,,ii  #aaith ,,congress  #b;d ,session  
,s4 #ejjc  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,july #ae1     
#bjbf,ms4 ,baldwin 7for herself and ,ms4
 ,ernst7 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 address registration exemptions for  
securities of issuers that are rural    
telephone companies1 and for other      
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,access to ,capital 
,creates ,economic ,strength and        
,supports ,rural ,america ,act or the   
,,access ,rural ,america ,act4  #b4     
,exemption from certain registration    
requirements ,section #ab7;g77#b7 of the
 ,securities ,exchange ,act of #aicd    
7#ae ,u4,s4,c4 #ghl7g77#b77 is amended  
by adding at the end the following3     
7,i7 ,any security where-- 7i7 the      
issuer of the security 7or any affiliate
 or subsidiary of that issuer7 is a     

rural telephone company1 as defined in  
section #c of the ,communications ,act  
of #aicd 7#dg ,u4,s4,c4 #aec71 that     
provides broadband internet access      
service1 as defined in section #h4a7;b7 
of title #dg1 ,code of ,federal         
,regulations1 or any successor          
regulation2  7ii7 not later than #abj   
days after the last day of the previous 
fiscal year of the issuer of the        
security1 that issuer filed with the    
,commission a financial summary form    
that-- 7,i7 the issuer also delivered to
 each holder of record2 and  7,,ii7     
included-- 7aa7 a summary of the        
consolidated balance sheet and          
consolidated income statement of the    
issuer2  7bb7 subscriber data with      
respect to broadband internet access    
service1 as defined in subclause 7,i72  
and  7cc7 such other financially        
material information as the ,commission 
determines is necessary and appropriate 
in the public interest and for the      
protection of investors2 and  7iii7 as  

of the last day of the previous fiscal  
year of the issuer of the security--    
7,i7 that issuer1 and all of the        
affiliates and subsidiaries of that     
issuer1 collectively had not more than  
#ajj1jjj subscribers of broadband       
internet access service 7as defined in  
clause 7i77,i77 in the ,united ,states2 
and  7,,ii7 the security was held of    
record by-- 7aa7 more than #ejj persons 
that are not accredited investors2 and  
7bb7 fewer than #b1jjj persons4  4