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Bill114th CongressFiled Dec 1, 2015Finance and Financial Sector
H.R. 4139

Fostering Innovation Act of 2015

Bill journey · stage 2 of 5

Under committee review

Filed
Comm.
Floor
Both
Law

What it doesSummary passed house without amendment (May 23, 2016)

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Fostering Innovation Act of 2015

(Sec. 2) This bill amends the Sarbanes-Oxley Act of 2002 with respect 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 issuer's management.

This requirement shall not apply with respect to any 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.

This temporary exemption for low-revenue issuers shall expire upon the earliest of:

  • the last day of the issuer's fiscal year following the tenth anniversary of its first sale of common equity securities pursuant to an effective registration statement under the Securities Act of 1933,
  • the last day of the issuer's fiscal year during which the issuer's average annual gross revenues exceed $50 million, or
  • the date upon which the issuer becomes a large accelerated filer.

What just happenedMay 24, 2016

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Who’s behind it

Rep. Sinema, Kyrsten [D-AZ-9](D-AZ)Sponsor
2 cosponsors1 D1 R
Read on Congress.gov
2cosponsors2committees16actions1related bills4subjects
  1. May 24, 2016IntroReferral

    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Banking, Housing, and Urban Affairs Committee
  2. May 23, 2016FloorH38310

    Motion to reconsider laid on the table Agreed to without objection.

  3. May 23, 2016FloorH37300

    On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H2907)

  4. May 23, 2016Floor8000

    Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.(text: CR H2907)

  5. May 23, 2016FloorH8D000

    DEBATE - The House proceeded with forty minutes of debate on H.R. 4139.

  6. May 23, 2016FloorH30000

    Considered under suspension of the rules. (consideration: CR H2907-2910)

  7. May 23, 2016FloorH30300

    Mr. Luetkemeyer moved to suspend the rules and pass the bill.

  8. May 23, 2016CalendarsH12410

    Placed on the Union Calendar, Calendar No. 458.

  9. May 23, 2016CommitteeH12200

    Reported by the Committee on Financial Services. H. Rept. 114-588.

    Financial Services Committee
  10. May 23, 2016Committee5000

    Reported by the Committee on Financial Services. H. Rept. 114-588.

    Financial Services Committee
  11. Mar 2, 2016Committee

    Ordered to be Reported by the Yeas and Nays: 42 - 15.

    Financial Services Committee
  12. Mar 2, 2016Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  13. Dec 2, 2015Committee

    Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.

    Capital Markets Subcommittee
  14. Dec 1, 2015IntroReferralH11100

    Referred to the House Committee on Financial Services.

    Financial Services Committee
  15. Dec 1, 2015IntroReferralIntro-H

    Introduced in House

  16. Dec 1, 2015IntroReferral1000

    Introduced in House

Passed House without amendmentMay 23, 201681

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Fostering Innovation Act of 2015

(Sec. 2) This bill amends the Sarbanes-Oxley Act of 2002 with respect 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 issuer's management.

This requirement shall not apply with respect to any 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.

This temporary exemption for low-revenue issuers shall expire upon the earliest of:

  • the last day of the issuer's fiscal year following the tenth anniversary of its first sale of common equity securities pursuant to an effective registration statement under the Securities Act of 1933,
  • the last day of the issuer's fiscal year during which the issuer's average annual gross revenues exceed $50 million, or
  • the date upon which the issuer becomes a large accelerated filer.
Introduced in HouseDec 1, 2015

Fostering Innovation Act of 2015

This bill amends the Sarbanes-Oxley Act of 2002 with respect 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.

This requirement shall not apply with respect to any 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.
Fostering Innovation Act of 2015 — Informed