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Bill115th CongressFiled Mar 21, 2017Finance and Financial Sector
H.R. 1645

Fostering Innovation Act of 2017

Bill journey · stage 2 of 5

Under committee review

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What it doesSummary reported to house without amendment (Nov 28, 2017)

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.

What just happenedNov 28, 2017

Placed on the Union Calendar, Calendar No. 315.

Who’s behind it

Rep. Sinema, Kyrsten [D-AZ-9](D-AZ)Sponsor
15 cosponsors3 D12 R
Read on Congress.gov
15cosponsors1committees9actions5related bills4subjects
  1. Nov 28, 2017CalendarsH12410

    Placed on the Union Calendar, Calendar No. 315.

  2. Nov 28, 2017CommitteeH12200

    Reported by the Committee on Financial Services. H. Rept. 115-425.

    Financial Services Committee
  3. Nov 28, 2017Committee5000

    Reported by the Committee on Financial Services. H. Rept. 115-425.

    Financial Services Committee
  4. Oct 12, 2017Committee

    Ordered to be Reported by the Yeas and Nays: 48 - 12.

    Financial Services Committee
  5. Oct 12, 2017Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  6. Oct 11, 2017Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  7. Mar 21, 2017IntroReferralH11100

    Referred to the House Committee on Financial Services.

    Financial Services Committee
  8. Mar 21, 2017IntroReferralIntro-H

    Introduced in House

  9. Mar 21, 2017IntroReferral1000

    Introduced in House

Reported to House without amendmentNov 28, 201779

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.

Introduced in HouseMar 21, 2017

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.

Fostering Innovation Act of 2017 — Informed