I think it is time for us to reevaluate the definition of an accredited investor and ensure that it serves its intended purpose of protecting investors rather than excluding them.
Wiley Nickel
The Public Record
Wiley Nickel is a member of the United States House of Representatives, representing North Carolina's 13th congressional district. A member of the Democratic Party, he has been in office since January 3, 2023. Nickel has focused on issues such as healthcare, education, and economic development during his time in Congress. Before his election to the House, he served in various roles, including as a state senator in North Carolina.
The titles of the hearings that we are holding today imply that every investor protection is a barrier.
Investor protection not only protects investors, it is necessary for the business economy as a whole that is seeking investment.
We need the right blend of investor protection and securities regulation on the one hand, and access to capital and access to investments on the other.
We could do is change the definition of, 'accredited investor,' to the following standards: someone who is investing less than 5 percent of their net worth in a particular investment.
Chair Gensler is too busy trying to change the SEC into the, 'Securities and Environment Commission,' rather than its capital formation and investor protection role.
I welcome the efforts by our Chair and this subcommittee to enhance capital formation and remove roadblocks.
At the same time, we need to ensure that consumers and new investors are properly protected.
In the presence of good investor protection, you get more capital invested in the markets.
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I demand a recorded vote. The Acting CHAIR. Pursuant to clause 6 of rule XVIII, further proceedings on the amendment offered by the gentleman from North Carolina will be postponed. Amendment No. 95 Offered by Mr. Pallone
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