Oh really? Let's look at what the relevant section, 412, actually says.
19 SEC. 412. ADJUSTING THE ACCREDITED INVESTOR STAND20 ARD FOR INFLATION.
21 The Commission shall, by rule—
22 (1) increase the financial threshold for an ac23 credited investor, as set forth in the rules of the
24 Commission under the Securities Act of 1933, by
25 calculating an amount that is greater than the
[page break omitted]
1 amount in effect on the date of enactment of this
2 Act of $200,000 income for a natural person (or
3 $300,000 for a couple) and $1,000,000 in assets, as
4 the Commission determines is appropriate and in the
5 public interest, in light of price inflation since those
6 figures were determined; and
7 (2) adjust that threshold not less frequently
8 than once every 5 years, to reflect the percentage in
9 crease in the cost of living.
http://banking.senate.gov/public/_files/AYO09D44_xml.pdf
If you're going to argue that "shall" doesn't mean that the SEC is being told to compute a number and apply it, please provide supporting evidence.