[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4360 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 4360

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 HOUSE OF REPRESENTATIVES

                             June 23, 2023

 Mr. Tiffany (for himself, Mr. Sorensen, and Mr. Grothman) 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 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, and did not issue securities 
        (other than splitting of existing securities) during the 
        previous fiscal year and does not intend to do so during the 
        present 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 or more 
        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 shall, 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--
                    ``(i) a summary of the consolidated balance sheet 
                and the consolidated income statement of the issuer;
                    ``(ii) a certification that the issuer did not 
                issue securities (other than splitting of existing 
                securities) during the previous fiscal year and does 
                not intend to do so during the present fiscal year; and
                    ``(iii) 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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