S. 2184 · 117th Congress
A bill to amend the Sarbanes-Oxley Act of 2002 to institute a trading prohibition for certain issuers that…
Full title
A bill to amend the Sarbanes-Oxley Act of 2002 to institute a trading prohibition for certain issuers that retain public accounting firms that have not been subject to inspection by the Public Company Accounting Oversight Board, and for other purposes.
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Passed the Senate 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 117th Congress ended.
R
KennedySponsor1 cosponsor · 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
- Senate Introduced Jun 22, 2021
- Senate Passed Jun 22, 2021
This bill revises provisions related to the required certification to the Securities and Exchange Commission by certain publicly traded companies that they are not owned or controlled by a foreign government.
What it does: CRS summary · Passed Senate · Jun 22, 2021
This bill revises provisions related to the required certification to the Securities and Exchange Commission by certain publicly traded companies that they are not owned or controlled by a foreign government.
Under current law, a company must make this certification if the Public Company Accounting Oversight Board is unable to audit specified reports because the company has retained a foreign public accounting firm not subject to inspection by the board due to a position taken by an authority in that foreign jurisdiction. Under this bill, a company must submit this certification if a position taken by any foreign government (not only the foreign government in which the firm is located) prevents inspection of the firm.
Furthermore, under current law, if the board is unable to inspect the company's public accounting firm for three consecutive years, the company's securities are banned from trade on a national exchange or through other methods. The bill reduces this time to two consecutive years.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: A bill to amend the Sarbanes-Oxley Act of 2002 to institute a trading prohibition for certain issuers that retain public accounting firms that have not been subject to inspection by the Public Company Accounting Oversight Board, and for other purposes.
Latest action (Jun 24, 2021): Held at the desk.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Jun 22, 2021
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
- Senate Introduced Jun 22, 2021
- Senate Passed Jun 22, 2021
No recorded floor vote found.