,,ii  #aahth ,,congress  #b;d ,session  
,s4 #eccg  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,november #ah1 
#bjbd,mr4 ,helmy 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 require      
social media companies to disclose the  
gross revenues from transactions        
involving individuals who are younger   
than #ba years of age1 and for other    
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,youth ,revenue     
,transparency ,act4  #b4 ,findings      
,congress finds the following3 7#a7 ,the
 ,securities and ,exchange ,commission  
7referred to in this section as the     
,commission7 has broad authority to     
require the disclosure of information if
 that information is in the interest of1
 or is material to1 investors4  7#b7 ,as
 of the day before the date of enactment
 of this ,act1 the ,commission does not 

require social media companies to       
disclose information related to the     
gross revenues generated from           
transactions involving individuals who  
are younger than #ba years of age       
7referred to in this section as young   
individuals7 or related to the amount   
spent on marketing targeted toward young
 individuals4  7#c7 ,requiring the      
reporting and standardization of the    
information described in paragraph 7#b7 
is in the interest of the public1 and   
ultimately investors1 for the following 
reasons3 7,a7 ,young individuals in the 
,united ,states are in crisis1 as       
evidenced by the fact that1 during the  
#aj-year period preceding the date of   
enactment of this ,act1 cases of severe 
depression among young individuals in   
the ,united ,states have nearly doubled4
  7,b7 ,in the #bjajs1 suicidal         
behaviors among high school students in 
the ,united ,states increased by more   
than #dj percent4  7,c7 ,the products   
offered by social media companies have  

altered the way that young individuals  
in the ,united ,states see themselves   
and the way their brains develop1 and   
the ,surgeon ,general has issued a      
historic and alarming report recognizing
 the detrimental impacts of those       
products on young individuals4  7,d7    
,frequent users of products offered by  
social media companies are twice as     
likely to experience mental health      
challenges1 including the formation of  
suicidal thoughts4  7,e7 #ie percent of 
young individuals in the ,united ,states
 report using products offered by social
 media almost constantly4  7,f7         
,investors face increasing uncertainty  
as the impacts of products offered by   
social media companies on young         
individuals become clear4  7,g7         
,valuations of social media companies   
have not faced volatility when investors
 and the public have been made aware of 
the adverse impacts caused by those     
companies1 but some investors have      
limitations on investing in companies   

that harm young individuals and society 
at large4  7,h7 ,disclosing the         
engagement that a social media company  
has with young individuals could inform 
investors so that investors can be more 
informed stewards of capital for their  
limited partners4  #c4 ,disclosure      
required ,section #ad of the ,securities
 ,exchange ,act of #aicd 7#ae ,u4,s4,c4 
#ghn7 is amended by adding at the end   
the following3  7l7 ,disclosure         
regarding young individuals  7#a7       
,definitions ,in this subsection3 7,a7  
,covered issuer ,the term covered issuer
 means an issuer-- 7i7 that is a social 
media company2 and  7ii7 7,i7 the       
securities of which are registered under
 section #ab2 or  7,,ii7 that is        
required to file annual reports under   
section #ae7;d74  7,b7 ,financial       
statement ,the term financial statement1
 with respect to any proxy or consent   
solicitation material for an annual     
meeting of shareholders of a covered    
issuer1 means a balance sheet1 cash flow

 statement1 or income statement that is 
included in that proxy or consent       
solicitation material4  7,c7 ,marketing 
,the term marketing means any activity  
carried out by a covered issuer to      
attract new customers or to increase    
usage by existing customers4  7,d7      
,social media company ,the term social  
media company means an entity that      
operates a digital platform that        
facilitates the sharing of content1     
ideas1 and information to promote social
 interaction through websites1          
applications1 and other platforms4  7,e7
 ,young individual ,the term young      
individual means an individual who is   
younger than #ba years of age4  7#b7    
,requirement ,each covered issuer shall 
disclose in each financial statement    
included in any proxy or consent        
solicitation material for an annual     
meeting of the shareholders of the      
covered issuer1 for the applicable      
period-- 7,a7 the gross revenues        
generated from transactions involving   

young individuals2 and  7,b7 the total  
amount spent on marketing targeted      
toward young individuals4  4