Beyond harming the competitive position of American public companies, I have heard from innovative private companies in Virginia's 5th District, including many of our research and development bio-tech firms, that mandatory audit firm rotation would create a further disincentive to go public in light of the increased costs, and already complex regulatory scheme.
Robert Hurt discusses the negative impact of mandatory audit firm rotation on public companies.
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When I travel across Virginia's 5th District, I continue to hear from my constituents that Washington is making it harder, not easier, for them to do business.
These critical investments allow our small businesses to innovate, expand their operations and create the jobs that our communities desperately need.
I, too, am concerned that the SEC often deviates from its three-part mission.
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