To increase American job creation and economic growth by improving access to the public capital markets for emerging growth companies.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Reopening American Capital Markets to Emerging Growth Companies Act of 2011''.
SEC. 2. DEFINITIONS.
(a) Securities Act of 1933.--Section 2(a) of the Securities Act of 1933 (15 U.S.C. 77b(a)) is amended by adding at the end the following: ``(19) The term `emerging growth company' means an issuer that had total annual gross revenues of less than $1,000,000,000 during its most recently completed fiscal year. An issuer that is an emerging growth company as of the first day of that fiscal year shall continue to be deemed an emerging growth company until the earliest of-- ``(A) the last day of the fiscal year of the issuer during which it had total annual gross revenues of $1,000,000,000 or more; ``(B) the last day of the fiscal year of the issuer following the fifth anniversary of the date of the first sale of common equity securities of the issuer pursuant to an effective registration statement under this title; and ``(C) the date on which such issuer is deemed to be a `large accelerated filer', as defined in section 240.12b-2 of title 17 of the Code of Federal Regulations, or any successor thereto.''. (b) Securities Exchange Act of 1934.--Section 3(a) of the Securities...