IB 
Union Calendar No. 836 
115TH CONGRESS 
2D SESSION 
H. R. 6745 
[Report No. 115–1077] 
To amend the Securities Exchange Act of 1934 to revise the shareholder 
threshold for registration under such Act for issuers that receive support 
through certain Federal universal service support mechanisms, and for 
other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
SEPTEMBER 7, 2018 
Mr. DUFFY (for himself and Ms. SINEMA) introduced the following bill; which 
was referred to the Committee on Financial Services 
DECEMBER 12, 2018 
Additional sponsor: Mr. GONZALEZ of Texas 
DECEMBER 12, 2018 
Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed 
[Strike out all after the enacting clause and insert the part printed in italic] 
[For text of introduced bill, see copy of bill as introduced on September 7, 2018] 
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A BILL 
To amend the Securities Exchange Act of 1934 to revise 
the shareholder threshold for registration under such 
Act for issuers that receive support through certain Fed-
eral universal service support mechanisms, and for other 
purposes. 
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Be it enacted by the Senate and House of Representa-
tives 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. 78a et seq.) 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 pre-
vious fiscal year, received support, directly or through 
an affiliate, through any Federal universal service 
support mechanism established under section 254 of 
the Communications Act of 1934 and filed the report 
described under paragraph (7) with respect to such 
fiscal year, not later than 120 days after the last day 
of its first fiscal year ended after the effective date of 
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this subsection on which the issuer has total assets ex-
ceeding $10,000,000 and a class of equity security 
(other than an exempted security) held of record by 
either— 
‘‘(i) 2,000 persons, or 
‘‘(ii) 1,250 persons who are not accredited 
investors,’’; and 
(D) by adding at the end the following: 
‘‘The dollar figures in this paragraph shall be 
indexed for inflation every 5 years by the Com-
mission 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) REPORT BY UNIVERSAL SERVICE SUPPORT 
MECHANISM RECIPIENTS.— 
‘‘(A) IN GENERAL.—The Commission shall 
issue regulations to establish a financial sum-
mary form that may be annually filed by an 
issuer that— 
‘‘(i) during its previous fiscal year, re-
ceived support, directly or through an affil-
iate, through any Federal universal service 
support mechanism established under sec-
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tion 254 of the Communications Act of 
1934; and 
‘‘(ii) has a class of equity security held 
of record by 500 or more persons who are 
not accredited investors, but less than 1,250 
persons who are not accredited investors. 
‘‘(B) CONTENTS.—The form described under 
subparagraph (A) shall include a summary of 
the consolidated balance sheet and the consoli-
dated income statement of the issuer, and such 
other information as the Commission determines 
is necessary and appropriate in the public inter-
est and for the protection of investors. 
‘‘(C) PUBLIC AVAILABILITY OF FORMS.—The 
Commission shall make financial summary 
forms filed under this paragraph available to the 
public, including on the website of the Commis-
sion.’’. 
SEC. 3. SEC STUDY. 
(a) STUDY.—After the end of the 3-year period begin-
ning on the date of enactment of this Act, the Securities 
and Exchange Commission shall carry out a study on— 
(1) the effect of the amendments under section 2; 
and 
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(2) to what extent those changes have improved 
capital formation by the issuers described under sec-
tion 12(g)(1)(C) of the Securities Exchange Act of 
1934. 
(b) REPORT.—Not later than the end of the 180-day 
period beginning after the end of the 3-year period described 
under subsection (a), the Commission shall issue a report 
to the Congress containing— 
(1) all findings and determinations made in car-
rying out the study required under subsection (a); 
and 
(2) a recommendation as to whether issuers in 
other sectors of the economy could also benefit from 
the sort of changes made by the amendments under 
section 2. 
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