[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8841 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 8841

 To amend the Securities Exchange Act of 1934 to require that certain 
      issuers make disclosures regarding general ledger accounts 
                reconciliation, and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                            December 2, 2020

Mr. Sherman (for himself and Mr. Swalwell of California) introduced the 
   following bill; which was referred to the Committee on Financial 
                                Services

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                                 A BILL


 
 To amend the Securities Exchange Act of 1934 to require that certain 
      issuers make disclosures regarding general ledger accounts 
                reconciliation, and for other purposes.

    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 ``Internal Control Disclosure 
Improvement Act of 2020''.

SEC. 2. GENERAL LEDGER ACCOUNTS RECONCILIATION.

    Section 13 of the Securities Exchange Act of 1934 (15 U.S.C. 78m) 
is amended by adding at the end the following:
    ``(s) General Ledger Accounts Reconciliation.--
            ``(1) In general.--Each covered issuer required to file an 
        annual or quarterly report under subsection (a) shall disclose 
        in that report whether such covered issuer has, at the time of 
        such report, completed a general ledger accounts reconciliation 
        for the most recent fiscal quarter and most recent fiscal year, 
        respectively.
            ``(2) Covered issuer defined.--For purposes of this 
        subsection, the term `covered issuer' means an issuer with 
        respect to which a civil or criminal penalty has been imposed 
        under the securities laws by reason of the internal control 
        over financial reporting of such issuer related to the failure 
        of such issuer to reconcile general ledger accounts.''.
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