Back during the Depression, Congress decided to protect poor people from investing in small companies by setting a minimum level of wealth you had to have to invest: one million dollars (excluding value of your home). Really, the goal was to make sure big opportunities were limited to those already wealthy. But of course, these being Democrats, they had to pretend they were helping the poor.
The only significant exception was Incentive Stock Option plans that were how those of us who worked for startups were allowed to enjoy.
In a recent appearance on The Iced Coffee Hour podcast, Robbins pointed to a recently passed House bill that he says could open the door to investing strategies once reserved for the country’s “very wealthy.”
“Did you see what they passed in Congress two days ago? It’s really important,” Robbins said (1), referring to the Incentivizing New Ventures and Economic Strength Through Capital Formation (INVEST) Act, which passed the House of Representatives in December 2025 (2).
One of the most consequential changes, Robbins argued, involves who is allowed to invest in private markets.
“It used to have a minimum net worth you have to have, or a minimum income,” he said (1). “They just changed the rules … all you have to do is take a test.”
Under current securities laws, access to many private investments is limited to accredited investors — a designation that generally requires a net worth of at least $1 million (excluding primary residence) or annual income above $200,000 for individuals, or $300,000 for couples (3).
Those thresholds have historically restricted participation in private equity, venture capital and other alternative investments to institutions and high-net-worth households.
The INVEST Act includes a provision titled “Equal opportunity for all investors,” which aims to update that framework.
Instead of qualifying solely through wealth or income, the bill would allow investors to become accredited by passing an exam approved by the Securities and Exchange Commission — potentially expanding access to millions of Americans.
I am not thrilled about the test requirement, but it at least no longer actively discriminates against little people. Standard Oil made some pretty ordinary employees very rich.
Here is the Congressional elevator pitch for the law.
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