Promoting Transparency in Financial Reporting Act of 2009
Latest action · Sep 10, 2009 Received in the Senate and 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.
- IntroducedJun 2, 2009
- Passed HouseSep 9, 2009
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
Promoting Transparency in Financial Reporting Act of 2009 - Requires the Securities and Exchange Commission (SEC), the Financial Accounting Standards Board (FASB), and the Public Company Accounting Oversight Board to present testimony annually for five years, beginning in 2009, to the Committee on Financial Services of the House of Representatives regarding their efforts to reduce the complexity in financial reporting and to provide more accurate and clear financial information to investors.
Requires such testimony to address the following issues: (1) reassessing complex and outdated accounting standards; (2) improving the understandability, consistency, and overall usability of accounting and auditing literature; (3) developing principles-based accounting standards; (4) encouraging the use and acceptance of interactive data; and (5) promoting disclosures in "plain English."
Cosponsors 4
Members who signed on, in the order they did. All signed on Jun 2, 2009.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-FL | Adam H. Putnam | Original | Jun 2, 2009 |
| D-GA | David Scott | Original | Jun 2, 2009 |
| R-KY | Geoff Davis | Original | Jun 2, 2009 |
| R-DE | Michael N. Castle | Original | Jun 2, 2009 |
Committees 2
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Jun 2, 2009 |
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Sep 10, 2009 |
Actions 8
Everything that happened, newest first.
- Sep 10, 2009Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Sep 9, 2009Mr. Moore (KS) moved to suspend the rules and pass the bill.
- Sep 9, 2009Considered under suspension of the rules. (consideration: CR H9359-9360)
- Sep 9, 2009DEBATE - The House proceeded with forty minutes of debate on H.R. 2664.
- Sep 9, 2009Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H9359)
- Sep 9, 2009Motion to reconsider laid on the table Agreed to without objection.
- Jun 2, 2009Introduced in House
- Jun 2, 2009Referred to the House Committee on Financial Services.
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| House | Debate and remarks H9359Text printed H9359 | Christopher J. Lee R-NY, Dennis Moore D-KS | Sep 9, 2009 |
Titles 3
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To require annual oral testimony before the Financial Services Committee of the Chairperson or a designee of the Chairperson of the Securities and Exchange Commission, the Financial Accounting Standards Board, and the Public Company Accounting Oversight Board, relating to their efforts to promote transparency in financial reporting.
- Short Titles as Introduced
- Promoting Transparency in Financial Reporting Act of 2009
- Short Titles as Passed House
- Promoting Transparency in Financial Reporting Act of 2009
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Accounting and auditing
- Business records
- Congressional committees
- Congressional oversight
- Corporate finance and management
- Evidence and witnesses
- Finance and Financial Sector
- Financial services and investments
- House Committee on Financial Services
- House of Representatives
- Securities and Exchange Commission (SEC)
Text 3
Each version as it was printed, newest first.
- Sep 10, 2009Referred in Senate
- Sep 9, 2009Engrossed in House
- Jun 2, 2009Introduced 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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
