U.S. House of Representatives record vote 588, 110th Congress, Session 1

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Scored vote

Scorecard: U.S. Chamber of Commerce 2007 House Scorecard

Org. position: Aye

Description:

"With the Chamber’s support, the House passed 267-154 an amendment to H.R. 2829, the Financial Services and General Government Appropriations Act of 2008, that would have extended a moratorium on small business compliance with costly and overly burdensome requirements of Section 404 of the Sarbanes-Oxley Act of 2002. Section 404 requires management and an external auditor to report on the adequacy of a company’s internal control over financial reporting. While the Chamber supports effective internal controls and the intent of Sarbanes-Oxley, it strongly believes that smaller companies should not have to bear the disproportionately burdensome costs of Section 404 until the implementation of Section 404 has been fixed. Although this amendment did not become law, in mid-December, the U.S. Securities and Exchange Commission announced that it would delay the implementation of reporting requirements imposed on small businesses by Section 404 of the Sarbanes-Oxley Act. The Chamber will continue working to protect small businesses from being unfairly and disproportionately burdened"

(Original scorecard available at: http://www.uschamber.com/issues/legislators/07htv_house.htm)

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