ACCESS Rural America Act

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 5003 Introduced in Senate (IS)]

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119th CONGRESS
  2d Session
                                S. 5003

 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.

_______________________________________________________________________

                   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.

    Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,

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 (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.''.
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