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II
116TH CONGRESS
1ST SESSION
S. 1233
To provide relief to community banks, to promote access to capital for
community banks, and for other purposes.
IN THE SENATE OF THE UNITED STATES
APRIL 30, 2019
Mr. ROUNDS introduced the following bill; which was read twice and referred
to the Committee on Banking, Housing, and Urban Affairs
A BILL
To provide relief to community banks, to promote access
to capital for community banks, and for other purposes.
Be it enacted by the Senate and House of Representa-
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tives of the United States of America in Congress assembled,
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SECTION 1. SHORT TITLE.
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This Act may be cited as the ‘‘Community Bank Ac-
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cess to Capital Act of 2019’’.
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SEC. 2. INTERNAL CONTROL ATTESTATION REQUIREMENT
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EXEMPTIONS.
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Section 404(c) of the Sarbanes-Oxley Act of 2002 (15
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U.S.C. 7262(c)) is amended—
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•S 1233 IS
(1) by striking ‘‘that is neither’’ and inserting
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the following: ‘‘that—
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‘‘(1) is neither’’;
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(2) by striking the period at the end and insert-
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ing ‘‘; or’’; and
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(3) by adding at the end the following:
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‘‘(2) is an insured depository institution or a
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depository institution holding company (as those
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terms are defined in section 3 of the Federal De-
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posit Insurance Act (12 U.S.C. 1813)) with less
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than $5,000,000,000 in total consolidated assets.’’.
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SEC. 3. ANNUAL REPORT ON FINANCIAL CONDITION AND
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MANAGEMENT.
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Section 36(a)(1) of the Federal Deposit Insurance
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Act (12 U.S.C. 1831m(a)(1)) is amended by inserting
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‘‘that has more than $5,000,000,000 in total consolidated
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assets’’ after ‘‘institution’’.
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SEC. 4. REGULATION D.
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(a) DEFINITION OF ACCREDITED INVESTORS.—Not
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later than 180 days after the date of enactment of this
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Act, the Securities and Exchange Commission shall amend
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section 230.501(a)(5)(i)(A) of title 17, Code of Federal
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Regulations, to read as follows:
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‘‘(A) The person’s primary residence shall
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be included as an asset;’’.
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•S 1233 IS
(b) LIMITATION ON NUMBER OF PURCHASERS.—Not
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later than 180 days after the date of enactment of this
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Act, the Securities and Exchange Commission shall amend
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section 230.506(b)(2)(i) of title 17, Code of Federal Regu-
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lations, to read as follows:
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‘‘(i) LIMITATION ON NUMBER OF PUR-
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CHASERS.—There are no more than or the
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issuer reasonably believes that there are no
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more than 70 purchasers of securities from
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the issuer in any offering under this sec-
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tion.’’.
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Æ
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