In the nature of a substitute.

SA 3311. Mr. PADILLA (for Ms. Baldwin (for herself and Ms. Ernst))
proposed an amendment to the bill S. 3242, to amend the Securities
Exchange Act of 1934 to revise the shareholder threshold for
registration under that Act for

[[Page S6822]]

issuers that receive support through certain Federal universal service
support mechanisms, and for other purposes; as follows:

Strike all after the enacting clause and insert the
following:

SECTION 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''.

SEC. 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.''.

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