United States 119th Congress Status: In Committee Bipartisan · 1 D · 1 R cosponsors

S 5003 — 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.

Last action — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill is in committee in the Senate. Introduced July 15, 2026. It must pass committee before a floor vote.

Next likely step: a committee vote, then a floor vote in the Senate.

Odds of enactment

Low chance

Based on the sponsor, cosponsors, and committee posture, this bill has a low chance of becoming law.

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A statistical estimate from our own model of past outcomes — an insight, not a guarantee. Policymaking is volatile.

Prognosis

Advancing 34% · moderate confidence

  • In Committee

    Current position in the legislative process.

  • 2 sponsors

    1 primary, 1 co-sponsors signed on.

  • Bipartisan support

    Sponsored across 2 parties (1 D · 1 R) — cross-party backing.

Based on stage, sponsorship breadth, committee status, recorded votes, and cross-state momentum — a description of the observable signals, not a prediction.

In plain language

The bill amends the Securities Exchange Act to change registration rules for rural telephone companies' securities.

This legislation aims to adjust the registration exemptions for securities issued by rural telephone companies. It seeks to facilitate these companies' ability to raise funds without extensive regulatory hurdles.

What this means for you
  • Families: Easier funding for rural telephone companies could improve internet and communication services for your household.
  • Consumers: If rural telephone companies can raise funds more easily, it may lead to better telecommunications options in your area.
  • Small Business: This means rural telephone companies may find it easier to secure funding, potentially improving services.

Bill Text

How this bill changes current law

1 change Share ↗

Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill provides a registration exemption for securities of rural telephone companies operating broadband internet services under certain conditions.

  • 15 U.S.C. 78l(g)(2)

    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.

    This addition introduces a new exemption from registration requirements specifically for securities of rural telephone companies providing broadband services, contingent upon filing certain financial information.

Action History

  1. Introduced in Senate

  2. Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Sponsors

Sponsorship breakdown

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1 sponsors · 1 co-sponsors · 545 not signed on

Sponsors (1)

Co-sponsors (1)

Not signed on (545)

545 members have not signed on to this bill.

Show all 545 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance technology
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

Who sponsors S 5003?
S 5003 is sponsored by Baldwin, Tammy (Democratic) and Ernst, Joni (Republican).
What is the current status of S 5003?
This bill is in committee in the Senate. Introduced July 15, 2026. It must pass committee before a floor vote.
Where can I track S 5003?
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Last checked for changes 3 months ago · updated continuously

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