The main purpose of this legislation, known as the Informed Investor Access Act, is to expand the definition of an "accredited investor." This change aims to make it easier for individuals who receive personalized investment advice from qualified professionals to qualify as accredited investors. This is significant because accredited investors have access to a wider range of investment opportunities that are not available to the general public. Key provisions of the Act include the modification of the definition of an accredited investor in the Securities Act of 1933.