IB 
Union Calendar No. 474 
114TH CONGRESS 
2D SESSION 
H. R. 4638 
[Report No. 114–609] 
To amend the Securities Exchange Act of 1934 to allow for the creation 
of venture exchanges to promote liquidity of venture securities, and 
for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
FEBRUARY 26, 2016 
Mr. GARRETT (for himself and Mr. CHABOT) introduced the following bill; 
which was referred to the Committee on Financial Services 
JUNE 8, 2016 
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 February 26, 2016] 
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A BILL 
To amend the Securities Exchange Act of 1934 to allow 
for the creation of venture exchanges to promote liquidity 
of venture securities, 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 ‘‘Main Street Growth 
Act’’. 
SEC. 2. VENTURE EXCHANGES. 
(a) SECURITIES EXCHANGE ACT OF 1934.—Section 6 
of the Securities Exchange Act of 1934 (15 U.S.C. 78f) is 
amended by adding at the end the following: 
‘‘(m) VENTURE EXCHANGE.— 
‘‘(1) REGISTRATION.— 
‘‘(A) IN
GENERAL.—A national securities 
exchange may elect to be treated (or for a listing 
tier of such exchange to be treated) as a venture 
exchange by notifying the Commission of such 
election, either at the time the exchange applies 
to be registered as a national securities exchange 
or after registering as a national securities ex-
change. 
‘‘(B) DETERMINATION TIME PERIOD.—With 
respect to a securities exchange electing to be 
treated (or for a listing tier of such exchange to 
be treated) as a venture exchange— 
‘‘(i) at the time the exchange applies to 
be registered as a national securities ex-
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change, such application and election shall 
be deemed to have been approved by the 
Commission unless the Commission denies 
such application before the end of the 6- 
month period beginning on the date the 
Commission received such application; and 
‘‘(ii) after registering as a national se-
curities exchange, such election shall be 
deemed to have been approved by the Com-
mission unless the Commission denies such 
approval before the end of the 6-month pe-
riod beginning on the date the Commission 
received notification of such election. 
‘‘(2) POWERS
AND
RESTRICTIONS.—A venture 
exchange— 
‘‘(A) may only constitute, maintain, or pro-
vide a market place or facilities for bringing to-
gether purchasers and sellers of venture securi-
ties; 
‘‘(B) may determine the increment to be 
used for quoting and trading venture securities 
on the exchange; 
‘‘(C) 
shall 
disseminate 
last 
sale 
and 
quotation information on terms that are fair 
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