United States · Amendment · HAMDT

HAMDT 458 (107th)

An amendment in the nature of a substitute numbered 5 printed in House Report 107-418 to replace the regulatory structure in the bill with one that requires establishment of a public regulator with specified duties and authority; to modify definitions of non-audit services to make the two bans on non-audit services included in the bill effective; to provide for approval of non-audit services by the audit committee; to replace the executive responsibility provisions in the bill to require executive certification of financial statements; to improve the ability of the SEC to bar officers and directors from future service in public companies; to enable the SEC to obtain disgorgement of stock bonuses from executives who have falsified financial statements; to place limits on analyst conflicts of interest and improve corporate governance by giving audit committees oversight of auditors; and to establish an independent nominating committee for independent directors.