Toward reducing regulatory burdens, eligible rural telecommunications providers would be allowed to file streamlined financial reports with the Securities and Exchange Commission (SEC) under a bipartisan bill being cosponsored by U.S. Sen. Joni Ernst (R-IA).
The Access to Capital Creates Economic Strength and Supports Rural America Act, or the ACCESS Rural America Act, S. 5003 would amend the Securities Exchange Act of 1934 to address registration exemptions for securities of issuers that are rural telephone companies, according to the bill’s text. U.S. Sen. Tammy Baldwin (D-WI) is sponsoring the measure.
“Reliable broadband is essential for Iowa families, farmers, students, and small businesses,” Sen. Ernst said on July 17. “I’m proud to partner with Sen. Baldwin to cut unnecessary red tape through our bipartisan ACCESS Rural America Act so small, rural broadband providers can spend less time on paperwork and more time connecting rural America.”
Many rural telecom providers are the only source of broadband, phone, and cable service in their areas, the lawmakers said, and their “common-sense reform” would help these companies focus on expanding reliable service instead of complying with unnecessary paperwork.
“Unfortunately, burdensome regulations intended for much larger companies are hurting our small broadband providers and limiting their ability to reach more people,” said Sen. Baldwin. “My bipartisan bill cuts through that red tape and helps our local providers expand access to high speed, affordable internet for families and businesses across Wisconsin.”
S. 5003 has garnered support from NTCA – The Rural Broadband Association and Premier Communications in Sioux Center, Iowa.