,i  #aae? ,,congress  #b;d ,session  ,h4
 ,r4 #fgde  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,septemb] #g1         
#bjah,mr4 ,duffy 7= himself & ,ms4      
,s9ema7 introduc$ ! foll[+ bill2 :i* 0  
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,a ,,bill  ,to am5d !         
,securities ,ex*ange ,act ( #aicd to    
revise ! %>ehold] ?re%old = regi/ration 
"u su* ,act = issu]s t receive support  
?r\gh c]ta9 ,f$]al univ]sal s]vice      
support me*anisms1 & = o!r purposes4    
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,access to ,capital ,creates ,economic
 ,/r5g? & ,supports ,rural ,am]ica ,act 
or ! ,,access ,rural ,am]ica ,act4  #b4 
,%>ehold] ?re%old = regi/ration ( c]ta9 
issu]s ,section #ab7;g7 ( ! ,securities 
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gh;a et seq47 is am5d$--  7#a7 9       
p>agraph 7#a7-- 7,a7 9 subp>agraph      
7,a77ii71 by /rik+ & at ! end2  7,b7 9  
subp>agraph 7,b71 by add+ & at ! end2   
7,c7 by ins]t+ aft] subp>agraph 7,b7 !  
foll[+3  7,c7 9 ! case ( an issu] t1    

dur+ its previ\s fiscal ye>1 receiv$    
support1 directly or ?r\gh an affiliate1
 ?r\gh any ,f$]al univ]sal s]vice       
support me*anism e/abli%$ "u section    
#bed ( ! ,communications ,act ( #aicd & 
fil$ ! report describ$ "u p>agraph 7#g7 
) respect to su* fiscal ye>1 n lat] ?an 
#abj days aft] ! la/ day ( its fir/     
fiscal ye> end$ aft] ! effective date ( 
?is subsection on :i* ! issu] has total 
assets exce$+ #aj1jjj1jjj & a class (   
equity security 7o!r ?an an exempt$     
security7 held ( record by ei!r--  7i7  
#b1jjj p]sons1 or  7ii7 #a1bej p]sons :o
 are n accr$it$ inve/ors1  2 &  7,d7 by 
add+ at ! end ! foll[+3 ,! doll> figures
 9 ?is p>agraph %all be index$ =        
inflation e #e ye>s by ! ,commission to 
reflect ! *ange 9 ! ,consum] ,price     
,index = ,all ,urban ,consum]s publi%$  
by ! ,bureau ( ,labor ,/ati/ics1 r\nd$  
to ! ne>e/ #ajj1jjj42 &  7#b7 by add+ at
 ! end ! foll[+3  7#g7 ,report by       
univ]sal s]vice support me*anism        
recipi5ts  7,a7 ,9 g5]al ,! ,commission 

%all issue regulations to e/abli% a     
f9ancial summ>y =m t may be fil$ by an  
issu] t--  7i7 dur+ its previ\s fiscal  
ye>1 receiv$ support1 directly or ?r\gh 
an affiliate1 ?r\gh any ,f$]al univ]sal 
s]vice support me*anism e/abli%$ "u     
section #bed ( ! ,communications ,act ( 
#aicd2 &  7ii7 has a class ( equity     
security held ( record by #ejj or m     
p]sons :o are n accr$it$ inve/ors1 b    
less ?an #a1bej p]sons :o are n accr$it$
 inve/ors4  7,b7 ,cont5ts ,! =m describ$
 "u subp>agraph 7,a7 %all include a     
summ>y ( ! consolidat$ balance %eet & ! 
consolidat$ income /atem5t ( ! issu]1 & 
su* o!r in=mation z ! ,commission       
det]m9es is necess>y & appropriate 9 !  
public int]e/ & = ! protection (        
inve/ors4  4  #c4 ,,sec ,/udy  7a7 ,/udy
 ,aft] ! end ( ! #c-ye> p]iod beg9n+ on 
! date ( enactm5t ( ?is ,act1 !         
,securities & ,ex*ange ,commission %all 
c>ry out a /udy on--  7#a7 ! effect ( ! 
am5dm5ts "u section #b2 &  7#b7 to :at  
ext5t ^? *anges h improv$ capital       

=mation by ! issu]s describ$ "u section 
#ab7;g77#a77;,c7 ( ! ,securities        
,ex*ange ,act ( #aicd4  7b7 ,report ,n  
lat] ?an ! end ( ! #ahj-;day p]iod      
beg9n+ aft] ! end ( ! #c-ye> p]iod      
describ$ "u subsection 7a71 !           
,commission %all issue a report to !    
,congress conta9+--  7#a7 all f9d+s &   
det]m9ations made 9 c>ry+ out ! /udy    
requir$ "u subsection 7a72 &  7#b7 a    
recomm5dation z to :e!r issu]s 9 o!r    
sectors ( ! economy c\ld also b5efit f !
 sort ( *anges made by ! am5dm5ts "u    
section #b4