Bill Sponsor
House Bill 1645
115th Congress(2017-2018)
Fostering Innovation Act of 2017
Introduced
Introduced
Introduced in House on Mar 21, 2017
Overview
Text
Introduced
Mar 21, 2017
Latest Action
Nov 28, 2017
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
1645
Congress
115
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
Sponsorship by Party
House Votes (0)
Senate Votes (0)
No House votes have been held for this bill.
Summary

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.

Text (2)
November 28, 2017
March 21, 2017
Actions (7)
11/28/2017
Placed on the Union Calendar, Calendar No. 315.
11/28/2017
Reported by the Committee on Financial Services. H. Rept. 115-425.
10/12/2017
Ordered to be Reported by the Yeas and Nays: 48 - 12.
10/12/2017
Committee Consideration and Mark-up Session Held.
10/11/2017
Committee Consideration and Mark-up Session Held.
03/21/2017
Referred to the House Committee on Financial Services.
03/21/2017
Introduced in House
Public Record
Record Updated
Jan 11, 2023 1:35:34 PM