,,ib  ,union ,calendar ,no4 #fcj  #aaeth
 ,,congress  #b;d ,session  ,h4 ,r4     
#eigj  ,report ,no4 #aae-haa  ,,in ,,the
 ,,house ,,of ,,representatives  ,may   
#bd1 #bjah ,mrs4 ,wagner introduced the 
following bill2 which was referred to   
the ,committee on ,financial ,services  
,july #aj1 #bjah ,reported with         
amendments1 committed to the ,committee 
of the ,whole ,house on the ,state of   
the ,union1 and ordered to be printed   
,strike out all after the enacting      
clause and insert the part printed in   
italic ,for text of introduced bill1 see
 copy of bill as introduced on ,may #bd1
 #bjah  ,a ,,bill  ,to require the      
,securities and ,exchange ,commission to
 implement rules simplifying the        
quarterly financial reporting regime4   
#a4 ,short title ,this ,act may be cited
 as the ,modernizing ,disclosures for   
,investors ,act4  #b4 ,form #aj-,q      
analysis  7a7 ,in general ,the          
,securities and ,exchange ,commission   
shall conduct an analysis of the costs  

and benefits of requiring reporting     
companies to use ,form #aj-,q for       
submitting quarterly financial reports4 
,such analysis shall consider--  7#a7   
the costs and benefits of ,form #aj-,q  
to emerging growth companies2  7#b7 the 
costs and benefits of ,form #aj-,q to   
the ,commission in terms of its ability 
to protect investors1 maintain fair1    
orderly1 and efficient markets1 and     
facilitate capital formation2  7#c7 the 
costs and benefits of ,form #aj-,q to   
other reporting companies1 investors1   
market researchers1 and other market    
participants1 including the costs and   
benefits associated with--  7,a7 the    
public availability of the information  
required to be filed on ,form #aj-,q2   
7,b7 the use of a standardized reporting
 format across all classes of reporting 
companies2 and  7,c7 the quarterly      
disclosure by some companies of         
financial information in formats other  
than ,form #aj-,q1 such as a quarterly  
earnings press release2  7#d7 the costs 

and benefits of alternative formats for 
quarterly reporting for emerging growth 
companies to emerging growth companies1 
the ,commission1 other reporting        
companies1 investors1 market            
researchers1 and other market           
participants2 and  7#e7 the expected    
impact of the use of alternative formats
 of quarterly reporting by emerging     
growth companies on overall market      
transparency and efficiency4  7b7       
,report required ,not later than #ahj   
days after the date of enactment of this
 ,act1 the ,commission shall issue a    
report to ,congress that includes--     
7#a7 the results of the analysis        
required by subsection 7a72 and  7#b7   
recommendations for decreasing costs1   
increasing transparency1 and increasing 
efficiency of quarterly financial       
reporting by emerging growth companies4 
,amend the title so as to read3 ,a bill 
to require the ,securities and ,exchange
 ,commission to carry out a cost benefit
 analysis of the use of ,form #aj-,q and

 for other purposes44  ,july #aj1 #bjah 
,reported with amendments1 committed to 
the ,committee of the ,whole ,house on  
the ,state of the ,union1 and ordered to
 be printed