(D) A provider of a large covered platform 
to make an advertisement available in the ad-
vertisement library within an amount of time 
specified in such regulations after the advertise-
ment is posted on the platform. 
(E) A provider of a large covered platform 
to make an advertisement available in the ad-
vertisement library for an amount of time speci-
fied in such regulations. 
(F) A provider of a large covered platform 
to ensure that the advertisement library cannot 
be used to identify an individual targeted by an 
advertisement. 
(2) NO ADDITIONAL INFORMATION COLLECTION 
REQUIRED.—The regulations issued under para-
graph (1) shall specify that a provider of a large 
covered platform is not required to collect any infor-
mation for the advertisement library that the pro-
vider does not collect in the ordinary course of busi-
ness. 
(3) PUBLIC
AVAILABILITY.—The regulations 
issued under paragraph (1) shall require a provider 
of a large covered platform to make available to the 
public a version of the advertisement library main-
tained under such regulations. Such regulations may 
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specify that such public version is not required to 
contain certain information required to be included 
in the version to which the Commission and certified 
researchers are granted access. 
(g) HIGH-REACH PUBLIC CONTENT STREAM.— 
(1) IN GENERAL.—Not later than 18 months 
after the date of the enactment of this Act, the 
Commission shall issue regulations under section 
553 of title 5, United States Code, that require a 
provider of a large covered platform to maintain, 
and grant certified researchers and the Commission 
access to, a high-reach public content stream that 
contains in a searchable, machine-readable format 
the following information (which may be updated by 
the Commission as the Commission determines to be 
necessary): 
(A) The pieces of high-reach and high-en-
gagement public content, such as user-gen-
erated posts, texts, hyperlinks, images, and vid-
eos, made available on the large covered plat-
form. 
(B) The frequency with which such pieces 
of content are shared over a period of time 
within a recognized place. 
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(C) Engagement (such as sharing and 
likes) with such pieces of content, including the 
demographic breakdown of users that interact 
with the content (to the extent such breakdown 
is known or inferred). 
(D) Exposure (such as viewership or im-
pressions) to such pieces of content, including 
the demographic breakdown of users exposed to 
the content (to the extent such breakdown is 
known or inferred). 
(E) Public high-profile accounts involved in 
the spread of such pieces of content. 
(F) Any other information relating to such 
pieces of content that the Commission considers 
appropriate. 
(2) CONSIDERATIONS.—In issuing regulations 
under paragraph (1), the Commission shall consider 
the following: 
(A) What constitutes high-reach and high- 
engagement public content for purposes of such 
regulations. 
(B) The time by which a piece of content 
is required to become available, and the period 
of time for which the piece of content is re-
quired to remain available, in the high-reach 
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public content stream, with the goal of pro-
viding a near real-time understanding of high- 
reach and high-engagement public content on 
the platform. 
(C) What constitutes a public high-profile 
account, considering not only that the profile is 
set to public but that the number of followers 
is greater than 25,000 users. 
(D) Any other matters the Commission 
considers appropriate. 
(3) NO ADDITIONAL INFORMATION COLLECTION 
REQUIRED.—The regulations issued under para-
graph (1) shall specify that a provider of a large 
covered platform is not required to collect any infor-
mation about users for the high-reach public content 
stream that the provider does not collect in the ordi-
nary course of business. 
(4) PUBLIC
AVAILABILITY.—The regulations 
issued under paragraph (1) may require a provider 
of a large covered platform to make available to the 
public a version of the high-reach public content 
stream maintained under such regulations. Such 
regulations may specify that such public version is 
not required to contain certain information required 
to be included in the version to which the Commis-
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sion and certified researchers are granted access be-
cause of national security or privacy concerns. 
SEC. 11. RESEARCH FELLOWSHIP PROGRAM. 
(a) ESTABLISHMENT.—Not later than 1 year after 
the date of the enactment of this Act, the Commission 
shall issue regulations under section 553 of title 5, United 
States Code, to establish within the Bureau a fellowship 
program (in this section referred to as the ‘‘program’’) 
in accordance with this section that offers individuals ap-
pointments as fellows to conduct— 
(1) research relating to understanding of and 
mitigating systemic risks described in section 
4(a)(3), with a focus on research that requires infor-
mation that is difficult or impossible for a certified 
researcher to obtain under section 10; and 
(2) research projects with a focus on domestic 
and global information ecosystem studies that re-
quire information from or about multiple hosting 
services and longer time horizons. 
(b) APPLICATIONS.—The Commission shall prescribe 
the process for an individual to apply for appointment as 
a fellow under the program. 
(c) ELIGIBILITY.— 
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