[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3454 Introduced in House (IH)]

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117th CONGRESS
  1st Session
                                H. R. 3454

 To require the Securities and Exchange Commission to implement rules 
         simplifying the quarterly financial reporting regime.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 20, 2021

 Mrs. Wagner introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To require the Securities and Exchange Commission to implement rules 
         simplifying the quarterly financial reporting regime.

    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 ``Modernizing Disclosures for 
Investors Act''.

SEC. 2. ISSUER OPTION FOR SIMPLIFIED QUARTERLY FINANCIAL REPORTING.

    (a) In General.--Not later than one year after the date of 
enactment of this Act, the Securities and Exchange Commission shall 
issue such rules as the Commission determines may be necessary or 
appropriate in the public interest or for the protection of investors 
to allow issuers of securities traded on a national securities exchange 
to elect to disclose quarterly financial information in a simplified 
manner, such as through a press release or by a shortened form. In 
issuing such disclosure rules, the Commission shall--
            (1) amend rules issued pursuant to sections 13(a) and 15(d) 
        of the Securities Exchange Act of 1934 to permit issuers of 
        securities traded on a national securities exchange to disclose 
        quarterly financial information in a manner other than through 
        filing a Form 10-Q;
            (2) require financial statements disclosed pursuant to such 
        rules to include a quarterly income statement, a balance sheet 
        as of the last day of the quarter, and a statement of 
        operations, all prepared in accordance with such rules as the 
        Commission may adopt consistent with this Act;
            (3) not provide any exemption with respect to the 
        requirements of section 302 of the Sarbanes-Oxley Act of 2002 
        and section 1350 of title 18, United States Code; and
            (4) require that such disclosures include a statement of 
        any material changes in financial condition or results of 
        operations since the end of the issuer's most recent financial 
        statements disclosed pursuant to the Commission's rules.
    (b) Definitions.--For purposes of this section:
            (1) National securities exchange.--The term ``national 
        securities exchange'' means an exchange registered as a 
        national securities exchange pursuant to section 6 of the 
        Securities Exchange Act of 1934.
            (2) Other terms.--The terms ``Commission'', ``issuer'', and 
        ``security'' have the meaning given those terms, respectively, 
        under section 3 of the Securities Exchange Act of 1934.
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