Currently, accredited investors can be any adults with net worths of $1 million or making more than $200,000 a year in income over a multiple-year period.

The SEC was instructed to look into revising the accredited investor definition by the Dodd-Frank Act.

Five years after the law was passed, the commission has not issued a report.

However last October, the SEC Investor Advisory Committee said one approach the agency should consider is allowing someone to be an accredited investor based on his or her financial sophistication and using liquid assets as a criteria.

New Jersey Republican Scott Garrett, the subcommittee chairman, told his panel that investing in private funds should not be a privilege only for the super wealthy.
 

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