II 112th CONGRESS 1st Session S. 1907 IN THE SENATE OF THE UNITED STATES November 18, 2011 Mr. Reed (for himself and Mr. Grassley) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To promote transparency by permitting the Public Company Accounting Oversight Board to allow its disciplinary proceedings to be open to the public, and for other purposes.

1.

Short title

This Act may be cited as the PCAOB Enforcement Transparency Act of 2011.

2.

Open meetings authorized

Section 105(c)(2) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7215(c)(2)) is amended to read as follows: (2)

Public hearings

Hearings under this section shall be open to the public, unless the Board, on its own motion or after considering the motion of a party, orders otherwise. .

3.

Publication of determinations

Section 105(d)(1)(C) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7215(d)(1)(C)) is amended by striking (once any stay on the imposition of such sanction has been lifted).