S 5003 Re-checks Congress.gov for new actions and updates the bill's status, and fills in any sponsors, committees, or related bills that are missing. It does not re-pull sponsors/cosponsors/committees/related — those rarely change — and it skips all work if nothing has changed upstream, so it's cheap to click.
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.
Summary
- Creates an exemption from Securities and Exchange Commission registration requirements for securities issued by rural telephone companies that provide broadband internet access.
- Exemption applies to companies with fewer than 100,000 broadband subscribers across all affiliates and subsidiaries.
- Requires rural telephone companies to file annual financial summary forms with the SEC and shareholders, including balance sheet, income statement, broadband subscriber data, and other material financial information.
- Exemption applies only to securities held by more than 500 non-accredited investors but fewer than 2,000 total investors.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Sen. Baldwin, Tammy [D-WI] (D-WI)
1 cosponsor
- Sen. Ernst, Joni [R-IA] (R-IA)
Actions (2)
- Jul 15, 2026 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. · senate
- Jul 15, 2026 Introduced in Senate
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Text versions (1)
Bills are re-published as they move (Introduced → Reported → Engrossed → Enrolled …). Each stage below is a separate text; pick two to see what changed. Data from Congress.gov.
Full text
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.”. <all>
Comments