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HR 4139 114th Congress House

Fostering Innovation Act of 2015

Official title: To amend the Sarbanes-Oxley Act of 2002 to provide a temporary exemption for low-revenue issuers from certain auditor attestation requirements.

Introduced: December 1, 2015 See on congress.gov
Finance and Financial Sector Accounting and auditingBusiness recordsGovernment information and archivesSecurities
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This bill died when the 114th Congress ended
It never became law before the 114th Congress (2015–2016) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 14 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 24, 2016
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
May 23, 2016
Motion to reconsider laid on the table Agreed to without objection.
May 23, 2016
On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H2907)
May 23, 2016
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.(text: CR H2907)
May 23, 2016
DEBATE - The House proceeded with forty minutes of debate on H.R. 4139.
May 23, 2016
Considered under suspension of the rules. (consideration: CR H2907-2910)
May 23, 2016
Mr. Luetkemeyer moved to suspend the rules and pass the bill.
May 23, 2016
Placed on the Union Calendar, Calendar No. 458.
May 23, 2016
Reported by the Committee on Financial Services. H. Rept. 114-588.
Mar 2, 2016
Committee Consideration and Mark-up Session Held.
Mar 2, 2016
Ordered to be Reported by the Yeas and Nays: 42 - 15.
Dec 2, 2015
Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.
Dec 1, 2015
Referred to the House Committee on Financial Services.
Dec 1, 2015
Introduced in House
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 Latest action May 24, 2016

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

 Plain-English summary Congressional Research Service

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Fostering Innovation Act of 2015

(Sec. 2) This bill amends the Sarbanes-Oxley Act of 2002 with respect to the requirement that each registered public accounting firm that prepares or issues an audit report for an issuer of securities (other than an emerging growth company) shall attest to, and report on, the internal control assessment made by the issuer's management.

This requirement shall not apply with respect to any audit report prepared for an issuer that:

  • ceased to be an emerging growth company on the last day of its fiscal year following the fifth anniversary of its first sale of common equity securities,
  • had average annual gross revenues of less than $50 million as of its most recently completed fiscal year, and
  • is not a large accelerated filer.

This temporary exemption for low-revenue issuers shall expire upon the earliest of:

  • the last day of the issuer's fiscal year following the tenth anniversary of its first sale of common equity securities pursuant to an effective registration statement under the Securities Act of 1933,
  • the last day of the issuer's fiscal year during which the issuer's average annual gross revenues exceed $50 million, or
  • the date upon which the issuer becomes a large accelerated filer.
 Related & companion bills 2
  • HR 5983 Related bill Financial CHOICE Act of 2016
  • HR 1645 Reintroduced Bill Fostering Innovation Act of 2017
 Bill text 4 versions

Source documents hosted by congress.gov.

 Committees of jurisdiction 3
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APA
U.S. Congress. (2026). H.R. 4139: Fostering Innovation Act of 2015. 114th Congress. Open America. https://openamerica.io/bill/114-HR-4139/
MLA
"H.R. 4139: Fostering Innovation Act of 2015." 114th Congress, 2026, Open America, https://openamerica.io/bill/114-HR-4139/.
Bluebook (legal)
H.R. 4139, 114th Cong. (2026), https://openamerica.io/bill/114-HR-4139/.
Markdown link
[H.R. 4139: Fostering Innovation Act of 2015](https://openamerica.io/bill/114-HR-4139/)
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