PlainBillCongress, translated.Legislation. Context. Public interest.Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 29 - 23.
Congressional Research Service
Version 00 · Introduced in House · Nov 9, 2021
Protecting Investors from Excessive SPACs Fees Act of 2021
This bill limits the transaction or recommendation by registered investment advisers to specified investors of securities belonging to certain special purpose acquisition companies and brokers. Special purpose acquisition companies raise capital through initial public offerings with the intent to acquire other companies.
Specifically, these securities may not be recommended to a person who is not an accredited investor unless the related economic compensation is 5% or less or the company makes necessary disclosures to the Securities and Exchange Commission for the protection of investors. An accredited investor must satisfy certain requirements indicating their reduced exposure to financial risk, including those related to income, net worth, or knowledge and experience.
People & committees
Rep. Sherman, Brad [D-CA-30] · D–CA
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 29 - 23.
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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No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: May 15, 2025. Consult Congress.gov for the current record.
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