,,ii  #aahth ,,congress  #ast ,session  
,s4 #cbdb  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,november #g1  
#bjbc,ms4 ,baldwin 7for herself1 ,ms4   
,sinema1 ,mr4 ,grassley1 ,mr4 ,cramer1  
and ,ms4 ,ernst7 introduced the         
following bill2 which was read twice and
 referred to the ,committee on ,banking1
 ,housing1 and ,urban ,affairs  ,a      
,,bill  ,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 ,shareholder threshold for   
registration of certain issuers ,section
 #ab7;g7 of the ,securities ,exchange   
,act of #aicd 7#ae ,u4,s4,c4 #ghl7g77 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 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 #bed7 and filed the
 report described in 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 date 
of enactment of this subparagraph1 on   
which the issuer has total assets       
exceeding #aj1jjj1jjj and a class of    
equity security 7other than an exempted 
security7 held of record by #b1jjj or   
more persons1  2 and  7,d7 in the flush 
text following subparagraph 7,c71 as    
added by subparagraph 7,c7 of this      
paragraph1 by adding at the end the     

following3 ,the dollar figures in       
subparagraph 7,c7 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         
,mandatory disclosures by certain       
universal service support mechanism     
recipients  7,a7 ,in general ,the       
,commission shall issue regulations to  
establish a financial summary form to be
 filed with the ,commission that may1   
upon request by an investor1 be made    
available by an issuer that-- 7i7 during
 its previous fiscal year1 received     
support1 directly or through an         
affiliate1 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  7ii7 has a class  

of equity security held of record by--  
7,i7 not fewer than #ejj persons who are
 not accredited investors 7as such term 
is defined by the ,commission72 and     
7,,ii7 fewer than #b1jjj persons4  7,b7 
,contents ,the form described in        
subparagraph 7,a7 shall include a       
summary of the consolidated balance     
sheet and the consolidated income       
statement of the issuer and such other  
information as the ,commission          
determines is necessary and appropriate 
in the public interest and for the      
protection of investors4  4