Jon Tester: “I ask unanimous consent that the reading of the amendment be dispensed with. The PRESIDING OFFICER. Without objection…”

“I ask unanimous consent that the reading of the amendment be dispensed with. The PRESIDING OFFICER. Without objection, it is so ordered. The amendment is as follows: (Purpose: To amend the Securities Act of 1933 to require the Securities and Exchange Commission to exempt a certain class of securities from such Act) At the end, insert the following: SEC. ___. SMALL COMPANY CAPITAL FORMATION ACT OF 2012. (a) Short Title.--This section may be cited as the ``Small Company Capital Formation Act of 2012''. (b) Authority to Exempt Certain Securities.-- (1) In general.--Section 3(b) of the Securities Act of 1933 (15 U.S.C. 77c(b)) is amended-- (A) by striking ``(b) The Commission'' and inserting the following: ``(2) Additional exemptions.-- ``(A) Small issues exemptive authority.--The Commission''; and (B) by adding at the end the following: ``(B) Additional issues.--The Commission shall by rule or regulation add a class of securities to the securities exempted pursuant to this section in accordance with the following terms and conditions: ``(i) The aggregate offering amount of all securities offered and sold within the prior 12-month period in reliance on the exemption added in accordance with this paragraph shall not exceed $50,000,000. ``(ii) The securities may be offered and sold publicly. ``(iii) The securities shall not be restricted securities within the meaning of the Federal securities laws and the regulations promulgated thereunder.…”