I 
118TH CONGRESS 
1ST SESSION H. R. 4360 
To amend the Securities Exchange Act of 1934 to revise the shareholder 
threshold for registration under that Act for issuers that receive support 
through certain Federal universal service support mechanisms, and for 
other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JUNE 23, 2023 
Mr. TIFFANY (for himself, Mr. SORENSEN, and Mr. GROTHMAN) introduced 
the following bill; which was referred to the Committee on Financial Services 
A BILL 
To amend the Securities Exchange Act of 1934 to revise 
the shareholder threshold for registration under that Act 
for issuers that receive support through certain Federal 
universal service support mechanisms, and for other pur-
poses. 
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 Cre-
ates Economic Strength and Supports Rural America 
Act’’ or the ‘‘ACCESS Rural America Act’’. 
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SEC. 2. SHAREHOLDER THRESHOLD FOR REGISTRATION 
OF CERTAIN ISSUERS. 
Section 12(g) of the Securities Exchange Act of 1934 
(15 U.S.C. 78l(g)) 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 
previous fiscal year, received support, directly or 
through an affiliate, through the Federal universal 
service support mechanism for rural, insular, and 
high cost areas established under section 254 of the 
Communications Act of 1934 (47 U.S.C. 254) and 
filed the report described in paragraph (7) with re-
spect to such fiscal year, and did not issue securities 
(other than splitting of existing securities) during 
the previous fiscal year and does not intend to do so 
during the present fiscal year, not later than 120 
days after the last day of its first fiscal year ended 
after the date of enactment of this subparagraph, on 
which 
the 
issuer 
has 
total 
assets 
exceeding 
$10,000,000 and a class of equity security (other 
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than an exempted security) held of record by 2,000 
or more persons,’’; and 
(D) in the flush text following subpara-
graph (C), as added by subparagraph (C) of 
this paragraph, by adding at the end the fol-
lowing: ‘‘The dollar figures in subparagraph (C) 
shall be indexed for inflation every 5 years by 
the Commission to reflect the change in the 
Consumer Price Index for All Urban Con-
sumers published by the Bureau of Labor Sta-
tistics, rounded to the nearest $100,000.’’; and 
(2) by adding at the end the following: 
‘‘(7) MANDATORY DISCLOSURES BY CERTAIN UNI-
VERSAL SERVICE SUPPORT MECHANISM RECIPIENTS.— 
‘‘(A) IN
GENERAL.—The Commission shall 
issue regulations to establish a financial summary 
form that shall, upon request by an investor, be 
made available by an issuer that— 
‘‘(i) during its previous fiscal year, received 
support, directly or through an affiliate, 
through the Federal universal service support 
mechanism for rural, insular, and high cost 
areas established under section 254 of the Com-
munications Act of 1934 (47 U.S.C. 254); and 
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‘‘(ii) has a class of equity security held of 
record by not fewer than 500, and fewer than, 
2,000 persons. 
‘‘(B) CONTENTS.—The form described in sub-
paragraph (A) shall include— 
‘‘(i) a summary of the consolidated balance 
sheet and the consolidated income statement of 
the issuer; 
‘‘(ii) a certification that the issuer did not 
issue securities (other than splitting of existing 
securities) during the previous fiscal year and 
does not intend to do so during the present fis-
cal year; and 
‘‘(iii) such other information as the Com-
mission determines is necessary and appropriate 
in the public interest and for the protection of 
investors.’’. 
Æ 
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