[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 4689 Introduced in Senate (IS)]

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117th CONGRESS
  2d Session
                                S. 4689

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


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             August 1, 2022

Ms. Baldwin (for herself and Ms. Ernst) introduced the following bill; 
which was read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
To amend the Securities Exchange Act of 1934 to revise the shareholder 
  threshold for registration under that 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. 
78l(g)) 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 the Federal universal service support 
        mechanism for rural, insular, and high cost areas established 
        under section 254 of the Communications Act of 1934 (47 U.S.C. 
        254) and filed the report described in 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 date of 
        enactment of this subparagraph, 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 2,000 
        persons,''; and
                    (D) in the flush text following subparagraph (C), 
                as added by subparagraph (C) of this paragraph, by 
                adding at the end the following: ``The dollar figures 
                in subparagraph (C) 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) Mandatory Disclosures by Certain Universal Service Support 
Mechanism Recipients.--
            ``(A) In general.--The Commission shall issue regulations 
        to establish a financial summary form that may, upon request by 
        an investor, be made available by an issuer that--
                    ``(i) during its previous fiscal year, received 
                support, directly or through an affiliate, through the 
                Federal universal service support mechanism for rural, 
                insular, and high cost areas established under section 
                254 of the Communications Act of 1934 (47 U.S.C. 254); 
                and
                    ``(ii) has a class of equity security held of 
                record by not fewer than 500, and fewer than, 2,000 
                persons.
            ``(B) Contents.--The form described in 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.''.
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