Jeb Hensarling: “I say I rise in gentle opposition--I do not say that tongue in cheek--because the gentleman from California is highly…”

“I say I rise in gentle opposition--I do not say that tongue in cheek--because the gentleman from California is highly respected as a Member of this body. His opinions are respected as an entrepreneur and as a small-business individual. His acumen is respected as an investor, and so it is not a pleasant experience to oppose one of his amendments. I appreciate the sentiment with which he offers it. I would just remind all that title IV of the bill provides an optional exemption from the XBRL data filing requirements for emerging growth and smaller public companies for a limited period of time. I think there is an open question. One thing that the gentleman didn't get the benefit of was hearing all the testimony that we had within our committee. There was a lot of testimony about just how costly this is to a number of these companies. Now, if the investing public demands it, then smaller companies will do it. For example, there was a Sarbanes-Oxley exemption for some smaller companies and only roughly half of them took it because for certain smaller companies what they found out was, well, the investors demanded it. I would say, again, why don't we let the free market determine this. We are not talking about the types of information that are provided in disclosure. We are talking about the format. We are talking about the format of disclosure.…”