PlainBillCongress, translated.Legislation. Context. Public interest.Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Congressional Research Service
Version 36 · Passed House amended · Oct 24, 2017
Family Office Technical Correction Act of 2017
(Sec. 2) This bill provides that family offices are accredited investors as set forth by the Securities and Exchange Commission in Regulation D, allowing such investors to purchase certain unregistered securities. (A family office is a company that has no clients other than family clients, is wholly owned and exclusively controlled by family clients, and does not hold itself out to the public as an investment advisor.)
A family office is an accredited investor if:
the office manages assets in excess of $5 million,
the office was not formed for the purpose of acquiring the offered securities, and
a qualified person is directing the purchase.
People & committees
Rep. Maloney, Carolyn B. [D-NY-12] · D–NY
Legislative record
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Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Motion to reconsider laid on the table Agreed to without objection.
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H8097)
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H8097)
DEBATE - The House proceeded with forty minutes of debate on H.R. 3972.
Considered under suspension of the rules. (consideration: CR H8097-8099)
Mr. Barr moved to suspend the rules and pass the bill, as amended.
Placed on the Union Calendar, Calendar No. 266.
Reported (Amended) by the Committee on Financial Services. H. Rept. 115-362.
Reported (Amended) by the Committee on Financial Services. H. Rept. 115-362.
Ordered to be Reported (Amended) by the Yeas and Nays: 60 - 0.
Committee Consideration and Mark-up Session Held.
Committee Consideration and Mark-up Session Held.
Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Apr 7, 2025. Consult Congress.gov for the current record.
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Analyze H.R.3972 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
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