II 118th CONGRESS 2d Session S. 5337 IN THE SENATE OF THE UNITED STATES November 18, 2024 Mr. Helmy introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To amend the Securities Exchange Act of 1934 to require social media companies to disclose the gross revenues from transactions involving individuals who are younger than 21 years of age, and for other purposes.

1. Short title This Act may be cited as the Youth Revenue Transparency Act . 2. Findings Congress finds the following: (1) The Securities and Exchange Commission (referred to in this section as the Commission ) has broad authority to require the disclosure of information if that information is in the interest of, or is material to, investors. (2) As of the day before the date of enactment of this Act, the Commission does not require social media companies to disclose information related to the gross revenues generated from transactions involving individuals who are younger than 21 years of age (referred to in this section as young individuals ) or related to the amount spent on marketing targeted toward young individuals. (3) Requiring the reporting and standardization of the information described in paragraph (2) is in the interest of the public, and ultimately investors, for the following reasons: (A) Young individuals in the United States are in crisis, as evidenced by the fact that, during the 10-year period preceding the date of enactment of this Act, cases of severe depression among young individuals in the United States have nearly doubled. (B) In the 2010s, suicidal behaviors among high school students in the United States increased by more than 40 percent. (C) The products offered by social media companies have altered the way that young individuals in the United States see themselves and the way their brains develop, and the Surgeon General has issued a historic and alarming report recognizing the detrimental impacts of those products on young individuals. (D) Frequent users of products offered by social media companies are twice as likely to experience mental health challenges, including the formation of suicidal thoughts. (E) 95 percent of young individuals in the United States report using products offered by social media almost constantly. (F) Investors face increasing uncertainty as the impacts of products offered by social media companies on young individuals become clear. (G) Valuations of social media companies have not faced volatility when investors and the public have been made aware of the adverse impacts caused by those companies, but some investors have limitations on investing in companies that harm young individuals and society at large. (H) Disclosing the engagement that a social media company has with young individuals could inform investors so that investors can be more informed stewards of capital for their limited partners. 3. Disclosure required Section 14 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78n ) is amended by adding at the end the following: (l) Disclosure regarding young individuals (1) Definitions In this subsection: (A) Covered issuer The term covered issuer means an issuer— (i) that is a social media company; and (ii) (I) the securities of which are registered under section 12; or (II) that is required to file annual reports under section 15(d). (B) Financial statement The term financial statement , with respect to any proxy or consent solicitation material for an annual meeting of shareholders of a covered issuer, means a balance sheet, cash flow statement, or income statement that is included in that proxy or consent solicitation material. (C) Marketing The term marketing means any activity carried out by a covered issuer to attract new customers or to increase usage by existing customers. (D) Social media company The term social media company means an entity that operates a digital platform that facilitates the sharing of content, ideas, and information to promote social interaction through websites, applications, and other platforms. (E) Young individual The term young individual means an individual who is younger than 21 years of age. (2) Requirement Each covered issuer shall disclose in each financial statement included in any proxy or consent solicitation material for an annual meeting of the shareholders of the covered issuer, for the applicable period— (A) the gross revenues generated from transactions involving young individuals; and (B) the total amount spent on marketing targeted toward young individuals. .