ACCESS Rural America Act

Bill: 118-s-3242
Sponsor: full_name: Sen. Baldwin, Tammy [D-WI]
Introduced: 2023-11-07
Policy area: Finance and Financial Sector
Subjects: Business investment and capital

Business records

Licensing and registrations

Rural conditions and development
Latest action: action_date: 2024-12-05
text: Held at the desk.

Summaries:
action_date: 2023-11-07
action_desc: Introduced in Senate
text: <p><strong>Access to Capital Creates Economic Strength and Supports Rural America Act or the ACCESS Rural America Act </strong></p><p>This bill increases the shareholder registration threshold for issuers receiving support through federal universal service support mechanisms, which provide communication services to underserved areas. The bill also requires these issuers to make available certain financial information to investors, such as a summary of their consolidated balance sheet.</p>

tv_txt: 118th CONGRESS 2d Session S. 3242 IN THE SENATE OF THE UNITED STATES AN ACT 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.

1. Short title This Act may be cited as the Access to Capital Creates Economic Strength and Supports Rural America Act or the ACCESS Rural America Act . 2. Exemption from certain registration requirements Section 12(g)(2) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78l(g)(2) ) is amended by adding at the end the following: (I) any security where— (i) the issuer of the security, during its previous fiscal year— (I) received support 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 (II) with respect to such fiscal year, not later than 120 days after the last day of such fiscal year, filed with the Commission a financial summary form that— (aa) the issuer also delivered to each holder of record; and (bb) included— (AA) a summary of the consolidated balance sheet and consolidated income statement of the issuer; and (BB) such other financially material information as the Commission determines is necessary and appropriate in the public interest and for the protection of investors; (ii) as of the last day of the previous fiscal year of the issuer of the security, the security is held of record by— (I) more than 500 persons that are not accredited investors; and (II) fewer than 2,000 persons; and (iii) the issuer of the security has total assets of not more than $10,000,000, which the Commission shall index for inflation every 5 years 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. .

Passed the Senate December 4, 2024. Secretary

tv_txt: II 118th CONGRESS 1st Session S. 3242 IN THE SENATE OF THE UNITED STATES November 7, 2023 Ms. Baldwin (for herself, Ms. Sinema , Mr. Grassley , Mr. Cramer , and Ms. Ernst ) 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 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.

1. Short title This Act may be cited as the Access to Capital Creates Economic Strength and Supports Rural America Act or the ACCESS Rural America Act . 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 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 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 2,000 or more persons, ; and (D) in the flush text following subparagraph (C), as added by subparagraph (C) of this paragraph, by adding at the end the following: 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 Consumers published by the Bureau of Labor Statistics, rounded to the nearest $100,000. ; and (2) by adding at the end the following: (7) Mandatory disclosures by certain universal service support mechanism recipients (A) In general The Commission shall issue regulations to establish a financial summary form to be filed with the Commission that may, 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 Communications Act of 1934 ( 47 U.S.C. 254 ); and (ii) has a class of equity security held of record by— (I) not fewer than 500 persons who are not accredited investors (as such term is defined by the Commission); and (II) fewer than 2,000 persons. (B) Contents The form described in subparagraph (A) shall include a summary of the consolidated balance sheet and the consolidated income statement of the issuer and such other information as the Commission determines is necessary and appropriate in the public interest and for the protection of investors. .