I 
115TH CONGRESS 
2D SESSION 
H. R. 6745 
To amend the Securities Exchange Act of 1934 to revise the shareholder 
threshold for registration under such Act for issuers that receive support 
through certain Federal universal service support mechanisms, and for 
other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
SEPTEMBER 7, 2018 
Mr. DUFFY (for himself and Ms. SINEMA) 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 such 
Act for issuers that receive support through certain Fed-
eral universal service support mechanisms, 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 ‘‘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. 78a et seq.) 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 and filed 
the report described under paragraph (7) with re-
spect to such fiscal year, not later than 120 days 
after the last day of its first fiscal year ended after 
the effective date of this subsection on which the 
issuer has total assets exceeding $10,000,000 and a 
class of equity security (other than an exempted se-
curity) held of record by either— 
‘‘(i) 2,000 persons, or 
‘‘(ii) 1,250 persons who are not accredited 
investors,’’; and 
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(D) by adding at the end the following: 
‘‘The dollar figures in this paragraph shall be 
indexed for inflation every 5 years by the Com-
mission to reflect the change in the Consumer 
Price Index for All Urban Consumers published 
by the Bureau of Labor Statistics, 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; and 
‘‘(ii) has a class of equity security held of 
record by 500 or more persons who are not ac-
credited investors, but less than 1,250 persons 
who are not accredited investors. 
‘‘(B) CONTENTS.—The form described under 
subparagraph (A) shall include a summary of the 
consolidated balance sheet and the consolidated in-
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come statement of the issuer, and such other infor-
mation as the Commission determines is necessary 
and appropriate in the public interest and for the 
protection of investors.’’. 
SEC. 3. SEC STUDY. 
(a) STUDY.—After the end of the 3-year period be-
ginning on the date of enactment of this Act, the Securi-
ties and Exchange Commission shall carry out a study 
on— 
(1) the effect of the amendments under section 
2; and 
(2) to what extent those changes have improved 
capital formation by the issuers described under sec-
tion 12(g)(1)(C) of the Securities Exchange Act of 
1934. 
(b) REPORT.—Not later than the end of the 180-day 
period beginning after the end of the 3-year period de-
scribed under subsection (a), the Commission shall issue 
a report to the Congress containing— 
(1) all findings and determinations made in car-
rying out the study required under subsection (a); 
and 
(2) a recommendation as to whether issuers in 
other sectors of the economy could also benefit from 
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the sort of changes made by the amendments under 
section 2. 
Æ 
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