H.R. 4139 · 114th Congress
Fostering Innovation Act of 2015
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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 114th Congress ended.
D
SinemaSponsor2 cosponsors · 1 D, 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
- House Introduced Dec 1, 2015
- House Passed May 23, 2016
What it does: CRS summary · 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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Fostering Innovation Act of 2015
Latest action (May 24, 2016): 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: Dec 1, 2015
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
- House Introduced Dec 1, 2015
- House Passed May 23, 2016
No recorded floor vote found.