US Congress Senate Bill 452 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Introduced on February 12 2019 - 25% progression, died in committee
Action: 2019-02-12 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Introduced) [PDF]

Establishes a temporary exemption from the requirement that each registered public accounting firm that prepares or issues an audit report for an issuer of securities (other than an emerging growth company) shall attest to, and report on, the internal control assessment made by the management of the issuer. Specifically, this requirement shall not apply with respect to an audit report prepared for an issuer that ceased to be an emerging growth company on the last day of its fiscal year following the five-year period beginning on the date of its first sale of common equity securities, had average annual gross revenues of less than $50 million as of its most recently completed fiscal year, and is not a large accelerated filer. An issuer shall cease to be eligible for the exemption at the earliest of (1) the last day of the fiscal year following the 10-year period beginning on the date of its first sale of common equity securities, (2) the last day of the fiscal year in which its average annual gross revenues exceed $50 million, or (3) when the issuer becomes a large accelerated filer.

Fostering Innovation Act of 2019

Sen. Thom Tillis [R-NC]

Sen. Gary Peters [D-MI]

Sen. David Perdue [R-GA]

Sen. Kyrsten Sinema [I-AZ]

Date	Chamber	Action
2019-02-12	Senate	Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

HB3886 (Related) 2019-07-23 - Referred to the House Committee on Financial Services.

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/senate-bill/452/all-info
Text	https://www.congress.gov/116/bills/s452/BILLS-116s452is.pdf