H. R. 3655
IN THE HOUSE OF REPRESENTATIVES
December 13, 2011
Mr. Royce (for himself, Mr. Canseco, Mr. Jones, Mr. Paul, Mr. Hensarling, and Mrs. Bachmann) introduced the following bill; which was referred to the Committee on Financial Services
To amend the Sarbanes-Oxley Act of 2002 to provide additional exemptions from the internal control auditing requirements for smaller and newer public companies.
This Act may be cited as the
Small Business Access to Capital Act of
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:
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 $1,000,000,000.
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.