,i  #aaeth ,,congress  #b;d ,session    
,h4 ,r4 #fgde  ,,in ,,the ,,house ,,of  
,,representatives  ,september #g1       
#bjah,mr4 ,duffy 7for himself and ,ms4  
,sinema7 introduced the following bill2 
which was referred to the ,committee on 
,financial ,services  ,a ,,bill  ,to    
amend the ,securities ,exchange ,act of 
#aicd to revise the shareholder         
threshold for registration under such   
,act for issuers that receive support   
through certain ,federal universal      
service support mechanisms1 and for     
other purposes4  #a4 ,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 ,act4  #b4 
,shareholder threshold for registration 
of certain issuers ,section #ab7;g7 of  
the ,securities ,exchange ,act of #aicd 
7#ae ,u4,s4,c4 #gh;a et seq47 is        
amended--  7#a7 in paragraph 7#a7-- 7,a7
 in subparagraph 7,a77ii71 by striking  
and at the end2  7,b7 in subparagraph   

7,b71 by adding and at the end2  7,c7 by
 inserting after subparagraph 7,b7 the  
following3  7,c7 in the case of an      
issuer that1 during its previous fiscal 
year1 received support1 directly or     
through an affiliate1 through any       
,federal universal service support      
mechanism established under section #bed
 of the ,communications ,act of #aicd   
and filed the report described under    
paragraph 7#g7 with respect to such     
fiscal year1 not later than #abj days   
after the last day of its first fiscal  
year ended after the effective date of  
this subsection on which the issuer has 
total assets exceeding #aj1jjj1jjj and a
 class of equity security 7other than an
 exempted security7 held of record by   
either--  7i7 #b1jjj persons1 or  7ii7  
#a1bej persons who are not accredited   
investors1  2 and  7,d7 by adding at the
 end the following3 ,the dollar figures 
in this paragraph shall be indexed for  
inflation every #e years by the         
,commission to reflect the change in the

 ,consumer ,price ,index for ,all ,urban
 ,consumers published by the ,bureau of 
,labor ,statistics1 rounded to the      
nearest #ajj1jjj42 and  7#b7 by adding  
at the end the following3  7#g7 ,report 
by universal service support mechanism  
recipients  7,a7 ,in general ,the       
,commission shall issue regulations to  
establish a financial summary form that 
may be filed by an issuer that--  7i7   
during its previous fiscal year1        
received support1 directly or through an
 affiliate1 through any ,federal        
universal service support mechanism     
established under section #bed of the   
,communications ,act of #aicd2 and  7ii7
 has a class of equity security held of 
record by #ejj or more persons who are  
not accredited investors1 but less than 
#a1bej persons who are not accredited   
investors4  7,b7 ,contents ,the form    
described under subparagraph 7,a7 shall 
include a summary of the consolidated   
balance sheet and the consolidated      
income statement of the issuer1 and such

 other information as the ,commission   
determines is necessary and appropriate 
in the public interest and for the      
protection of investors4  4  #c4 ,,sec  
,study  7a7 ,study ,after the end of the
 #c-year period beginning on the date of
 enactment of this ,act1 the ,securities
 and ,exchange ,commission shall carry  
out a study on--  7#a7 the effect of the
 amendments under section #b2 and  7#b7 
to what extent those changes have       
improved capital formation by the       
issuers described under section         
#ab7;g77#a77;,c7 of the ,securities     
,exchange ,act of #aicd4  7b7 ,report   
,not later than the end of the #ahj-;day
 period beginning after the end of the  
#c-year period described under          
subsection 7a71 the ,commission shall   
issue a report to the ,congress         
containing--  7#a7 all findings and     
determinations made in carrying out the 
study required under subsection 7a72 and
  7#b7 a recommendation as to whether   
issuers in other sectors of the economy 

could also benefit from the sort of     
changes made by the amendments under    
section #b4