The Texas Society of CPAs asked our Members of the House of Representatives this week to support an amendment to HR 4173, the Wall Street Reform Act of 2009 with respect to the Sarbanes-Oxley Act of 2002. TSCPA joined AICPA and other state societies in support of an amendment that would essentially remove the exemption of smaller public companies from SOX, providing for greater investor protection through financial reporting. The amendment would continue to provide for substantive studies to be made of the impact of section 404(b), and how that impact can be eased on all public companies with a market capitalization of less than $250 million. We sent letters to all Texas House Members; read one of the letters here (PDF).
HR 4173 is a combination of several financial re-regulation reform bills including the Investor Protection Act, the Consumer Financial Protection Agency Act, and the Financial Stability Improvement Act.