New House Bills
By Cydney Posner
You might be interested in this article from Compliance Week describing various efforts in the House to undo SOX, undo Dodd-Frank and hog-tie the SEC and other regulators to make sure they don't do any … regulating. One of the bills, the Fostering Innovation Act, "would raise the minimum public float for accelerated filers to $250 million and add a revenue component to the accelerated filer definition that would ease regulations on companies with less than $100 million in revenues. The bill would allow businesses not designated as ‘emerging growth companies' by the recent JOBS Act to also bypass Section 404(b) of the Sarbanes-Oxley Act and the requirement of an annual audit of internal controls."
The most amusing paragraph:
"A[n] even more politically-charged push by the GOP will come with a House vote on Thursday, for the ‘Red Tape Reduction and Small Business Job Creation Act (H.R. 4078).' Introduced by Rep. Tim Griffin (R-Ark.) and members of the Republican Study Committee , the package of six bills is intended to put a halt to the adoption of any new, "significant regulations" until the national unemployment rate, stuck above 8 percent for more than 40 months, drops to 6 percent or lower. The key word, however, is "intended." A typo in the bill defines the threshold as an "employment rate," minus the "un," meaning that 94 percent of Americans would have to be out-of-work for the regulatory restrictions to kick in. Democrats are blocking the unanimous consent needed to amend the current bill and fix the mistake. That obstruction likely won't mat[t]er much given that Senate Democrats have the votes to kill it anyway."