[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6416 Introduced in House (IH)]







109th CONGRESS
  2d Session
                                H. R. 6416

  To amend the Sarbanes-Oxley Act of 2002 to exempt certain financial 
  institutions from the internal control assessment requirement under 
                               such Act.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            December 7, 2006

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

_______________________________________________________________________

                                 A BILL



  To amend the Sarbanes-Oxley Act of 2002 to exempt certain financial 
  institutions from the internal control assessment requirement under 
                               such Act.

    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 ``Financial Institutions Compliance 
Simplification Act''.

SEC. 2. EXEMPTION FROM MANAGEMENT ASSESSMENT REQUIREMENT.

    Section 404 of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7262) is 
amended by adding at the end the following:
    ``(c) Exemption for Certain Financial Institutions.--
Notwithstanding subsection (a), annual reports filed by an insured 
depository institution, as defined in section 3(c) of the Federal 
Deposit Insurance Act (12 U.S.C. 1813(c), are exempt from the 
requirements of this section.''.
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