticated individuals to provide greater investment capital and contribute to the growth and expansion of startups and small businesses and our economy as a whole .\u201d\r\nThe letter\u2019s proposal draws on many of the findings of a July 2013 Government Accountability Office study, Alternative Criteria for Qualifying As An Accredited Investor Should Be Considered, which examined market participants views on existing and possible alternative criteria for accredited investor status. The GAO report recommended that the SEC should consider alternative criteria for the accredited investor standard.\r\nThe full text of the letter and list of signatories is below:\r\nThe Honorable Mary Jo White, Chairwoman  \r\nU.S. Securities and Exchange Commission  \r\n100 F Street, N.E.  \r\nWashington, D.C. 20549 \r\nDear Chairwoman White,\r\nAs the United States Securities and Exchange Commission (Commission) conducts its review of the definition of an individual accredited investor, we strongly urge you to adopt an additional accreditation standard that takes into account other relevant factors besides financial metrics to determine financial sophistication. Specifically we request that you consider the quality of an individual\u2019s experience and knowledge. \r\nUnder the Commission\u2019s current rules, many individual investors who do not meet the income or net worth thresholds, are equally or more financially sophisticated as those who do meet the current standards. In our view, those individuals with significant professional experience and knowledge should also be able to qualify as an accredited investor, based on the Commission\u2019s definition of sophistication: those \u201chaving sufficient knowledge and experience in financial and business matters to make them capable of evaluating the merits and risk of the prospective investment.\u201d As such, we strongly urge you to adopt an additional accreditation standard based on an individual\u2019s professional experience and knowledge. This standard could include, but should not be limited to, individuals who meet one of the following criteria: a) previous or current investors in an exempt offering under Regulation D; b) an advanced degree in business or finance or a chartered financial analyst credential or similar designation; c) work experience currently or formerly as a c-level executive at a company which, during the time of such employment, has sold shares or debt; or d) successful passage of the broker-dealer registration exam.\u00a0 \r\nWe are hopeful that the Commission will consider adopting an additional standard to the accredited investor definition based on an individual\u2019s experience and knowledge. This additional standard will allow more sophisticated individuals to provide greater investment capital and contribute to the growth and expansion of startups and small businesses and our economy as a whole.\r\nSincerely,\r\n\u00a0\r\nJared Polis\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Bradley Schneider\r\nRon Kind\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Derek Kilmer\r\nJohn Delaney\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 David Scott\r\nCedric Richmond\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Scott Peters\r\nJuan Vargas\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Bill Owens\r\nTony Cardenas\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 John Carney\r\nSusan DelBene\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Mike Quigley\r\nGerry Connolly", 1, "2026-03-30T12:14:52Z", "2026-03-30T12:14:52Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://polis.house.gov/news/documentsingle.aspx?DocumentID=394744"], "units": {}, "query_ms": 1.095553394407034, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}