Fostering Innovation Act of 2017
Latest action · Nov 28, 2017 Placed on the Union Calendar, Calendar No. 315.
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 21, 2017
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Fostering Innovation Act of 2017
This bill amends the Sarbanes-Oxley Act of 2002 to establish a temporary exemption to the requirement that each registered public accounting firm that prepares or issues an audit report for an issuer of securities (other than an emerging growth company) shall attest to, and report on, the internal control assessment made by the management of the issuer. Specifically, this requirement shall not apply with respect to an audit report prepared for an issuer that:
- ceased to be an emerging growth company on the last day of its fiscal year following the fifth anniversary of its first sale of common equity securities,
- had average annual gross revenues of less than $50 million as of its most recently completed fiscal year, and
- is not a large accelerated filer.
An issuer shall cease to be eligible for the exemption at the earliest of: (1) the last day of the fiscal year following the 10th anniversary of its first sale of common equity securities, (2) the last day of the fiscal year in which its average annual gross revenues exceed $50 million, or (3) when the issuer becomes a large accelerated filer.
Cosponsors 15
Members who signed on, in the order they did. Signatures ran from Mar 21, 2017 to Oct 11, 2017; 1 is an original cosponsor, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-IN | Trey Hollingsworth | Original | Mar 21, 2017 |
| R-IL | Randy Hultgren | Apr 4, 2017 | |
| D-NJ | Josh Gottheimer | Apr 5, 2017 | |
| R-MO | Ann Wagner | Apr 6, 2017 | |
| R-NC | Robert Pittenger | Apr 6, 2017 | |
| R-MO | Blaine Luetkemeyer | May 16, 2017 | |
| D-MD | John K. Delaney | May 16, 2017 | |
| R-FL | Dennis A. Ross | May 22, 2017 | |
| R-KY | Thomas Massie | May 22, 2017 | |
| R-AR | J. French Hill | Jun 8, 2017 | |
| R-NJ | Thomas MacArthur | Jun 8, 2017 | |
| R-MN | Tom Emmer | Jun 8, 2017 | |
| D-IL | Bill Foster | Jul 11, 2017 | |
| R-OH | Steve Stivers | Jul 25, 2017 | |
| R-IN | Luke Messer | Oct 11, 2017 |
Committees 1
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 Mar 21, 2017Markup Oct 12, 2017Reported Nov 28, 2017 |
Actions 7
Everything that happened, newest first.
- Nov 28, 2017Reported by the Committee on Financial Services. H. Rept. 115-425.
- Nov 28, 2017Placed on the Union Calendar, Calendar No. 315.
- Oct 12, 2017Committee Consideration and Mark-up Session Held.
- Oct 12, 2017Ordered to be Reported by the Yeas and Nays: 48 - 12.
- Oct 11, 2017Committee Consideration and Mark-up Session Held.
- Mar 21, 2017Introduced in House
- Mar 21, 2017Referred to the House Committee on Financial Services.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Committee report
Congressional Budget Office cost estimate
- Nov 2, 2017H.R. 1645, Fostering Innovation Act of 2017As ordered reported by the House Committee on Financial Services on October 12, 2017
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 163, no. 49, March 21, 2017, page H2287.
Printed hearings 2
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| Serial No. 115-95 | LEGISLATIVE PROPOSALS TO HELP FUEL CAPITAL AND GROWTH ON MAIN STREET192 pages | Financial Services Committee | May 23, 2018 |
| Serial No. 115-29 | TARGET ACT; CAESAR SYRIA CIVILIAN. PROTECTION ACT OF 2017; AND FREDERICK DOUGLASS TRAFFICKING VICTIMS PREVENTION AND PROTECTION REAUTHORIZATION ACT OF 2017243 pages | Foreign Affairs Committee | May 3, 2017 |
CRS reports 3
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 3
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| IN10950 | Financial Services and General Government (FSGG) FY2019 Appropriations and Financial Regulatory Reform Archived | Insight | Nov 27, 2018 |
| R45308 | JOBS and Investor Confidence Act (House-Amended S. 488): Capital Markets Provisions Archived | Report | Sep 7, 2018 |
| IF10855 | Capital Access: IPO and “IPO On-Ramp” Archived | Resource | Mar 26, 2018 |
Related bills 6
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 10 | Financial CHOICE Act of 2017 | Related bill | Jul 13, 2017 |
| S 488 | Encouraging Employee Ownership Act | Related bill | Jul 18, 2018 |
| S 2126 | Fostering Innovation Act of 2017 | Related bill | Jun 26, 2018 |
| HR 3978 | TRID Improvement Act of 2017 | Related bill | Feb 15, 2018 |
| HR 4139 | Fostering Innovation Act of 2015 | Reintroduction of | May 24, 2016 |
Titles 3
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Sarbanes-Oxley Act of 2002 to provide a temporary exemption for low-revenue issuers from certain auditor attestation requirements.
- Short Titles as Introduced
- Fostering Innovation Act of 2017
- Short Titles as Reported to House
- Fostering Innovation Act of 2017
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 2
Each version as it was printed, newest first.
- Nov 28, 2017Reported in House
- Mar 21, 2017Introduced 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.
