Political Quotes

“Today I rise in opposition to H.R. 4139, the Fostering Innovation Act. This bill permits certain public companies that would be valued at more than half a billion dollars to avoid an independent audit required by the Sarbanes-Oxley Act of 2002 for up to a decade. While I support legislation that would enable emerging growth companies to use valuable resources to remain competitive, stable, and, ultimately, successful, I believe that this bill, as currently drafted, is overly broad and would potentially undermine critical investor protections and impede confidence in our capital markets. Ultimately, these auditor reports on public companies provide substantial benefits to investors and to companies. They promote confidence in the U.S. markets, strengthen internal controls, and, ultimately, prevent fraud. I urge my colleagues to oppose this legislation. I reserve the balance of my time.”