A bill to amend the Sarbanes-Oxley Act of 2002 to institute a trading prohibition for certain issuers that retain public accounting firms that have not been subject to inspection by the Public Company Accounting Oversight Board, and for other purposes.
Latest action · Jun 24, 2021 Held at the desk.
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 22, 2021
- Passed SenateJun 22, 2021
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
This bill revises provisions related to the required certification to the Securities and Exchange Commission by certain publicly traded companies that they are not owned or controlled by a foreign government.
Under current law, a company must make this certification if the Public Company Accounting Oversight Board is unable to audit specified reports because the company has retained a foreign public accounting firm not subject to inspection by the board due to a position taken by an authority in that foreign jurisdiction. Under this bill, a company must submit this certification if a position taken by any foreign government (not only the foreign government in which the firm is located) prevents inspection of the firm.
Furthermore, under current law, if the board is unable to inspect the company's public accounting firm for three consecutive years, the company's securities are banned from trade on a national exchange or through other methods. The bill reduces this time to two consecutive years.
Cosponsors 1
Members who signed on, in the order they did. All signed on Jun 22, 2021.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-FL | Marco Rubio | Original | Jun 22, 2021 |
Actions 5
Everything that happened, newest first.
- Jun 24, 2021Message on Senate action sent to the House.
- Jun 24, 2021Received in the House.
- Jun 24, 2021Held at the desk.
- Jun 22, 2021Introduced in Senate
- Jun 22, 2021Passed/agreed to in Senate: Introduced in the Senate, read twice, considered, read the third time, and passed without amendment by Unanimous Consent. (consideration: CR S4692; text: CR S4692)
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 |
|---|---|---|---|
| Senate | Debate and remarks S4692Text printed S4692, S4700 | Chris Van Hollen D-MD | Jun 22, 2021 |
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.
CRS reports 1
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 1
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| IF12212 | U.S.-China Auditing Agreement and Issues for Congress | Resource | Sep 13, 2022 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 6285 | Accelerating Holding Foreign Companies Accountable Act | Related bill | Dec 14, 2021 |
Titles 1
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to amend the Sarbanes-Oxley Act of 2002 to institute a trading prohibition for certain issuers that retain public accounting firms that have not been subject to inspection by the Public Company Accounting Oversight Board, and for other purposes.
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 2
Each version as it was printed, newest first.
- Jun 22, 2021Considered and Passed Senate
- Jun 22, 2021Engrossed 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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
