,i  #aaeth ,,congress  #b;d ,session    
,h4 ,r4 #fcbd  ,,in ,,the ,,house ,,of  
,,representatives  ,july #aj1 #bjah,mr4 
,himes introduced the following bill2   
which was referred to the ,committee on 
,financial ,services  ,a ,,bill  ,to    
require the ,securities and ,exchange   
,commission to carry out a study of the 
direct and indirect underwriting fees1  
including gross spreads1 for mid-sized  
initial public offerings4  #a4 ,short   
title ,this ,act may be cited as the    
,middle ,market ,,ipo ,underwriting     
,cost ,act4  #b4 ,study on ,,ipo fees   
7a7 ,study ,the ,securities and         
,exchange ,commission1 in consultation  
with the ,financial ,industry           
,regulatory ,authority1 shall carry out 
a study of the direct and indirect      
underwriting costs1 including gross     
spreads and pricing practices1 for      
mid-sized initial public offerings      
7,,ipo74 ,in carrying out such study1   
the ,commission shall--  7#a7 compare   
underwriting fees in foreign countries  

to those in the ,united ,states2  7#b7  
analyze the relationship between the    
costs of taking a company public and the
 underwriting fees1 including gross     
spreads2  7#c7 compare the underwriting 
fees for larger company ,i,p,os compared
 with mid-sized ,i,p,os2  7#d7 look at  
the changes to underwriting fees1 if    
any1 between #aihj and today2 and  7#e7 
consider-- 7,a7 the reasons for any     
disparities identified under paragraphs 
7#a7 through 7#d72  7,b7 whether such   
fees limit capital formation and whether
 any such impact is reasonable2  7,c7   
how such fees may factor into a         
company's decision to go public2  7,d7  
alternatives to going public through the
 traditional underwriting process1 such 
as directly listing with a national     
securities exchange or filing a ,form   
#aj2 and  7,e7 any other consideration  
the ,commission considers necessary and 
appropriate4  7b7 ,report ,not later    
than the end of the #cfj-;day period    
beginning on the date of the enactment  

of this ,act1 the ,commission shall     
issue a report to the ,congress         
containing all findings and             
determinations made in carrying out the 
study required under subsection 7a7 and 
any administrative or legislative       
recommendations the ,commission may     
have4