,,ii  #aah? ,,congress  #b;d ,session   
,s4 #eccg  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,novemb] #ah1 #bjbd,mr4
 ,helmy introduc$ ! foll[+ bill2 :i* 0  
read twice & ref]r$ to ! ,committee on  
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to am5d ! ,securities ,ex*ange 
,act ( #aicd to require social m$ia     
companies to disclose ! gross rev5ues f 
transactions involv+ individuals :o are 
y\ng] ?an #ba ye>s ( age1 & = o!r       
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,y\? ,rev5ue ,transp>5cy   
,act4  #b4 ,f9d+s ,congress f9ds !      
foll[+3 7#a7 ,! ,securities & ,ex*ange  
,commission 7ref]r$ to 9 ?is section z !
 ,commission7 has broad au?ority to     
require ! disclosure ( in=mation if t   
in=mation is 9 ! int]e/ (1 or is mat]ial
 to1 inve/ors4  7#b7 ,z ( ! day be=e !  
date ( enactm5t ( ?is ,act1 !           
,commission does n require social m$ia  
companies to disclose in=mation relat$  
to ! gross rev5ues g5]at$ f transactions
 involv+ individuals :o are y\ng] ?an   

#ba ye>s ( age 7ref]r$ to 9 ?is section 
z "y individuals7 or relat$ to ! am\nt  
sp5t on m>ket+ t>get$ t[>d "y           
individuals4  7#c7 ,requir+ ! report+ & 
/&>dization ( ! in=mation describ$ 9    
p>agraph 7#b7 is 9 ! int]e/ ( ! public1 
& ultimately inve/ors1 = ! foll[+       
reasons3 7,a7 ,"y individuals 9 ! ,unit$
 ,/ates are 9 crisis1 z evid5c$ by !    
fact t1 dur+ ! #aj-ye> p]iod prec$+ !   
date ( enactm5t ( ?is ,act1 cases (     
sev]e depression among "y individuals 9 
! ,unit$ ,/ates h ne>ly d\bl$4  7,b7 ,9 
! #bjajs1 suicidal behaviors among high 
s*ool /ud5ts 9 ! ,unit$ ,/ates increas$ 
by m ?an #dj p]c5t4  7,c7 ,! products   
(f]$ by social m$ia companies h alt]$ ! 
way t "y individuals 9 ! ,unit$ ,/ates  
see !mselves & ! way _! bra9s develop1 &
 ! ,surgeon ,g5]al has issu$ a hi/oric &
 al>m+ report recogniz+ ! detrim5tal    
impacts ( ^? products on "y individuals4
  7,d7 ,frequ5t us]s ( products (f]$ by 
social m$ia companies are twice z likely
 to exp]i5ce m5tal heal? *all5ges1      

includ+ ! =mation ( suicidal ?\ghts4    
7,e7 #ie p]c5t ( "y individuals 9 !     
,unit$ ,/ates report us+ products (f]$  
by social m$ia almo/ con/antly4  7,f7   
,inve/ors face increas+ unc]ta9ty z !   
impacts ( products (f]$ by social m$ia  
companies on "y individuals become cle>4
  7,g7 ,valuations ( social m$ia        
companies h n fac$ volatility :5        
inve/ors & ! public h be5 made aw>e ( ! 
adv]se impacts caus$ by ^? companies1 b 
"s inve/ors h limitations on inve/+ 9   
companies t h>m "y individuals & society
 at l>ge4  7,h7 ,disclos+ ! engagem5t t 
a social m$ia company has ) "y          
individuals c\ld in=m inve/ors s t      
inve/ors c be m in=m$ /ew>ds ( capital =
 _! limit$ p>tn]s4  #c4 ,disclosure     
requir$ ,section #ad ( ! ,securities    
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#ghn7 is am5d$ by add+ at ! end !       
foll[+3  7l7 ,disclosure reg>d+ "y      
individuals  7#a7 ,def9itions ,9 ?is    
subsection3 7,a7 ,cov]$ issu] ,! t]m    
cov]$ issu] means an issu]-- 7i7 t is a 

social m$ia company2 &  7ii7 7,i7 !     
securities ( :i* are regi/]$ "u section 
#ab2 or  7,,ii7 t is requir$ to file    
annual reports "u section #ae7;d74  7,b7
 ,f9ancial /atem5t ,! t]m f9ancial      
/atem5t1 ) respect to any proxy or      
cons5t solicitation mat]ial = an annual 
meet+ ( %>ehold]s ( a cov]$ issu]1 means
 a balance %eet1 ca% fl[ /atem5t1 or    
income /atem5t t is includ$ 9 t proxy or
 cons5t solicitation mat]ial4  7,c7     
,m>ket+ ,! t]m m>ket+ means any activity
 c>ri$ out by a cov]$ issu] to attract  
new cu/om]s or to increase usage by     
exi/+ cu/om]s4  7,d7 ,social m$ia       
company ,! t]m social m$ia company means
 an entity t op]ates a digital plat=m t 
facilitates ! %>+ ( cont5t1 ideas1 &    
in=mation to promote social int]action  
?r\gh websites1 applications1 & o!r     
plat=ms4  7,e7 ,"y individual ,! t]m "y 
individual means an individual :o is    
y\ng] ?an #ba ye>s ( age4  7#b7         
,requirem5t ,ea* cov]$ issu] %all       
disclose 9 ea* f9ancial /atem5t includ$ 

9 any proxy or cons5t solicitation      
mat]ial = an annual meet+ ( ! %>ehold]s 
( ! cov]$ issu]1 = ! applicable p]iod-- 
7,a7 ! gross rev5ues g5]at$ f           
transactions involv+ "y individuals2 &  
7,b7 ! total am\nt sp5t on m>ket+ t>get$
 t[>d "y individuals4  4