January 2, 2020
I agree completely with Chairman Jay Clayton when he said, The current test for individual accredited investor status takes a binary approach to who does and does not qualify based only a persons income or net worth ... Modernization of this approach is long overdue. The proposal would add additional means for individuals to qualify to participate in our private capital markets based on established, clear measures of financial sophistication.
The proposed changes would qualify many "sophisticated" middle class investors and grant them access to participate in our private capital markets that have been occupied exclusively by the upper class. It's time to make these changes and afford these "sophisticated" middle class investors the same opportunities as our upper class counterparts.