SB 112-37: Sarbanes-Oxley Reform Act (Passed)

[Mr. Reactionary]

SARBANES-OXLEY REFORM ACT

SENATE BILL

to relax burdensome regulations on smaller companies

Be it enacted,

SECTION I: NAME

1. This act shall be called the Sarbanes-Oxley Reform Act.

SECTION II: EXEMPTION FOR SMALLER COMPANIES

1. 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 or less. 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

1. This Act shall take effect July 1, 2023.

Sponsor: OSR
Debate on this bill is now open.

[Mr. Reactionary]

IIRC this bill exempts smaller firms from federal sarbanes-oxley paperwork and repirting requirements to help them compete against larger businesses that can more easily afford compliance. Fair bill to help smaller businesses.

[S019]

Oh great so now small business can engage in accounting fraud

[Mr. Reactionary]

Oh great so now small business can engage in accounting fraud

I forgot, you prefer big businesses be exempt.

In 2002, the Sarbanes-Oxley Act was passed. It created the Public Company Accounting Oversight Board to audit companies with a worldwide value of over $75 millions, to protect investors. However, in 2010, the Dodd Frank Wall Street Reform and Consumer Protection Act, gave greater power to the PCAOB, regarding oversight of brokers and dealers. This bill caps that amount at $700 million. This law, thus takes large companies out of that additional regulation. Lastly, these companies that are exempted, may still be subject to internal audits, with this bill.

[S019]

Oh great so now small business can engage in accounting fraud

I forgot, you prefer big businesses be exempt.

In 2002, the Sarbanes-Oxley Act was passed. It created the Public Company Accounting Oversight Board to audit companies with a worldwide value of over $75 millions, to protect investors. However, in 2010, the Dodd Frank Wall Street Reform and Consumer Protection Act, gave greater power to the PCAOB, regarding oversight of brokers and dealers. This bill caps that amount at $700 million. This law, thus takes large companies out of that additional regulation. Lastly, these companies that are exempted, may still be subject to internal audits, with this bill.

This was when you told me to just spam bills and I didn't really know what it meant. Now that I've taken an introductory accounting course, I understand what Sarbanes-Oxley and the PCAOB actually are and their functions.

[Deep Dixieland Senator, Muad'dib (OSR MSR)]

Oh great so now small business can engage in accounting fraud

You have plenty of experience with that do you?

[Deep Dixieland Senator, Muad'dib (OSR MSR)]

This was when you told me to just spam bills and I didn't really know what it meant.

So you were just following orders, again. I see a pattern here.

[Saint Milei]

II. Section 404 of Sarbanes-Oxley is hereby repealed

Amendment

[Saint Milei]

This amendment imposes unnecessary costs on businesses which impedes growth. The cost of foreign businesses doing business here went up which only contributed to higher prices for consumers. In some ways, you can argue Sarbanes-Oxley is inherently protectionist for businesses in Atlasia and inflationary for consumers. Shouldn't we be focusing on businesses that gave us problems and not pricing out foreign companies that could hurt consumers? By 05, businesses were already disclosing millions in costs due to this section specifically. Lastly, does anyone seriously believe a big company will actually disclose what it does to the public after a government regulation is imposed?

[Mr. Reactionary]

16 hours to object to the amendment

[Southern Senator North Carolina Yankee]

I am afraid I have to object.

I think we should be taking a tougher stand when it comes to foreign firms, especially when it involves financial practices and accounting. We live in a world where China is actively buying up influence in various social media platforms and though we are working to address that, we run the risk of such influences occurring in other areas.

Requiring internal controls on accounting practices, to me sounds like a necessary first step to being able to know or have access to pertinent information as to whether or not a firm is front for a Chinese Gov't owned firm or the CCCP itself.

There are a number of areas where I agree with Libertarians, but I find the dogmatic free trade justification, woefully out of touch with the playing field of the global market as it is today and the recognition of that damage that such has caused, especially within my sub region, therefore I do not find the trade argument very convincing, if anything it has the opposite affect in terms of my opinion towards the amendment.

[Mr. Reactionary]

A vote on the DeadPrez Amendment is now open. Until noon esstern on monday. Please vote aye, nay, or abstain.

[Southern Senator North Carolina Yankee]

Nay

[West_Midlander]

Nay

[Saint Milei]

Aye

[Devout Centrist]

Nay

[Mr. Reactionary]

Aye

[PPT Spiral]

Nay

[Mr. Reactionary]

Amendment fails by a vote of 2-4-0-12

[Saint Milei]

I can't see myself supporting this bill. It does nothing

[Mr. Reactionary]

I move for a final vote. 24 hours to object.

[Mr. Reactionary]

A final vote is now open on this bill lasting until noon Eastern on Wednesday (73 hours). Please vote Aye, Nay, or Abstain.

SARBANES-OXLEY REFORM ACT

SENATE BILL

to relax burdensome regulations on smaller companies

Be it enacted,

SECTION I: NAME

1. This act shall be called the Sarbanes-Oxley Reform Act.

SECTION II: EXEMPTION FOR SMALLER COMPANIES

1. 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 or less. 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

1. This Act shall take effect July 1, 2023.

[Senator-elect Spark]

Aye

[West_Midlander]

Aye

[Mr. Reactionary]

Aye