IB 
Union Calendar No. 630 
115TH CONGRESS 
2D SESSION 
H. R. 5970 
[Report No. 115–811] 
To require the Securities and Exchange Commission to implement rules 
simplifying the quarterly financial reporting regime. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 24, 2018 
Mrs. WAGNER introduced the following bill; which was referred to the 
Committee on Financial Services 
JULY 10, 2018 
Reported with amendments, 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 May 24, 2018] 
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A BILL 
To require the Securities and Exchange Commission to im-
plement rules simplifying the quarterly financial report-
ing regime. 
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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 ‘‘Modernizing Disclosures 
for Investors Act’’. 
SEC. 2. FORM 10-Q ANALYSIS. 
(a) IN GENERAL.—The Securities and Exchange Com-
mission shall conduct an analysis of the costs and benefits 
of requiring reporting companies to use Form 10-Q for sub-
mitting quarterly financial reports. Such analysis shall 
consider— 
(1) the costs and benefits of Form 10-Q to emerg-
ing growth companies; 
(2) the costs and benefits of Form 10-Q to the 
Commission in terms of its ability to protect inves-
tors, maintain fair, orderly, and efficient markets, 
and facilitate capital formation; 
(3) the costs and benefits of Form 10-Q to other 
reporting companies, investors, market researchers, 
and other market participants, including the costs 
and benefits associated with— 
(A) the public availability of the informa-
tion required to be filed on Form 10-Q; 
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(B) the use of a standardized reporting for-
mat across all classes of reporting companies; 
and 
(C) the quarterly disclosure by some compa-
nies of financial information in formats other 
than Form 10-Q, such as a quarterly earnings 
press release; 
(4) the costs and benefits of alternative formats 
for quarterly reporting for emerging growth compa-
nies to emerging growth companies, the Commission, 
other reporting companies, investors, market research-
ers, and other market participants; and 
(5) the expected impact of the use of alternative 
formats of quarterly reporting by emerging growth 
companies on overall market transparency and effi-
ciency. 
(b) REPORT REQUIRED.—Not later than 180 days 
after the date of enactment of this Act, the Commission shall 
issue a report to Congress that includes— 
(1) the results of the analysis required by sub-
section (a); and 
(2) recommendations for decreasing costs, in-
creasing transparency, and increasing efficiency of 
quarterly financial reporting by emerging growth 
companies. 
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Amend the title so as to read: ‘‘A bill to require the 
Securities and Exchange Commission to carry out a cost 
benefit analysis of the use of Form 10-Q and for other 
purposes.’’. 
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Union Calendar No. 630 
115TH CONGRESS 
2D SESSION 
H. R. 5970 
[Report No. 115–811] 
A BILL 
To require the Securities and Exchange Commis-
sion to implement rules simplifying the quarterly 
financial reporting regime. 
JULY 10, 2018 
Reported with amendments, committed to the Committee 
of the Whole House on the State of the Union, and or-
dered to be printed 
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00:29 Jul 11, 2018
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