[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6745 Introduced in House (IH)]

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115th CONGRESS
  2d Session
                                H. R. 6745

To amend the Securities Exchange Act of 1934 to revise the shareholder 
  threshold for registration under such Act for issuers that receive 
 support through certain Federal universal service support mechanisms, 
                        and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 7, 2018

 Mr. Duffy (for himself and Ms. Sinema) introduced the following bill; 
       which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To amend the Securities Exchange Act of 1934 to revise the shareholder 
  threshold for registration under such Act for issuers that receive 
 support through certain Federal universal service support mechanisms, 
                        and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Access to Capital Creates Economic 
Strength and Supports Rural America Act'' or the ``ACCESS Rural America 
Act''.

SEC. 2. SHAREHOLDER THRESHOLD FOR REGISTRATION OF CERTAIN ISSUERS.

    Section 12(g) of the Securities Exchange Act of 1934 (15 U.S.C. 78a 
et seq.) is amended--
            (1) in paragraph (1)--
                    (A) in subparagraph (A)(ii), by striking ``and'' at 
                the end;
                    (B) in subparagraph (B), by adding ``and'' at the 
                end;
                    (C) by inserting after subparagraph (B) the 
                following:
            ``(C) in the case of an issuer that, during its previous 
        fiscal year, received support, directly or through an 
        affiliate, through any Federal universal service support 
        mechanism established under section 254 of the Communications 
        Act of 1934 and filed the report described under paragraph (7) 
        with respect to such fiscal year, not later than 120 days after 
        the last day of its first fiscal year ended after the effective 
        date of this subsection on which the issuer has total assets 
        exceeding $10,000,000 and a class of equity security (other 
        than an exempted security) held of record by either--
                    ``(i) 2,000 persons, or
                    ``(ii) 1,250 persons who are not accredited 
                investors,''; and
                    (D) by adding at the end the following: ``The 
                dollar figures in this paragraph shall be indexed for 
                inflation every 5 years by the Commission to reflect 
                the change in the Consumer Price Index for All Urban 
                Consumers published by the Bureau of Labor Statistics, 
                rounded to the nearest $100,000.''; and
            (2) by adding at the end the following:
    ``(7) Report by Universal Service Support Mechanism Recipients.--
            ``(A) In general.--The Commission shall issue regulations 
        to establish a financial summary form that may be filed by an 
        issuer that--
                    ``(i) during its previous fiscal year, received 
                support, directly or through an affiliate, through any 
                Federal universal service support mechanism established 
                under section 254 of the Communications Act of 1934; 
                and
                    ``(ii) has a class of equity security held of 
                record by 500 or more persons who are not accredited 
                investors, but less than 1,250 persons who are not 
                accredited investors.
            ``(B) Contents.--The form described under subparagraph (A) 
        shall include a summary of the consolidated balance sheet and 
        the consolidated income statement of the issuer, and such other 
        information as the Commission determines is necessary and 
        appropriate in the public interest and for the protection of 
        investors.''.

SEC. 3. SEC STUDY.

    (a) Study.--After the end of the 3-year period beginning on the 
date of enactment of this Act, the Securities and Exchange Commission 
shall carry out a study on--
            (1) the effect of the amendments under section 2; and
            (2) to what extent those changes have improved capital 
        formation by the issuers described under section 12(g)(1)(C) of 
        the Securities Exchange Act of 1934.
    (b) Report.--Not later than the end of the 180-day period beginning 
after the end of the 3-year period described under subsection (a), the 
Commission shall issue a report to the Congress containing--
            (1) all findings and determinations made in carrying out 
        the study required under subsection (a); and
            (2) a recommendation as to whether issuers in other sectors 
        of the economy could also benefit from the sort of changes made 
        by the amendments under section 2.
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