SENATE BILL: SARBANES-OXLEY REFORM ACT (Failed)

[Southern Senator North Carolina Yankee]

SENATE BILL

to relax burdensome regulations on smaller companies

Be it enacted in both Houses of Congress Assembled,

SARBANES-OXLEY REFORM ACT

SECTION I: NAME
a. This act shall be called the Sarbanes-Oxley Reform Act.

SECTION II: EXEMPTION FOR SMALLER COMPANIES
a. The regulation requiring all publicly traded companies with an aggregate worldwide market value at $75 million to conduct a PCAOB approved audit each year shall be amended to exempt all such companies with an aggregate worldwide market value of $700 Million. Nothing in this section shall affect any criminal penalties for any crime committed by the publicly traded company. 17 CFR 240.12b-2 shall be amended accordingly.

SECTION III: TIME
a. This Act shall take effect January 1, 2021.

People's Regional Senate
Pending

Sponsor: Citizen Suburban NJ Conservative
Senate Sponsor:
Senate Designation: SB18:23

[S019]

In 2002, the Sarbanes-Oxley Act was passed. It created the Public Company Accounting Oversight Board to audit companies with a worldwide value of over $75 millions, to protect investors. However, in 2010, the Dodd Frank Wall Street Reform and Consumer Protection Act, gave greater power to the PCAOB, regarding oversight of brokers and dealers. This bill caps that amount at $700 million. This law, thus takes large companies out of that additional regulation. Lastly, these companies that are exempted, may still be subject to internal audits, with this bill.

[Mr. Reactionary]

In 2002, the Sarbanes-Oxley Act was passed. It created the Public Company Accounting Oversight Board to audit companies with a worldwide value of over $75 millions, to protect investors. However, in 2010, the Dodd Frank Wall Street Reform and Consumer Protection Act, gave greater power to the PCAOB, regarding oversight of brokers and dealers. This bill caps that amount at $700 million. This law, thus takes large companies out of that additional regulation. Lastly, these companies that are exempted, may still be subject to internal audits, with this bill.

Sort of ... this actually exempts the smaller firms not the larger firms. Compliance costs for midsize companies are much harder for them to eat than larger companies.

[Kingpoleon]

SENATE BILL

to relax burdensome regulations on smaller companies

Be it enacted in both Houses of Congress Assembled,

SARBANES-OXLEY REFORM ACT

SECTION I: NAME
a. This act shall be called the Sarbanes-Oxley Reform Act.

SECTION II: EXEMPTION FOR SMALLER COMPANIES
a. The regulation requiring all publicly traded companies with an aggregate worldwide market value at $75 million to conduct a PCAOB approved audit each year shall be amended to exempt all such companies with an aggregate worldwide market value of above or below(?) $700 Million. Nothing in this section shall affect any criminal penalties for any crime committed by the publicly traded company. 17 CFR 240.12b-2 shall be amended accordingly.

SECTION III: TIME
a. This Act shall take effect January 1, 2021.

People's Regional Senate
Pending

Sponsor: Citizen Suburban NJ Conservative
Senate Sponsor:
Senate Designation: SB18:23

I do recommend that, if this moves further in the Senate, this be amended unless you literally mean only exemption of companies valued at exactly 700 million dollars, which I doubt.

[Southern Senator North Carolina Yankee]

Yea that portion seemed weird.

[Southern Senator North Carolina Yankee]

SENATE BILL

to relax burdensome regulations on smaller companies

Be it enacted in both Houses of Congress Assembled,

SARBANES-OXLEY REFORM ACT

SECTION I: NAME
a. This act shall be called the Sarbanes-Oxley Reform Act.

SECTION II: EXEMPTION FOR SMALLER COMPANIES
a. The regulation requiring all publicly traded companies with an aggregate worldwide market value at $75 million to conduct a PCAOB approved audit each year shall be amended to exempt all such companies with an aggregate worldwide market value of $700 Million or less. Nothing in this section shall affect any criminal penalties for any crime committed by the publicly traded company. 17 CFR 240.12b-2 shall be amended accordingly.

SECTION III: TIME
a. This Act shall take effect January 1, 2021.

People's Regional Senate
Pending

[Southern Senator North Carolina Yankee]

I need sponsor feedback on the amendment.

[Southern Senator North Carolina Yankee]

And to do that I need a Senate sponsor! lol

[Southern Senator North Carolina Yankee]

Things like this is why I am not fond of the citizen slot process. There is limited investment by the Senators and thus little interested in pursuing said bills.

[Southern Senator North Carolina Yankee]

Under my authority as Senate Dean as established in Article I, Section 2 of the Senate rules (believed to be composed by Sestak even though he forgot about it):

SENATE BILL

to relax burdensome regulations on smaller companies

Be it enacted in both Houses of Congress Assembled,

SARBANES-OXLEY REFORM ACT

SECTION I: NAME
a. This act shall be called the Sarbanes-Oxley Reform Act.

SECTION II: EXEMPTION FOR SMALLER COMPANIES
a. The regulation requiring all publicly traded companies with an aggregate worldwide market value at $75 million to conduct a PCAOB approved audit each year shall be amended to exempt all such companies with an aggregate worldwide market value of $700 Million or less. Nothing in this section shall affect any criminal penalties for any crime committed by the publicly traded company. 17 CFR 240.12b-2 shall be amended accordingly.

SECTION III: TIME
a. This Act shall take effect January 1, 2021.

People's Regional Senate
Pending

Sponsor Feedback: None Given
Status: A vote is now open on the amendment, Senators please vote Aye, Nay or Abstain.

[Former President tack50]

Aye

This is a simple but important amendment to fix an oversight

[Devout Centrist]

Aye

[ON Progressive]

Aye

[Comrade Funk]

Aye

[Southern Senator North Carolina Yankee]

Aye FTR

[Southern Senator North Carolina Yankee]

Vote on Amendment S18:22

Aye (4): Comrade funk, Devout Centrist, OntarioProgressive, and Tack50
Nay (0):
Abstain (0):

Didn't Vote (1): NC Yankee

The amendment is adopted.

[Southern Senator North Carolina Yankee]

I motion for a final vote. Senators have 24 hours to object.

[Southern Senator North Carolina Yankee]

A Final vote is now open on this legislations, Senators please vote Aye, Nay or Abstain.

[Former President tack50]

Nay

Businesses should be audited more, not less I imagine?

[Devout Centrist]

Nay

[Southern Senator North Carolina Yankee]

Abstain

[ON Progressive]

Nay

[Vern]

Nay

[Southern Senator North Carolina Yankee]

Vote on Final Passage of the Sarbanes-Oxley Reform Act:

Aye (0):
Nay (3): Devout Centrist, Ontario Progressive, and Tack50
Abstain (1): NC Yankee

Didn't Vote (1): Comrade Funk
Vacant Seats (1): Vern1988 vote ended before he swore in

The bill has failed.