,,ib  ,union ,cal5d> ,no4 #fcj  #aae?   
,,congress  #b;d ,session  ,h4 ,r4 #eigj
  ,report ,no4 #aae-haa  ,,9 ,,! ,,h\se 
,,( ,,repres5tatives  ,may #bd1 #bjah   
,mrs4 ,wagn] introduc$ ! foll[+ bill2   
:i* 0 ref]r$ to ! ,committee on         
,f9ancial ,s]vices  ,july #aj1 #bjah    
,report$ ) am5dm5ts1 committ$ to !      
,committee ( ! ,:ole ,h\se on ! ,/ate ( 
! ,union1 & ord]$ to be pr9t$ ,/rike out
 all aft] ! enact+ clause & ins]t ! "p  
pr9t$ 9 italic ,= text ( introduc$ bill1
 see copy ( bill z introduc$ on ,may    
#bd1 #bjah  ,a ,,bill  ,to require !    
,securities & ,ex*ange ,commission to   
implem5t rules simplify+ ! qu>t]ly      
f9ancial report+ regime4  #a4 ,%ort     
title ,?is ,act may be cit$ z !         
,mod]niz+ ,disclosures = ,inve/ors ,act4
  #b4 ,=m #aj-,q analysis  7a7 ,9 g5]al 
,! ,securities & ,ex*ange ,commission   
%all conduct an analysis ( ! co/s &     
b5efits ( requir+ report+ companies to  
use ,=m #aj-,q = submitt+ qu>t]ly       
f9ancial reports4 ,su* analysis %all    

consid]--  7#a7 ! co/s & b5efits ( ,=m  
#aj-,q to em]g+ gr[? companies2  7#b7 ! 
co/s & b5efits ( ,=m #aj-,q to !        
,commission 9 t]ms ( its ability to     
protect inve/ors1 ma9ta9 fair1 ord]ly1 &
 effici5t m>kets1 & facilitate capital  
=mation2  7#c7 ! co/s & b5efits ( ,=m   
#aj-,q to o!r report+ companies1        
inve/ors1 m>ket rese>*]s1 & o!r m>ket   
p>ticipants1 includ+ ! co/s & b5efits   
associat$ )--  7,a7 ! public            
availability ( ! in=mation requir$ to be
 fil$ on ,=m #aj-,q2  7,b7 ! use ( a    
/&>diz$ report+ =mat across all classes 
( report+ companies2 &  7,c7 ! qu>t]ly  
disclosure by "s companies ( f9ancial   
in=mation 9 =mats o!r ?an ,=m #aj-,q1   
su* z a qu>t]ly e>n+s press release2    
7#d7 ! co/s & b5efits ( alt]native =mats
 = qu>t]ly report+ = em]g+ gr[?         
companies to em]g+ gr[? companies1 !    
,commission1 o!r report+ companies1     
inve/ors1 m>ket rese>*]s1 & o!r m>ket   
p>ticipants2 &  7#e7 ! expect$ impact ( 
! use ( alt]native =mats ( qu>t]ly      

report+ by em]g+ gr[? companies on      
ov]all m>ket transp>5cy & effici5cy4    
7b7 ,report requir$ ,n lat] ?an #ahj    
days aft] ! date ( enactm5t ( ?is ,act1 
! ,commission %all issue a report to    
,congress t includes--  7#a7 ! results (
 ! analysis requir$ by subsection 7a72 &
  7#b7 recomm5dations = decreas+ co/s1  
increas+ transp>5cy1 & increas+         
effici5cy ( qu>t]ly f9ancial report+ by 
em]g+ gr[? companies4  ,am5d ! title s z
 to read3 ,a bill to require !          
,securities & ,ex*ange ,commission to   
c>ry out a co/ b5efit analysis ( ! use (
 ,=m #aj-,q & = o!r purposes44  ,july   
#aj1 #bjah ,report$ ) am5dm5ts1 committ$
 to ! ,committee ( ! ,:ole ,h\se on !   
,/ate ( ! ,union1 & ord]$ to be pr9t$