[Congressional Record (Bound Edition), Volume 157 (2011), Part 11]
[Extensions of Remarks]
[Page 15664]
[From the U.S. Government Publishing Office, www.gpo.gov]




       SMALL COMPANY JOB GROWTH AND REGULATORY RELIEF ACT OF 2011

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                        HON. STEPHEN LEE FINCHER

                              of tennessee

                    in the house of representatives

                        Friday, October 14, 2011

  Mr. FINCHER. Mr. Speaker, I rise today to discuss job creation and a 
solution that can create thousands of new jobs that will cost the 
American taxpayer nothing. Unemployed Americans are crying out for more 
jobs and urging Congress to review those rules and regulations which 
stifle innovation and job creation.
  Today, I am proud to introduce the Small Company Job Growth and 
Regulatory Relief Act of 2011. This legislation will amend Section 
404(b) of the Sarbanes-Oxley Act of 2002, which requires a duplicative 
audit of companies with a public float of $75 million or more. I am 
introducing this bill for one reason: to increase job creation on Main 
Street.
  Mr. Speaker, current law basically requires an ``audit of an audit'' 
that costs small companies more than $1 million each year. These 
burdensome costs are also discouraging companies from going public, 
which deprives firms of the capital needed to expand their business, 
create jobs, and hire more American workers. My bill will simply raise 
the current $75 million threshold exemption in Section 404(b) to $350 
million, to exclude more companies from the ``audit of an audit.''
  We must do all that we can to turn our economy around and get back on 
the path of creating jobs. It's these types of laws and regulations 
that are impeding economic growth. If we get Washington out of the way 
and allow companies to expand and create jobs, we will bring back 
opportunity to the United States and get folks back to work.

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