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Investor, Shareholder, and Employee Protection Act of 2002

Introduced: February 26, 2002 See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 18, 2002
Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
Feb 26, 2002
Referred to the House Committee on Financial Services.
Feb 26, 2002
Introduced in House
 Plain-English summary Congressional Research Service
Investor, Shareholder, and Employee Protection Act of 2002 - Establishes within the Securities and Exchange Commission (SEC) an independent regulatory agency to be known as the Federal Bureau of Audits, which shall conduct an annual audit of the financial statements submitted to the SEC by reporting issuers. Requires the President to appoint the Director of the Bureau, by and with the advice and consent of the Senate.

Declares that officers, employees, and other Bureau personnel shall not be responsible to or subject to the supervision or direction of Commission personnel. Prohibits Bureau employees from receiving employment or compensation from an issuer audited by the Bureau, or any accountant that provides audit-related services to a Bureau-audited issuer, for ten years after employment with the Bureau.

Requires the SEC to establish standards for such audits, incorporating generally accepted auditing standards in effect on the enactment of this Act, with any necessary and appropriate modifications.

Directs the SEC to assess and collect a fee from each reporting issuer whose financial statements are audited by the Bureau.

What's happening now March 18, 2002

Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.

 Committees of jurisdiction 2
 Cosponsors 1
All 1 Independent 1