,,ib ,union ,calendar ,no4 #ie #aaith   
,,congress  #ast ,session  ,h4 ,r4 #cchb
 ,report ,no4 #aai-abe ,,in ,,the       
,,house ,,of ,,representatives  ,may    
#ad1 #bjbe,mrs4 ,wagner 7for herself1   
,mr4 ,torres of ,new ,york1 ,mr4        
,casten1 ,mr4 ,david ,scott of ,georgia1
 and ,mr4 ,sessions7 introduced the     
following bill2 which was referred to   
the ,committee on ,financial ,services  
,june #c1 #bjbe;,additional sponsors3   
,mr4 ,himes1 ,mr4 ,vindman1 and ,mr4    
,lawler  ,june #c1 #bjbe,reported with  
an amendment1 committed to the          
,committee of the ,whole ,house on the  
,state of the ,union1 and ordered to be 
printed,strike out all after the        
enacting clause and insert the part     
printed in italic,for text of introduced
 bill1 see copy of bill as introduced on
 ,may #ad1 #bjbe  ,a ,,bill  ,to require
 the ,securities and ,exchange          
,commission to carry out a study and    
rulemaking on the definition of the term
 small entity under the securities laws 

for purposes of chapter #f of title #e1 
,united ,states ,code1 and for other    
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,small ,entity      
,update ,act4  #b4 ,studies1 reports1   
and rules regarding small entities  7a7 
,definitions ,in this section-- 7#a7 the
 term ,commission means the ,securities 
and ,exchange ,commission2 and  7#b7 the
 term small entity-- 7,a7 has the       
meaning given the term in section #fja  
of title #e1 ,united ,states ,code1 with
 respect to the activities of the       
,commission2 and  7,b7 includes any     
definition established by the           
,commission of the term small business1 
small organization1 small governmental  
jurisdiction1 or small entity under     
paragraph 7#c71 7#d71 7#e71 or 7#f71    
respectively1 of section #fja of title  
#e1 ,united ,states ,code1 with respect 
to the activities of the ,commission4   
7b7 ,studies and reports ,not later than
 #a year after the date of enactment of 
this ,act1 and again #e years           

thereafter1 the ,commission shall-- 7#a7
 conduct a study of the definition of   
the term small entity with respect to   
the activities of the ,commission for   
the purposes of chapter #f of title #e1 
,united ,states ,code1 which shall      
consider-- 7,a7 the extent to which the 
definition of the term small entity1 as 
in effect during the period in which the
 study is conducted1 aligns with the    
findings and declarations made under    
section #b7;a7 of the ,regulatory       
,flexibility ,act 7#e ,u4,s4,c4 #fja    
note72  7,b7 the amount by which        
financial markets in the ,united ,states
 have grown since the last time the     
,commission amended the definition of   
the term small entity1 if applicable2   
and  7,c7 how the ,commission should    
define the term small entity to ensure  
that a meaningful number of entities    
would fall under that definition2 and   
7#b7 submit to ,congress a report that  
includes-- 7,a7 the results of the      
applicable study conducted under        

paragraph 7#a72 and  7,b7 specific and  
detailed recommendations on the ways in 
which the ,commission could amend the   
definition of the term small entity to--
 7i7 be consistent with the results     
described in subparagraph 7,a72 and     
7ii7 expand the number of entities      
covered by such definition4  7c7        
,rulemaking ,concurrently with1 or after
 the completion of1 each study required 
under subsection 7b71 the ,commission   
shall1 subject to public notice and     
comment1 revise the rules of the        
,commission consistent with the results 
of such study4  7d7 ,inflation          
adjustments ,after the ,commission      
issued the final rule revisions required
 under subsection 7c71 and every #e     
years thereafter1 the ,commission shall 
adjust any dollar figures under the     
definition of small entity established  
by the ,commission to reflect the change
 in the ,consumer ,price ,index for ,all
 ,urban ,consumers published by the     
,bureau of ,labor ,statistics of the    

,department of ,labor4  ,june #c1       
#bjbe,reported with an amendment1       
committed to the ,committee of the      
,whole ,house on the ,state of the      
,union1 and ordered to be printed