[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2941 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 2941

 To make the internal control reporting and assessment requirements of 
 the Sarbanes-Oxley Act of 2002 optional for certain smaller companies.


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                    IN THE HOUSE OF REPRESENTATIVES

                           September 15, 2011

    Mr. Quayle (for himself, Mr. Paul, Mr. McHenry, Mr. Yoder, Mr. 
 Hultgren, Mr. Smith of Texas, and Mr. Dold) introduced the following 
    bill; which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To make the internal control reporting and assessment requirements of 
 the Sarbanes-Oxley Act of 2002 optional for certain smaller companies.

    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 ``Startup Expansion and Investment 
Act''.

SEC. 2. EXEMPTION FROM THE INTERNAL CONTROL REPORTING AND ASSESSMENT 
              REQUIREMENTS.

    Section 404 of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7262) is 
amended by striking subsection (c) and inserting the following:
    ``(c) Exemption.--The Commission's rules under subsection (a) shall 
permit an issuer to elect not to provide the assessment described in 
subsection (a)(2) and the attestation thereof described in subsection 
(b) if the issuer--
            ``(1) has a total market capitalization for the relevant 
        reporting period of less than $1,000,000,000; and
            ``(2) is not subject to the annual reporting requirement 
        under section 13(a) or 15(d) of the Securities Exchange Act of 
        1934, or has been subject to such requirement for a period of 
        fewer than 10 years.
    ``(d) Disclosure.--An issuer that, pursuant to subsection (c), 
elects not to provide the assessment described in subsection (a)(2) and 
the attestation described in subsection (b), shall disclose that 
decision in the next report required under section 13(a) or 15(d) of 
the Securities Exchange Act of 1934.''.
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