H.R. 3213 (112th): Small Company Job Growth and Regulatory Relief Act of 2011

112th Congress, 2011–2013. Text as of Oct 14, 2011 (Introduced).

Status & Summary | PDF | Source: GPO

I

112th CONGRESS

1st Session

H. R. 3213

IN THE HOUSE OF REPRESENTATIVES

October 14, 2011

(for himself, Mr. Garrett, Mr. Grimm, Mr. Hensarling, Mr. Dold, Mr. Huizenga of Michigan, Mr. Quayle, Mr. Westmoreland, Mr. Neugebauer, Mr. Stivers, Mr. Rigell, Mr. DesJarlais, Mr. McHenry, and Mr. Luetkemeyer) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To amend the Sarbanes-Oxley Act of 2002 to provide additional exemptions from the internal control auditing requirements for smaller and newer public companies.

1.

Short title

This Act may be cited as the Small Company Job Growth and Regulatory Relief Act of 2011.

2.

Exemption from audit requirement for smaller issuers

Section 404 of the Sarbanes-Oxley Act of 2002 is amended by striking subsection (c) and inserting the following:

(c)

Exemption for smaller issuers

Subsection (b) shall not apply with respect to any report required under subsection (a) of an issuer that has a total public float for the relevant reporting period of less than $350,000,000.

(d)

Rule of construction

Nothing in the exemptions provided for in subsection (c) shall be construed to relieve or exempt any issuer from the requirements for internal control reporting and assessment under subsection (a) or the requirement that officers of the issuer certify each annual and quarterly report pursuant to section 302.