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.

Summary

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.

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Timeline

1. 22 June 2021

   Introduced

   Introduced in the Senate, read twice, considered, read the third time, and passed without amendment by Unanimous Consent. (consideration: CR S4692; text: CR S4692)

   Source: Floor

2. 22 June 2021

   Introduced

   Passed/agreed to in Senate: Introduced in the Senate, read twice, considered, read the third time, and passed without amendment by Unanimous Consent.(consideration: CR S4692; text: CR S4692)

   Source: Floor

3. 22 June 2021

   Introduced

   Introduced in Senate

   Source: IntroReferral

4. 24 June 2021

   Floor

   Held at the desk.

   Source: Floor

5. 24 June 2021

   Floor

   Received in the House.

   Source: Floor

6. 24 June 2021

   Floor

   Message on Senate action sent to the House.

   Source: Floor

Votes

No vote records are attached yet.

Versions

• Engrossed in Senate · 22 June 2021 · Official file
• Considered and Passed Senate · 22 June 2021 · Official file

Documents

6 official files

• Considered and Passed Senate (text)

  Considered and Passed Senate · EN · 22 June 2021

  ViewDownloadOpen at official source

• Considered and Passed Senate (PDF)

  Considered and Passed Senate · EN · 22 June 2021

  ViewDownloadOpen at official source

• Engrossed in Senate (text)

  Engrossed in Senate · EN · 22 June 2021

  ViewDownloadOpen at official source

• Engrossed in Senate (PDF)

  Engrossed in Senate · EN · 22 June 2021

  ViewDownloadOpen at official source

• Passed Senate

  summary · EN · 22 June 2021

  Open at official source

• Introduced in Senate

  summary · EN · 22 June 2021

  Open at official source

Sponsors

• John Kennedy · R · Sponsor
• Sen. Rubio, Marco [R-FL] · R · Sponsor

Related records

• related to ← Accelerating Holding Foreign Companies Accountable Act