,,ii  #aaith ,,congress  #b;d ,session  
,s4 #djcd  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,march #aj1    
#bjbf,mr4 ,ricketts 7for himself and    
,ms4 ,cortez ,masto7 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 specify      
certain registration statement contents 
for emerging growth companies1 to permit
 issuers to file draft registration     
statements with the ,securities and     
,exchange ,commission for confidential  
review1 and for other purposes4  #a4    
,short title ,this ,act may be cited as 
the ,encouraging ,local ,emerging       
,ventures and ,economic ,growth ,act of 
#bjbf or the ,,elevate ,act of #bjbf4   
#b4 ,registration statements ,section   
#ab7;b7 of the ,securities ,exchange    
,act of #aicd 7#ae ,u4,s4,c4 #ghl7b77 is
 amended-- 7#a7 in paragraph 7#a71 by   
redesignating subparagraphs 7,a7 through

 7,l7 as clauses 7i7 through 7xii71     
respectively2  7#b7 by redesignating    
paragraphs 7#a71 7#b71 and 7#c7 as      
subparagraphs 7,a71 7,b71 and 7,c71     
respectively2  7#c7 by inserting 7#a7   
after 7b72  7#d7 in the matter preceding
 subparagraph 7,a7 of paragraph 7#a71 as
 so redesignated1 by striking shall     
contain-- and inserting shall contain   
the following32  7#e7 in paragraph      
7#a77;,a77xi71 as so redesignated1 by   
striking years1 and inserting years 7or1
 in the case of an emerging growth      
company1 not more than the two preceding
 fiscal years712  7#f7 in paragraph     
7#a77;,c71 as so redesignated1 by       
striking paragraph 7#a77;,i7 and        
inserting subparagraph 7,a77ix72 and    
7#g7 by adding at the end the following3
  7#b7 7,a7 ,any issuer may             
confidentially submit to the ,commission
 a draft registration statement for     
confidential nonpublic review by the    
staff of the ,commission prior to public
 filing of that registration statement1 

provided that the initial confidential  
submission and all amendments to that   
confidential submission shall be        
publicly filed with the ,commission not 
later than #aj days before the          
applicable security is listed on a      
national securities exchange4  7,b7     
,notwithstanding any other provision of 
this title1 the ,commission shall not be
 compelled to disclose any information  
provided to or obtained by the          
,commission pursuant to this paragraph4 
7,c7 ,for purposes of section #eeb of   
title #e1 ,united ,states ,code1 this   
paragraph shall be considered a statute 
described in subsection 7b77#c77;,b7 of 
such section #eeb4  7,d7 ,information   
described in or obtained pursuant to    
this paragraph shall be deemed to       
constitute confidential information for 
purposes of section #bd4  4