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S 1962 112th Congress Senate Finance and Financial Sector Accounting and auditing Administrative law and regulatory procedures Corporate finance and management Securities and Exchange Commission (SEC) Small business

Startup Expansion and Investment Act

Introduced: December 7, 2011 See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 7, 2011
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Dec 7, 2011
Introduced in Senate
 Plain-English summary Congressional Research Service

Startup Expansion and Investment Act - Amends the Sarbanes-Oxley Act of 2002 to revise an exception to rules prescribed by the Securities and Exchange Commission (SEC) that require the annual reports of certain publicly traded securities issuers to contain: (1) an assessment of the issuer's internal control structure and procedures for financial reporting, and (2) an attestation to such assessment by each registered public accounting firm that prepares or issues an audit report for the issuer.

Permits an issuer to elect not to provide such an assessment and attestation if the issuer: (1) has a total market capitalization for the relevant reporting period of less than $1 billion, and (2) is not subject to the annual reporting requirement under the Securities Exchange Act of 1934. (Current law exempts issuers with an aggregate worldwide market value of the voting and non-voting common equity held by its non-affiliates of below $75 million, as of the last business day of the issuer's most recently completed second fiscal quarter.)

Requires an issuer electing not to provide such assessment and attestation to disclose that decision in its next annual report.

What's happening now December 7, 2011

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1