Small Business Securities Protection Act
Latest action · Mar 30, 2007 Sponsor introductory remarks on measure. (CR E701)
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.
- IntroducedMar 29, 2007
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Small Business Securities Protection Act - Amends the Sarbanes-Oxley Act of 2002 to instruct the Securities and Exchange Commission to prescribe rules that incorporate risk-based concepts in evaluating internal control over financial reporting for issuers.
Requires such rules also to incorporate: (1) specific guidelines for measuring the terms "material," "reasonable," "significant," and "sufficient" in the context of internal control over financial reporting; (2) a requirement that the Public Company Accounting Oversight Board consider the efficiency of audit practices in its inspections; (3) alternative requirements for smaller issuers that reflect the relative size and complexity of smaller issuers, and the relative financial and manpower burdens placed on them in testing and documenting internal controls; and (4) revised standards for independence by auditors to permit the rendering of internal control advice for resolution of internal control issues and related liability safe harbors for auditors providing such advice to smaller issuers.
Cosponsors 5
Members who signed on, in the order they did. Signatures ran from Mar 29, 2007 to Jun 14, 2007, with 3 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-WI | F. James Sensenbrenner, Jr. | Original | Mar 29, 2007 |
| R-OH | Ralph Regula | Original | Mar 29, 2007 |
| D-NY | Steve Israel | Original | Mar 29, 2007 |
| R-FL | Tom Feeney | Jun 11, 2007 | |
| R-NJ | Scott Garrett | Jun 14, 2007 |
Actions 3
Everything that happened, newest first.
- Mar 30, 2007Sponsor introductory remarks on measure. (CR E701)
- Mar 29, 2007Introduced in House
- Mar 29, 2007Referred to the House Committee on Financial Services.
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Administrative procedure
- Auditing
- Commerce
- Corporate accountability
- Corporate management
- Corporation directors
- Finance and Financial Sector
- Financial statements
- Government Operations and Politics
- Independent regulatory commissions
- Information disclosure (Securities law)
- Law
- Risk
- Securities and Exchange Commission
- Securities regulation
- Small business
Text 1
Each version as it was printed, newest first.
- Mar 29, 2007Introduced in House
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.