II 

118TH CONGRESS 

2D SESSION S. 5337 

To amend the Securities Exchange Act of 1934 to require social media 

companies to disclose the gross revenues from transactions involving 

individuals who are younger than 21 years of age, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

NOVEMBER 18, 2024 

Mr. HELMY introduced the following bill; which was read twice and referred 

to the Committee on Banking, Housing, and Urban Affairs 

A BILL 

To amend the Securities Exchange Act of 1934 to require 

social media companies to disclose the gross revenues 

from transactions involving individuals who are younger 

than 21 years of age, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Youth Revenue Trans5 parency Act’’. 

6 SEC. 2. FINDINGS. 

7 Congress finds the following: 


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1 (1) The Securities and Exchange Commission 

2 (referred to in this section as the ‘‘Commission’’) 

3 has broad authority to require the disclosure of in4 formation if that information is in the interest of, or 

5 is material to, investors. 

6 (2) As of the day before the date of enactment 

7 of this Act, the Commission does not require social 

8 media companies to disclose information related to 

9 the gross revenues generated from transactions in10 volving individuals who are younger than 21 years of 

11 age (referred to in this section as ‘‘young individ12 uals’’) or related to the amount spent on marketing 

13 targeted toward young individuals. 

14 (3) Requiring the reporting and standardization 

15 of the information described in paragraph (2) is in 

16 the interest of the public, and ultimately investors, 

17 for the following reasons: 

18 (A) Young individuals in the United States 

19 are in crisis, as evidenced by the fact that, dur20 ing the 10-year period preceding the date of en21 actment of this Act, cases of severe depression 

22 among young individuals in the United States 

23 have nearly doubled. 


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1 (B) In the 2010s, suicidal behaviors among 

2 high school students in the United States in3 creased by more than 40 percent. 

4 (C) The products offered by social media 

5 companies have altered the way that young in6 dividuals in the United States see themselves 

7 and the way their brains develop, and the Sur8 geon General has issued a historic and alarming 

9 report recognizing the detrimental impacts of 

10 those products on young individuals. 

11 (D) Frequent users of products offered by 

12 social media companies are twice as likely to ex13 perience mental health challenges, including the 

14 formation of suicidal thoughts. 

15 (E) 95 percent of young individuals in the 

16 United States report using products offered by 

17 social media almost constantly. 

18 (F) Investors face increasing uncertainty 

19 as the impacts of products offered by social 

20 media companies on young individuals become 

21 clear. 

22 (G) Valuations of social media companies 

23 have not faced volatility when investors and the 

24 public have been made aware of the adverse im25 pacts caused by those companies, but some inVerDate Sep 11 2014 04:38 Nov 19, 2024 Jkt 059200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S5337.IS S5337

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1 vestors have limitations on investing in compa2 nies that harm young individuals and society at 

3 large. 

4 (H) Disclosing the engagement that a so5 cial media company has with young individuals 

6 could inform investors so that investors can be 

7 more informed stewards of capital for their lim8 ited partners. 

9 SEC. 3. DISCLOSURE REQUIRED. 

10 Section 14 of the Securities Exchange Act of 1934 

11 (15 U.S.C. 78n) is amended by adding at the end the fol12 lowing: 

13 ‘‘(l) DISCLOSURE REGARDING YOUNG INDIVID14 UALS.— 

15 ‘‘(1) DEFINITIONS.—In this subsection: 

16 ‘‘(A) COVERED ISSUER.—The term ‘cov17 ered issuer’ means an issuer— 

18 ‘‘(i) that is a social media company; 

19 and 

20 ‘‘(ii)(I) the securities of which are reg21 istered under section 12; or 

22 ‘‘(II) that is required to file annual 

23 reports under section 15(d). 

24 ‘‘(B) FINANCIAL STATEMENT.—The term 

25 ‘financial statement’, with respect to any proxy 


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1 or consent solicitation material for an annual 

2 meeting of shareholders of a covered issuer, 

3 means a balance sheet, cash flow statement, or 

4 income statement that is included in that proxy 

5 or consent solicitation material. 

6 ‘‘(C) MARKETING.—The term ‘marketing’ 

7 means any activity carried out by a covered 

8 issuer to attract new customers or to increase 

9 usage by existing customers. 

10 ‘‘(D) SOCIAL MEDIA COMPANY.—The term 

11 ‘social media company’ means an entity that 

12 operates a digital platform that facilitates the 

13 sharing of content, ideas, and information to 

14 promote social interaction through websites, ap15 plications, and other platforms. 

16 ‘‘(E) YOUNG INDIVIDUAL.—The term 

17 ‘young individual’ means an individual who is 

18 younger than 21 years of age. 

19 ‘‘(2) REQUIREMENT.—Each covered issuer shall 

20 disclose in each financial statement included in any 

21 proxy or consent solicitation material for an annual 

22 meeting of the shareholders of the covered issuer, 

23 for the applicable period— 

24 ‘‘(A) the gross revenues generated from 

25 transactions involving young individuals; and 


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1 ‘‘(B) the total amount spent on marketing 

2 targeted toward young individuals.’’. 

Æ 


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