I 
117TH CONGRESS 
1ST SESSION H. R. 3448 
To provide for a 5-year extension of certain exemptions and reduced disclosure 
requirements for companies that were emerging growth companies and 
would continue to be emerging growth companies but for the 5-year 
restriction on emerging growth companies, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 20, 2021 
Mr. STEIL (for himself, Mr. HOLLINGSWORTH, and Mr. HILL) introduced the 
following bill; which was referred to the Committee on Financial Services 
A BILL 
To provide for a 5-year extension of certain exemptions and 
reduced disclosure requirements for companies that were 
emerging growth companies and would continue to be 
emerging growth companies but for the 5-year restriction 
on emerging growth companies, and for other purposes. 
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 ‘‘Helping Startups Con-
tinue To Grow Act’’. 
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SEC. 2. ON-RAMP EXTENSION. 
(a) DEFINITION OF A RECENT EMERGING GROWTH 
COMPANY.— 
(1) SECURITIES ACT OF 1933.—Section 2(a) of 
the Securities Act of 1933 (15 U.S.C. 77b(a)) is 
amended by adding at the end the following: 
‘‘(20) 
RECENT
EMERGING
GROWTH
COM-
PANY.—The term ‘recent emerging growth company’ 
means an issuer that— 
‘‘(A) was, but is no longer, an emerging 
growth company; 
‘‘(B) would continue to be an emerging 
growth company but for the application of sub-
paragraph (B) of paragraph (19); and 
‘‘(C) ceased to be an emerging growth 
company within the previous 5-year period.’’. 
(2) SECURITIES EXCHANGE ACT OF 1934.—Sec-
tion 3(a) of the Securities Exchange Act of 1934 
(15 U.S.C. 78c(a)) is amended— 
(A) by redesignating the second paragraph 
(80) as paragraph (81); and 
(B) by adding at the end the following: 
‘‘(82) 
RECENT
EMERGING
GROWTH
COM-
PANY.—The term ‘recent emerging growth company’ 
means an issuer that— 
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‘‘(A) was, but is no longer, an emerging 
growth company; 
‘‘(B) would continue to be an emerging 
growth company but for the application of sub-
paragraph (B) of paragraph (80); and 
‘‘(C) ceased to be an emerging growth 
company within the previous 5-year period.’’. 
(b) STREAMLINED FINANCIAL DISCLOSURES.— 
(1) SECURITIES ACT OF 1933.—Section 7(a)(2) 
of the Securities Act of 1933 (15 U.S.C. 77g(a)(2)) 
is amended— 
(A) by inserting after ‘‘An emerging 
growth company’’ the following: ‘‘and a recent 
emerging growth company’’; and 
(B) in subparagraph (A)— 
(i) by striking ‘‘such emerging growth 
company’’ and inserting ‘‘such company’’; 
and 
(ii) by striking ‘‘an emerging growth 
company’’ and inserting ‘‘such company’’. 
(2) SECURITIES EXCHANGE ACT OF 1934.—Sec-
tion 13(a) of the Securities Exchange Act of 1934 
(15 U.S.C. 78m(a)) is amended by adding at the 
end the following: ‘‘The previous sentence shall 
apply, to the same extent as such sentence applies 
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to an emerging growth company, to a recent emerg-
ing growth company.’’. 
(3) OTHER DISCLOSURES.—A recent emerging 
growth company (as defined under section 2 of the 
Securities Act of 1933) may comply with section 
229.303(a) of title 17, Code of Federal Regulations, 
or any successor thereto, by providing information 
required by such section with respect to the financial 
statements of the company for each period presented 
pursuant to section 7(a) of the Securities Act of 
1933 (15 U.S.C. 77g(a)). Such a company may com-
ply with section 229.402 of title 17, Code of Federal 
Regulations, or any successor thereto, by disclosing 
the same information as any issuer with a market 
value of outstanding voting and nonvoting common 
equity 
held 
by 
non-affiliates 
of 
less 
than 
$75,000,000. 
(c) DRAFT REGISTRATION STATEMENTS.—Section 
6(e)(1) of the Securities Act of 1933 (15 U.S.C. 77f(e)(1)) 
is amended— 
(1) by striking ‘‘emerging growth company’’ 
each place such term appears and inserting ‘‘emerg-
ing growth company or recent emerging growth com-
pany’’; and 
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(2) by striking ‘‘emerging market growth com-
pany’’ and inserting ‘‘emerging growth company or 
recent emerging growth company’’. 
(d) EXECUTIVE COMPENSATION DISCLOSURES.— 
(1) CERTAIN
SHAREHOLDER
DISCLOSURES.— 
Section 14A(e)(2) of the Securities Exchange Act of 
1934 (15 U.S.C. 78n–1(e)) is amended— 
(A) in subparagraph (A), by striking ‘‘An 
emerging growth company’’ and inserting the 
following ‘‘Any emerging growth company or re-
cent emerging growth company’’; and 
(B) in subparagraph (B)— 
(i) in the heading, by striking ‘‘TER-
MINATION
OF
EMERGING
GROWTH
COM-
PANY TREATMENT’’ and inserting ‘‘EXEMP-
TION’’; 
(ii) by striking ‘‘an emerging growth 
company but is no longer an emerging 
growth company’’ and inserting ‘‘exempt 
under subparagraph (A) but is no longer 
exempt’’; and 
(iii) in clause (ii), by inserting before 
the period the following: ‘‘or a recent 
emerging growth company’’. 
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(2) 
PAY
RATIO
DISCLOSURES.—Section 
953(b)(1) of the Investor Protection and Securities 
Reform Act of 2010 (15 U.S.C. 78l note) is amend-
ed, by striking ‘‘, as that term is defined in’’ and in-
serting ‘‘or a recent emerging growth company, as 
such terms are defined, respectively, under’’. 
(3) PAY
VS. PERFORMANCE
DISCLOSURES.— 
Section 14(i) of the Securities Exchange Act of 1934 
(15 U.S.C. 78n(i)) is amended by inserting after 
‘‘emerging growth company’’ the following: ‘‘or a re-
cent emerging growth company’’. 
(4) SIMPLIFIED
EXECUTIVE
COMPENSATION 
DISCLOSURES.—The Securities and Exchange Com-
mission shall amend section 229.402(l) of title 17, 
Code of Federal Regulations, to permit a recent 
emerging growth company (as defined under section 
2 of the Securities Act of 1933) to make use of the 
same scaled disclosures for executive compensation 
that are available pursuant to such section for small-
er reporting companies and emerging growth compa-
nies. 
Æ 
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