#aahth ,,congress  #b;d ,session  ,s4   
#cbdb  ,,an ,,act  ,to amend the        
,securities ,exchange ,act of #aicd to  
revise the shareholder threshold for    
registration under that ,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 ,exemption from     
certain registration requirements       
,section #ab7;g77#b7 of the ,securities 
,exchange ,act of #aicd 7#ae ,u4,s4,c4  
#ghl7g77#b77 is amended by adding at the
 end the following3  7,i7 any security  
where-- 7i7 the issuer of the security1 
during its previous fiscal year-- 7,i7  
received support through the ,federal   
universal service support mechanism for 
rural1 insular1 and high cost areas     
established under section #bed of the   
,communications ,act of #aicd 7#dg      

,u4,s4,c4 #bed72 and  7,,ii7 with       
respect to such fiscal year1 not later  
than #abj days after the last day of    
such fiscal year1 filed with the        
,commission a financial summary form    
that-- 7aa7 the issuer also delivered to
 each holder of record2 and  7bb7       
included-- 7,,aa7 a summary of the      
consolidated balance sheet and          
consolidated income statement of the    
issuer2 and 7,,bb7 such other           
financially material information as the 
,commission determines is necessary and 
appropriate in the public interest and  
for the protection of investors2  7ii7  
as of the last day of the previous      
fiscal year of the issuer of the        
security1 the security is held of record
 by-- 7,i7 more than #ejj persons that  
are not accredited investors2 and       
7,,ii7 fewer than #b1jjj persons2 and   
7iii7 the issuer of the security has    
total assets of not more than           
#aj1jjj1jjj1 which the ,commission shall
 index for inflation every #e years to  

reflect the change in the ,consumer     
,price ,index for ,all ,urban ,consumers
 published by the ,bureau of ,labor     
,statistics1 rounded to the nearest     
#ajj1jjj4  4  ,passed the ,senate       
,december #d1 #bjbd4,secretary