Core Viewpoint - State securities regulators are opposing the "Increasing Investor Opportunities Act" (INVEST Act), arguing it would expand private market access while undermining public market disclosure and investor protection [2][3]. Group 1: Legislative Context - The INVEST Act combines over 20 bills and is set for a vote in the House of Representatives next week [4]. - The bill aims to align investment options for 403(b) retirement plans with those of 401(k) plans [4]. Group 2: Proposed Changes - The bill proposes to expand the definition of accredited investors, incorporating criteria such as inflation-adjusted net worth and income tests, as well as qualifications based on education or experience [5]. - It mandates the SEC to create an exam program to certify accredited investors within one year [5]. Group 3: Implications for Investors - Currently, accredited investors, who can access private markets, must meet specific wealth thresholds, including an annual income of at least $200,000 or a net worth exceeding $1 million, excluding primary residences [6]. - The proposed changes could potentially increase the size of private markets, which are characterized by illiquidity risks and minimal disclosure requirements, posing risks to investors [3].