,,ib  ,union ,calendar ,no4 #hcf  #aaeth
 ,,congress  #b;d ,session  ,h4 ,r4     
#fgde  ,report ,no4 #aae-ajgg  ,,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  
,december #ab1 #bjah;,additional        
sponsor3 ,mr4 ,gonzalez of ,texas       
,december #ab1 #bjah ,reported with an  
amendment1 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          
,september #g1 #bjah  ,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 annually 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    
7,c7 ,public availability of forms ,the 
,commission shall make financial summary
 forms filed under this paragraph       
available to the public1 including on   
the website of the ,commission4  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  ,december #ab1 #bjah       
,reported with an amendment1 committed  
to the ,committee of the ,whole ,house  
on the ,state of the ,union1 and ordered
 to be printed