,,ib ,union ,calendar ,no4 #ih #aaith   
,,congress  #ast ,session  ,h4 ,r4 #ccie
 ,report ,no4 #aai-abh ,,in ,,the       
,,house ,,of ,,representatives  ,may    
#ad1 #bjbe,mr4 ,himes introduced the    
following bill2 which was referred to   
the ,committee on ,financial ,services  
,june #c1 #bjbe;,additional sponsors3   
,mr4 ,sessions 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 ,comptroller 
,general of the ,united ,states to carry
 out a study of the costs associated    
with small- and medium-sized companies  
to undertake initial public offerings4  
#a4 ,short title ,this ,act may be cited
 as the ,middle ,market ,,ipo ,cost     
,act4  #b4 ,study on ,,ipo fees  7a7    

,study ,the ,comptroller ,general of the
 ,united ,states1 in consultation with  
the ,securities and ,exchange           
,commission and the ,financial ,industry
 ,regulatory ,authority1 shall carry out
 a study of the costs associated with   
small- and medium-sized companies to    
undertake initial public offerings      
7,i,p,os74 ,in carrying out such study1 
the ,comptroller ,general shall-- 7#a7  
consider the direct and indirect costs  
of an ,,ipo1 including-- 7,a7 fees of   
accountants1 underwriters1 and any other
 outside advisors with respect to the   
,,ipo2  7,b7 compliance with ,federal   
and ,state securities laws at the time  
of the ,,ipo2 and  7,c7 such other      
,,ipo-related costs as the ,comptroller 
,general may consider2  7#b7 compare and
 analyze the costs of an ,,ipo with the 
costs of obtaining alternative sources  
of financing and of liquidity2  7#c7    
consider the impact of such costs on    
capital formation2  7#d7 analyze the    
impact of these costs on the            

availability of public securities of    
small- and medium-sized companies to    
retail investors2 and  7#e7 analyze     
trends in ,i,p,os over a time period the
 ,comptroller ,general determines is    
appropriate to analyze ,,ipo pricing    
practices1 considering-- 7,a7 the number
 of ,i,p,os2  7,b7 how costs for ,i,p,os
 have evolved over time for             
underwriters1 investment advisory firms1
 and other professions for services in  
connection with an ,,ipo2  7,c7 the     
number of brokers and dealers active in 
underwriting ,i,p,os2  7,d7 the         
different types of services that        
underwriters and related persons provide
 before and after a small- or           
medium-sized company ,,ipo and the      
factors impacting ,i,p,os costs2  7,e7  
changes in the costs and availability of
 investment research for small- and     
medium-sized companies2 and  7,f7 the   
impacts of litigation and its costs on  
being a public company4  7b7 ,report    
,not later than the end of the #cfj-;day

 period beginning on the date of the    
enactment of this ,act1 the ,comptroller
 ,general of the ,united ,states shall  
issue a report to the ,congress         
containing all findings and             
determinations made in carrying out the 
study required under subsection 7a7 and 
any administrative or legislative       
recommendations the ,comptroller        
,general may have4  ,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