Senate Approves Bill Exempting Small Telecoms From Some SEC Filings
The Senate unanimously passed the Access to Capital Creates Economic Strength and Supports Rural America Act (S-3242) Wednesday night, drawing praise from NTCA. The measure and House companion HR-4360 would exempt small telecom companies from several SEC filing requirements, including…
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raising the number of investors that would trigger some SEC requirements for telecom companies that receive "support, directly through an affiliate, through any Federal universal service support" mechanism. S-3242 lead sponsors Sens. Tammy Baldwin, D-Wis., and Joni Ernst, R-Iowa, hailed the measure’s passage. It “cuts red tape for our small broadband providers and helps them expand reliable, affordable internet to more families and small businesses across Wisconsin,” Baldwin said. “I’m grateful my bipartisan effort to cut regulations, reduce unnecessary requirements, and unleash local telecom companies passed the Senate,” Ernst said. NTCA CEO Shirley Bloomfield said S-3242 “will help relieve … smaller, locally owned companies with limited resources” from SEC requirements “intended for larger, publicly traded firms.” The measure will “enable small providers to focus more on their core mission of deploying and operating advanced broadband networks in rural areas,” she said.