[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 9445 Introduced in House (IH)]
<DOC>
117th CONGRESS
2d Session
H. R. 9445
To amend the Securities Exchange Act of 1934 to revise the shareholder
threshold for registration under that Act for issuers that receive
support through certain Federal universal service support mechanisms,
and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
December 6, 2022
Mr. Tiffany introduced the following bill; which was referred to the
Committee on Financial Services
_______________________________________________________________________
A BILL
To amend the Securities Exchange Act of 1934 to revise the shareholder
threshold for registration under that Act for issuers that receive
support through certain Federal universal service support mechanisms,
and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. 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
Act''.
SEC. 2. SHAREHOLDER THRESHOLD FOR REGISTRATION OF CERTAIN ISSUERS.
Section 12(g) of the Securities Exchange Act of 1934 (15 U.S.C.
78l(g)) is amended--
(1) in paragraph (1)--
(A) in subparagraph (A)(ii), by striking ``and'' at
the end;
(B) in subparagraph (B), by adding ``and'' at the
end;
(C) by inserting after subparagraph (B) the
following:
``(C) in the case of an issuer that, during its previous
fiscal year, received support, directly or through an
affiliate, through the Federal universal service support
mechanism for rural, insular, and high cost areas established
under section 254 of the Communications Act of 1934 (47 U.S.C.
254) and filed the report described in paragraph (7) with
respect to such fiscal year, and did not issue securities
(other than splitting of existing securities) during the
previous fiscal year and does not intend to do so during the
present fiscal year, not later than 120 days after the last day
of its first fiscal year ended after the date of enactment of
this subparagraph, on which the issuer has total assets
exceeding $10,000,000 and a class of equity security (other
than an exempted security) held of record by 2,000 or more
persons,''; and
(D) in the flush text following subparagraph (C),
as added by subparagraph (C) of this paragraph, by
adding at the end the following: ``The dollar figures
in subparagraph (C) shall be indexed for inflation
every 5 years by the Commission to reflect the change
in the Consumer Price Index for All Urban Consumers
published by the Bureau of Labor Statistics, rounded to
the nearest $100,000.''; and
(2) by adding at the end the following:
``(7) Mandatory Disclosures by Certain Universal Service Support
Mechanism Recipients.--
``(A) In general.--The Commission shall issue regulations
to establish a financial summary form that shall, upon request
by an investor, be made available by an issuer that--
``(i) during its previous fiscal year, received
support, directly or through an affiliate, through the
Federal universal service support mechanism for rural,
insular, and high cost areas established under section
254 of the Communications Act of 1934 (47 U.S.C. 254);
and
``(ii) has a class of equity security held of
record by not fewer than 500, and fewer than, 2,000
persons.
``(B) Contents.--The form described in subparagraph (A)
shall include--
``(i) a summary of the consolidated balance sheet
and the consolidated income statement of the issuer;
``(ii) a certification that the issuer did not
issue securities (other than splitting of existing
securities) during the previous fiscal year and does
not intend to do so during the present fiscal year; and
``(iii) such other information as the Commission
determines is necessary and appropriate in the public
interest and for the protection of investors.''.
<all>