An act that intends to provide relief to small broadband providers by easing their burden of regulatory costs has passed unanimously in the U.S. Senate. The Access to Capital Creates Economic Strength and Supports (ACCESS) Rural America Act, now heads to the U.S. House of Representatives.
“The ACCESS Rural America Act provides regulatory relief to rural telecommunications service providers by allowing them to submit streamlined financial reports to the Securities and Exchange Commission (SEC),” said Senator Tammy Baldwin (D-WI), who co-sponsored the bill with Senator Joni Ernst (R-IA). “These small companies—many of which are the sole service providers in their region—could be put out of business by regulatory costs and unnecessary red tape,” said Baldwin.
Specifically, the measure would create an exemption from certain SEC public registration and reporting requirements for rural telecommunications companies. “This will save these small companies from costly and burdensome requirements that were never intended for them,” according to Baldwin and Ernest.
Shirley Bloomfield, chief executive officer of NTCA–The Rural Broadband Association, thanked Senators Baldwin and Ernst for supporting the bipartisan legislation. “Federal Securities and Exchange Commission registration and reporting requirements intended for larger, publicly traded firms pose significant challenges for, and can impose substantial burdens on, smaller, locally owned companies with limited resources,” Bloomfield stated. Bloomfield also said the bill will allow rural providers “to focus more on their core mission of deploying and operating advanced broadband networks in rural areas.”
Rural Wisconsin provider Lakeland Communications President/CEO John Klatt said, “ACCESS Rural America will enable us to get back to doing more network building, connecting fiber optic in rural settings, and supporting the business of the good people of rural Wisconsin, while spending less of our resources on burdensome SEC regulation compliance. We now call on the US House of Representatives to pass the ACCESS Rural America Act as soon as possible.”
The bill was also co-sponsored by Sen. Krysten Sinema (I-AZ), Sen. Kevin Cramer (R-ND), and Sen. Chuck Grassley (R-IA).
By Leslie Stimson, Inside Towers Washington Bureau Chief
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