[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 3919 Introduced in Senate (IS)]








109th CONGRESS
  2d Session
                                S. 3919

To assist small business concerns in complying with the Sarbanes-Oxley 
                              Act of 2002.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           September 21, 2006

   Mr. Kerry introduced the following bill; which was read twice and 
    referred to the Committee on Small Business and Entrepreneurship

_______________________________________________________________________

                                 A BILL


 
To assist small business concerns in complying with the Sarbanes-Oxley 
                              Act of 2002.

    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 ``Small Business Sarbanes-Oxley 
Compliance Assistance Act of 2006''.

SEC. 2. DEFINITIONS.

    In this Act--
            (1) the terms ``Administration'' and ``Administrator'' mean 
        the Small Business Administration and the Administrator 
        thereof, respectively;
            (2) the term ``Commission'' means the Securities and 
        Exchange Commission;
            (3) the terms ``issuer'' and ``securities'' have the same 
        meanings as in section 3 of the Securities Exchange Act of 1934 
        (15 U.S.C. 78c);
            (4) the term ``qualified small public company'' means a 
        small business concern that has either registered or applied 
        for registration under either the Securities Act of 1933 (15 
        U.S.C. 77a et seq.) or the Securities Exchange Act of 1934 (15 
        U.S.C. 78a et seq.) and is considered a non-accelerated filer 
        under rule 12b-2 of the Commission;
            (5) the term ``small business concern'' has the same 
        meaning as in section 3 of the Small Business Act (15 U.S.C. 
        632); and
            (6) the term ``task force'' means the task force 
        established under section 4(a).

SEC. 3. GRANTS.

    (a) In General.--The Administrator may make grants to qualified 
small public companies and small business concerns for the costs of 
compliance with the Sarbanes-Oxley Act of 2002 (Public Law 107-204; 116 
Stat. 745), subject to such rules as the Administrator may establish.
    (b) Authorization of Appropriations.--There are authorized to be 
appropriated to the Administration to carry out this section $5,000,000 
for each of fiscal years 2007 through 2011.

SEC. 4. TASK FORCE.

    (a) In General.--Not later than 6 months after the date of 
enactment of this Act, the Chief Counsel for Advocacy of the 
Administration shall establish a task force regarding compliance with 
the Sarbanes-Oxley Act of 2002 (Public Law 107-204; 116 Stat. 745) by 
small public companies.
    (b) Members.--The task force shall include officials from the 
Commission and appropriate bank regulatory agencies.
    (c) Report.--
            (1) In general.--Not later than 6 months after the date of 
        enactment of this Act, and every 2 years thereafter, the task 
        force shall submit to Congress a report regarding how to assist 
        small public companies in complying with the Sarbanes-Oxley Act 
        of 2002.
            (2) Consideration of rules.--In preparing a report under 
        paragraph (1), the task force shall take into account any rules 
        issued by the Commission providing additional guidance for 
        small business concerns regarding financial reporting.
            (3) Contents.--Each report submitted under paragraph (1) 
        shall--
                    (A) evaluate upgrades or technological alternatives 
                to the Electronic Data Gathering Analysis Retrieval 
                System of the Commission for small public companies, so 
                that such companies may submit required filings to the 
                Commission without the need for third party 
                intervention;
                    (B) describe ways of reducing inefficiencies 
                relating to filings by small public companies with the 
                Commission and other Federal agencies; and
                    (C) evaluate--
                            (i) the feasibility of synchronizing filing 
                        requirements for small public companies 
                        involving substantially similar information, 
                        including financial statements;
                            (ii) whether the Commission and appropriate 
                        bank regulatory agencies should commit 
                        additional resources and professional staff to 
                        assist small public companies;
                            (iii) whether the Commission should publish 
                        guidance on reporting and legal requirements 
                        aimed at assisting smaller companies; and
                            (iv) the feasibility of extending 
                        incorporation by reference privileges to other 
                        Government filings containing substantially 
                        equivalent information.
                                 <all>