[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1641 Introduced in House (IH)]






109th CONGRESS
  1st Session
                                H. R. 1641

To make the internal control requirements of the Sarbanes-Oxley Act of 
                            2002 voluntary.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 14, 2005

  Mr. Flake introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To make the internal control requirements of the Sarbanes-Oxley Act of 
                            2002 voluntary.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Competitiveness Enhancement and 
Opportunity Act of 2005''.

SEC. 2. MANAGEMENT ASSESSMENT OF INTERNAL CONTROLS VOLUNTARY.

    Section 404 of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7262) is 
amended--
            (1) in subsection (a)--
                    (A) by striking ``requiring each annual report'' 
                and inserting ``permitting each annual report''; and
                    (B) by striking ``which shall--'' and inserting 
                ``which, if containing such internal control report, 
                shall--''; and
            (2) in subsection (b)--
                    (A) by striking ``shall attest'' and inserting 
                ``may attest''; and
                    (B) by striking ``attestation made'' and inserting 
                ``attestation if made''.
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