Political Quotes

“The Securities and Exchange Act of 1934 requires most SEC registrants to file a form 10Q quarterly report with the SEC. The form 10Q includes condensed financial information and other data prepared by a company and reviewed by independent auditors. Although technology has evolved rapidly over the years, the form 10Q used today was adopted in 1950. My legislation, H.R. 5970, the Modernizing Disclosures for Investors Act, requires the Securities and Exchange Commission, the SEC, to report to Congress the costs and benefits of form 10Q and recommendations for decreasing costs while increasing transparency and efficiency of quarterly financial reporting. Specifically, my bill requires the SEC to look at emerging growth companies that are particularly susceptible to the burdens and complexities associated with current reporting requirements. In recent years, annual and quarterly reporting requirements have grown in size and complexity, making it more difficult for investors to determine relevant information, often leaving them overwhelmed and unable to make sound investment decisions. Furthermore, some companies believe that current reporting requirements have become a barrier to registering as publicly traded companies, as noted by a 2011 report by the IPO Task Force.…”