H.R. 2941 (112th): Startup Expansion and Investment Act

Introduced:
Sep 15, 2011 (112th Congress, 2011–2013)
Sponsor:
Rep. Ben Quayle [R-AZ3]
Status:
Died (Referred to Committee)
See Instead:

S. 1962 (same title)
Referred to Committee — Dec 07, 2011

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on September 15, 2011, in a previous session of Congress, but was not enacted.

Progress
Introduced Sep 15, 2011
Referred to Committee Sep 15, 2011
Cosponsors
11 cosponsors (11R) (show)
Committees

House Financial Services

The committee chair determines whether a bill will move past the committee stage.

Full Title

To make the internal control reporting and assessment requirements of the Sarbanes-Oxley Act of 2002 optional for certain smaller companies.

Summary

No summaries available.

Text

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Last updated Sep 15, 2011.
2 pages

Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

9/15/2011--Introduced.
Startup Expansion and Investment Act - Amends the Sarbanes-Oxley Act of 2002 to revise an exception to rules prescribed by the Securities and Exchange Commission (SEC) that require the annual reports of certain publicly traded securities issuers to contain:
(1) an assessment of the issuer's internal control structure and procedures for financial reporting, and
(2) an attestation to such assessment by each registered public accounting firm that prepares or issues an audit report for the issuer.
Permits an issuer to elect not to provide such an assessment and attestation if the issuer:
(1) has a total market capitalization for the relevant reporting period of less than $1 billion; and
(2) is not subject to the annual reporting requirement under the Securities Exchange Act of 1934, or has been subject to such requirement for a period fewer than 10 years.
(Current law exempts issuers with an aggregate worldwide market value of the voting and non-voting common equity held by its non-affiliates of below $75 million, as of the last business day of the issuer's most recently completed second fiscal quarter.) Requires an issuer electing not to provide such assessment and attestation to disclose that decision in its next annual report.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

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