US Congress House Bill 2941 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 12-0)
Status: Introduced on September 15 2011 - 25% progression, died in committee
Action: 2011-10-04 - Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.
Pending: House Subcommittee on Capital Markets and Government Sponsored Enterprises Committee
Text: Latest bill text (Introduced) [PDF]

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.

Startup Expansion and Investment Act

Rep. Benjamin Quayle [R-AZ]	Rep. Robert Dold [R-IL]	Rep. Michael Grimm [R-NY]	Rep. Randy Hultgren [R-IL]
Rep. Peter King [R-NY]	Sen. James Lankford [R-OK]	Rep. Billy Long [R-MO]	Rep. Patrick McHenry [R-NC]
Rep. Ron Paul [R-TX]	Rep. Peter Roskam [R-IL]	Rep. Lamar Smith [R-TX]	Rep. Kevin Yoder [R-KS]

Date	Chamber	Action
2011-10-04	House	Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.
2011-09-15	House	Referred to the House Committee on Financial Services.

SB1962 (Related) 2011-12-07 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/house-bill/2941/all-info
Text	https://www.congress.gov/112/bills/hr2941/BILLS-112hr2941ih.pdf