,i  #aafth ,,congress  #ast ,session    
,h4 ,r4 #djgf  ,,in ,,the ,,house ,,of  
,,representatives  ,july #be1 #bjai,mrs4
 ,wagner 7for herself and ,mr4 ,budd7   
introduced the following bill2 which was
 referred to the ,committee on          
,financial ,services  ,a ,,bill  ,to    
require the ,securities and ,exchange   
,commission to implement rules          
simplifying the quarterly financial     
reporting regime4  #a4 ,short title     
,this ,act may be cited as the          
,modernizing ,disclosures for ,investors
 ,act4  #b4 ,issuer option for          
simplified quarterly financial reporting
  7a7 ,in general ,not later than one   
year after the date of enactment of this
 ,act1 the ,securities and ,exchange    
,commission shall issue such rules as   
the ,commission determines may be       
necessary or appropriate in the public  
interest or for the protection of       
investors to allow issuers of securities
 traded on a national securities        
exchange to elect to disclose quarterly 

financial information in a simplified   
manner1 such as through a press release 
or by a shortened form4 ,in issuing such
 disclosure rules1 the ,commission      
shall--  7#a7 amend rules issued        
pursuant to sections #ac7;a7 and #ae7;d7
 of the ,securities ,exchange ,act of   
#aicd to permit issuers of securities   
traded on a national securities exchange
 to disclose quarterly financial        
information in a manner other than      
through filing a ,form #aj-,q2  7#b7    
require financial statements disclosed  
pursuant to such rules to include a     
quarterly income statement1 a balance   
sheet as of the last day of the quarter1
 and a statement of operations1 all     
prepared in accordance with such rules  
as the ,commission may adopt consistent 
with this ,act2  7#c7 not provide any   
exemption with respect to the           
requirements of section #cjb of the     
,sarbanes-,oxley ,act of #bjjb and      
section #acej of title #ah1 ,united     
,states ,code2 and  7#d7 require that   

such disclosures include a statement of 
any material changes in financial       
condition or results of operations since
 the end of the issuer's most recent    
financial statements disclosed pursuant 
to the ,commission's rules4  7b7        
,definitions ,for purposes of this      
section3 7#a7 ,national securities      
exchange ,the term national securities  
exchange means an exchange registered as
 a national securities exchange pursuant
 to section #f of the ,securities       
,exchange ,act of #aicd4  7#b7 ,other   
terms ,the terms ,commission1 issuer1   
and security have the meaning given     
those terms1 respectively1 under section
 #c of the ,securities ,exchange ,act of
 #aicd4