COMPETE Act
Latest action · May 17, 2006 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMay 17, 2006
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Competitive and Open Markets that Protect and Enhance the Treatment of Entrepreneurs Act, or the COMPETE Act - Amends the Sarbanes-Oxley Act of 2002 regarding the management assessment of internal controls in the annual report of each issuer of registered securities to require certain rules of the Securities and Exchange Commission (SEC) to permit a small public company to elect voluntarily not to provide in its annual report an assessment of (or a related public accounting firm attestation concerning) the effectiveness of its internal control structure and financial reporting procedures, if it meets specified size criteria. Includes among such criteria: (1) total market capitalization of less than $700 million; (2) total product revenue of less than $125 million; and (3) fewer than 1500 record beneficial holders.
Directs the SEC and the Public Company Accounting Oversight Board (Board) to: (1) alter the standard for review from a remote likelihood standard for noting weaknesses to a 5% de minimus material weakness criterion (based on 5% of net profits); (2) establish specific guidelines for measuring certain terms; and (3) modify independence rules to allow prudent interaction between registered public accounting firms performing such assessments and internal consultants.
Directs the SEC and the Board to: (1) jointly study and report to Congress on the principles-based Turnbull Guidance under the securities laws of the United Kingdom; and (2) compare and contrast such principles to the implementation of Sarbanes-Oxley requirements.
Cosponsors 10
Members who signed on, in the order they did. Signatures ran from May 17, 2006 to Sep 28, 2006, with 5 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-MT | Conrad R. Burns | Original | May 17, 2006 |
| R-VA | George Allen | Original | May 17, 2006 |
| R-OK | James M. Inhofe | Original | May 17, 2006 |
| R-NV | John Ensign | Original | May 17, 2006 |
| R-FL | Mel Martinez | Original | May 17, 2006 |
| R-MO | Christopher S. Bond | May 18, 2006 | |
| R-NC | Richard Burr | May 25, 2006 | |
| R-LA | David Vitter | Jun 6, 2006 | |
| R-KS | Sam Brownback | Jul 26, 2006 | |
| R-OK | Tom Coburn | Sep 28, 2006 |
Actions 2
Everything that happened, newest first.
- May 17, 2006Introduced in Senate
- May 17, 2006Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 5405 | COMPETE Act | Related bill | May 17, 2006 |
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Accounting
- Administrative procedure
- Auditing
- Commerce
- Congressional reporting requirements
- Consultants
- Corporate accountability
- Corporate finance
- Corporate management
- Europe
- Finance and Financial Sector
- Financial statements
- Government Operations and Politics
- Government paperwork
- Governmental investigations
- Independent regulatory commissions
- Information disclosure (Securities law)
- Law
- Securities and Exchange Commission
- Securities regulation
- Small business
- United Kingdom
Text 1
Each version as it was printed, newest first.
- May 17, 2006Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.