,,ii  #aae? ,,congress  #b;d ,session   
,s4 #cege  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,octob] #aa1 #bjah,mr4 
,r\nds introduc$ ! foll[+ bill2 :i* 0   
read twice & ref]r$ to ! ,committee on  
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to require ! ,securities &     
,ex*ange ,commission to c>ry out a co/  
b5efit analysis ( ! use ( ,=m #aj-,q1 & 
= o!r purposes4  #a4 ,%ort title ,?is   
,act may be cit$ z ! ,mod]niz+          
,disclosures = ,inve/ors ,act4  #b4 ,=m 
#aj-,q analysis  7a7 ,def9itions ,9 ?is 
section--  7#a7 ! t]m ,commission means 
! ,securities & ,ex*ange ,commission2 & 
7#b7 ! t]m ,=m #aj-,q means ! =m        
describ$ 9 section #bdi4cjh;a ( title   
#ag1 ,code ( ,f$]al ,regulations1 or any
 successor regulation4  7b7 ,requirem5t 
7#a7 ,9 g5]al ,! ,commission %all       
conduct an analysis ( ! co/s & b5efits (
 requir+ report+ companies to use ,=m   
#aj-,q = submitt+ qu>t]ly f9ancial      
reports4  7#b7 ,consid]ations ,!        
analysis requir$ "u p>agraph 7#a7 %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 ) respect to ! ability ( !  
,commission 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$ )--  7i7 ! public     
availability ( ! in=mation requir$ to be
 fil$ on ,=m #aj-,q2  7ii7 ! use ( a    
/&>diz$ report+ =mat across all classes 
( report+ companies2 &  7iii7 ! 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    
7c7 ,report requir$ ,n lat] ?an #ahj    
days aft] ! date ( enactm5t ( ?is ,act1 
! ,commission %all submit to ,congress a
 report t includes--  7#a7 ! results ( !
 analysis requir$ "u subsection 7b72 &  
7#b7 recomm5dations = decreas+ co/s1    
increas+ transp>5cy1 & increas+         
effici5cy ( qu>t]ly f9ancial report+ by 
em]g+ gr[? companies4