HB 20-16: Sarbanes-Oxley Reform Act (Voting)
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  HB 20-16: Sarbanes-Oxley Reform Act (Voting)		 « previous next »
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Author Topic: HB 20-16: Sarbanes-Oxley Reform Act (Voting)  (Read 512 times)
YE
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« on: October 09, 2019, 01:21:27 AM »
« edited: October 22, 2019, 01:41:45 AM by Speaker YE »
Quote
SARBANES-OXLEY REFORM ACT

House Bill
to relax burdensome regulations on smaller companies

Quote
SECTION I: NAME
a. This act shall be called the Sarbanes-Oxley Reform Act.

SECTION II: EXEMPTION FOR SMALLER COMPANIES
a. The regulation requiring all publicly traded companies with an aggregate worldwide market value at $75 million to conduct a PCAOB approved audit each year shall be amended to exempt all such companies with an aggregate worldwide market value of $700 Million. Nothing in this section shall affect any criminal penalties for any crime committed by the publicly traded company. 17 CFR 240.12b-2 shall be amended accordingly.

SECTION III: TIME
a. This Act shall take effect January 1, 2021.

Sponsor: Citizen

Think this may need a sponsor can't remember.

72 hours to debate.
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Devout Centrist
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« Reply #1 on: October 09, 2019, 01:31:22 AM »
Goes without saying that I oppose this. We should resist any attempts to undermine Sarbanes-Oxley. Publicly traded companies ought to abide by the same rules and regulations, regardless of size or market valuation.

I stand opposed to any effort to make investors more vulnerable to fraud.
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Dr. MB
MB
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« Reply #2 on: October 13, 2019, 02:13:52 PM »
Yeah, this doesn't do any good and just reduces transparency.
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Dr. MB
MB
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« Reply #3 on: October 16, 2019, 12:52:19 AM »
Any other thoughts?
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P. Clodius Pulcher did nothing wrong
razze
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« Reply #4 on: October 16, 2019, 08:58:42 PM »
I'll be opposing this bill as well
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Dr. MB
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« Reply #5 on: October 16, 2019, 10:06:16 PM »
Motion for a final vote.
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YE
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« Reply #6 on: October 17, 2019, 12:25:05 AM »
24 hours to object.
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YE
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« Reply #7 on: October 22, 2019, 01:41:19 AM »
A final vote is now open.
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YE
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« Reply #8 on: October 22, 2019, 01:41:33 AM »
Nay.
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Dr. MB
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« Reply #9 on: October 22, 2019, 01:46:13 AM »
Nay
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RC
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« Reply #10 on: October 22, 2019, 04:14:15 AM »
Nay
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fhtagn
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« Reply #11 on: October 22, 2019, 06:07:09 AM »
Abstain
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At-Large Senator LouisvilleThunder
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« Reply #12 on: October 22, 2019, 08:25:05 AM »
Nay
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YE
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« Reply #13 on: October 22, 2019, 09:19:39 AM »
Nay
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Poirot
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« Reply #14 on: October 22, 2019, 04:48:32 PM »
Abstain

Would have liked for the sponsor to advocate and explain this bill to be more informed.
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Southern Senator North Carolina Yankee
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« Reply #15 on: October 23, 2019, 03:49:16 AM »
This bill came before the Senate with a similar result as this.

The one downside with the citizen's slot is that it means that bills come to the floor with zero support, which means no advocacy or explanation unless the citizen sponsor steps forward.

My recommendation is that people try to get one of the Representatives/Senators on board first to ensure it has at least one support/sponsor/advocate.
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P. Clodius Pulcher did nothing wrong
razze
Junior Chimp
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« Reply #16 on: October 23, 2019, 11:01:14 AM »
Nay
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YE
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« Reply #17 on: October 26, 2019, 12:16:57 AM »
This has failed.
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