[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3655 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 3655

     To amend the Sarbanes-Oxley Act of 2002 to provide additional 
exemptions from the internal control auditing requirements for smaller 
                      and newer public companies.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           December 13, 2011

     Mr. Royce (for himself, Mr. Canseco, Mr. Jones, Mr. Paul, Mr. 
Hensarling, and Mrs. Bachmann) introduced the following bill; which was 
            referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
     To amend the Sarbanes-Oxley Act of 2002 to provide additional 
exemptions from the internal control auditing requirements for smaller 
                      and newer public 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 ``Small Business Access to Capital Act 
of 2011''.

SEC. 2. EXEMPTION FROM AUDIT REQUIREMENT FOR SMALLER ISSUERS.

    Section 404 of the Sarbanes-Oxley Act of 2002 is amended by 
striking subsection (c) and inserting the following:
    ``(c) Exemption for Smaller Issuers.--Subsection (b) shall not 
apply with respect to any report required under subsection (a) of an 
issuer that has a total public float for the relevant reporting period 
of less than $1,000,000,000.
    ``(d) Rule of Construction.--Nothing in the exemptions provided for 
in subsection (c) shall be construed to relieve or exempt any issuer 
from the requirements for internal control reporting and assessment 
under subsection (a) or the requirement that officers of the issuer 
certify each annual and quarterly report pursuant to section 302.''.  
                                 <all>