Political Quotes

“The amendment I'm offering tonight would require the SEC, when reviewing regulations, to consider the burden of applying section 404(b) of Sarbanes Oxley to companies with a public float of less than $250 million. Simply put, this amendment requires regulators to consider the cost of a specific regulation which hinders job creation in my district and across the Nation. Section 404(b) requires audits of a public company's internal controls. While this sounds innocuous, the cost of external audits can be staggering. Those costs are exponentially more burdensome on smaller companies. Currently, the law extends the auditing requirement to any company with a public float of $75 million or more, and that number has been widely criticized as too low and adds an extremely costly burden on small and growing companies. Recognizing that burden on emerging growth companies, the House overwhelmingly passed, as part of the JOBS Act, an exemption from 404(b) for companies with up to $1 billion in revenue for 5 years after their initial public offering. This amendment would merely require the SEC to consider the burden of section 404(b) when reviewing their regulations and would not change current law. This amendment would apply to all companies and would not discriminate based on when a company issued their IPO. Congress and the SEC have appropriately recognized that all companies are not the same, and smaller companies should be exempt from certain regulations.…”