I 
116TH CONGRESS 
2D SESSION 
H. R. 5844 
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 
FEBRUARY 11, 2020 
Mr. RIGGLEMAN 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 any Federal universal 
service support mechanism established under section 
254 of the Communications Act of 1934 (47 U.S.C. 
254) and filed the report described in 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 date of enactment of this subparagraph, on 
which 
the 
issuer 
has 
total 
assets 
exceeding 
$10,000,000 and a class of equity security (other 
than an exempted security) held of record by ei-
ther— 
‘‘(i) 2,000 persons, or 
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‘‘(ii) 1,250 persons who are not accredited 
investors,’’; 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) REPORT
BY UNIVERSAL SERVICE SUPPORT 
MECHANISM RECIPIENTS.— 
‘‘(A) IN
GENERAL.—The Commission shall 
issue regulations to establish a financial summary 
form that may be filed by an issuer that— 
‘‘(i) during its previous 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 (47 U.S.C. 254); 
and 
‘‘(ii) has a class of equity security held of 
record by 500 or more persons who are not ac-
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credited investors, but fewer than 1,250 persons 
who are not accredited investors. 
‘‘(B) CONTENTS.—The form described in sub-
paragraph (A) shall include a summary of the con-
solidated balance sheet and the consolidated income 
statement of the issuer and such other information 
as the Commission determines is necessary and ap-
propriate in the public interest and for the protec-
tion of investors.’’. 
Æ 
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