H.R. 2664 · 111th Congress
Promoting Transparency in Financial Reporting Act of 2009
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Passed the House without a recorded vote, then expired. It passed by voice vote or unanimous consent, which don't record how each member voted, but didn't become law before the 111th Congress ended.
R
LeeSponsor4 cosponsors · 1 D, 3 R
4 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
- House Introduced Jun 2, 2009
- House Passed Sep 9, 2009
Promoting Transparency in Financial Reporting Act of 2009 - Requires the Securities and Exchange Commission (SEC), the Financial Accounting Standards Board (FASB), and the Public Company Accounting Oversight Board to present testimony annually for five years, beginning in 2009, to the Committee on Financial Services of the House of Representatives regarding…
What it does: CRS summary · Passed House without amendment · Sep 9, 2009
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
Promoting Transparency in Financial Reporting Act of 2009 - Requires the Securities and Exchange Commission (SEC), the Financial Accounting Standards Board (FASB), and the Public Company Accounting Oversight Board to present testimony annually for five years, beginning in 2009, to the Committee on Financial Services of the House of Representatives regarding their efforts to reduce the complexity in financial reporting and to provide more accurate and clear financial information to investors.
Requires such testimony to address the following issues: (1) reassessing complex and outdated accounting standards; (2) improving the understandability, consistency, and overall usability of accounting and auditing literature; (3) developing principles-based accounting standards; (4) encouraging the use and acceptance of interactive data; and (5) promoting disclosures in "plain English."
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Promoting Transparency in Financial Reporting Act of 2009
Latest action (Sep 10, 2009): Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Jun 2, 2009
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
- House Introduced Jun 2, 2009
- House Passed Sep 9, 2009
No recorded floor vote found.