S. 5003Senate119th Congress (2025-2027)In Committee

ACCESS Rural America Act

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Updated July 25, 2026 at 4:41 AM UTC

The ACCESS Rural America Act creates a registration exemption for securities issued by rural telephone companies that provide broadband service. By easing securities filing requirements, the bill aims to help these small providers raise capital while still giving investors key financial information. The exemption applies only to companies with limited broadband subscriber bases and to securities held by a broad group of non‑accredited investors.

Key Provisions

Adds a new exemption under Section 12(g)(2) of the Securities Exchange Act for securities of rural telephone companies that provide broadband internet service.
To qualify, the issuer must file a financial summary with the SEC within 120 days after its fiscal year, including a balance sheet, income statement, broadband subscriber data, and any other material information the SEC deems necessary.
The company and its affiliates must have no more than 100,000 broadband subscribers in the United States at the end of the prior fiscal year.
The exempt security must be held of record by more than 500 non‑accredited investors and fewer than 2,000 total holders.

Legislative Activity

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SenateIntro Referral Latest Action

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Banking, Housing, and Urban Affairs Committee

July 15, 2026

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SenateIntro Referral

Introduced in Senate

July 15, 2026

SenateIntro Referral

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Banking, Housing, and Urban Affairs Committee

July 15, 2026

Bill Text

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Introduced in SenateIssued July 15, 2026

119th CONGRESS

2d Session

S. 5003

IN THE SENATE OF THE UNITED STATES

July 15, 2026

Ms. Baldwin (for herself 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 address registration exemptions for securities of issuers that are rural telephone companies, and for other purposes.

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.

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 (or any affiliate or subsidiary of that issuer) is a rural telephone company, as defined in section 3 of the Communications Act of 1934 (47 U.S.C. 153), that provides broadband internet access service, as defined in section 8.1(b) of title 47, Code of Federal Regulations, or any successor regulation;

(ii)

not later than 120 days after the last day of the previous fiscal year of the issuer of the security, that issuer filed with the Commission a financial summary form that—

(I)

the issuer also delivered to each holder of record; and

(II)

included—

(aa)

a summary of the consolidated balance sheet and consolidated income statement of the issuer;

(bb)

subscriber data with respect to broadband internet access service, as defined in subclause (I); and

(cc)

such other financially material information as the Commission determines is necessary and appropriate in the public interest and for the protection of investors; and

(iii)

as of the last day of the previous fiscal year of the issuer of the security—

(I)

that issuer, and all of the affiliates and subsidiaries of that issuer, collectively had not more than 100,000 subscribers of broadband internet access service (as defined in clause (i)(I)) in the United States; and

(II)

the security was held of record by—

(aa)

more than 500 persons that are not accredited investors; and

(bb)

fewer than 2,000 persons.