Senate Bill 2184
117th Congress(2021-2022)
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.
Active
Active
Passed Senate on Jun 22, 2021
Overview
Text
Introduced
Jun 22, 2021
Latest Action
Jun 24, 2021
Origin Chamber
Senate
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
2184
Congress
117
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
Louisiana
Passed
June 22, 2021
Type
Unanimous Consent
Unanimous Consent
A senator may request unanimous consent on the floor to set aside a specified rule of procedure so as to expedite proceedings. If no Senator objects, the Senate permits the action, but if any one senator objects, the request is rejected. Unanimous consent requests with only immediate effects are routinely granted, but ones affecting the floor schedule, the conditions of considering a bill or other business, or the rights of other senators, are normally not offered, or a floor leader will object to it, until all senators concerned have had an opportunity to inform the leaders that they find it acceptable.
Passed/agreed to in Senate: Introduced in the Senate, read twice, considered, read the third time, and passed without amendment by Unanimous Consent.
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.

Text (2)
Actions (6)
06/24/2021
Held at the desk.
06/24/2021
Received in the House.
06/24/2021
Message on Senate action sent to the House.
06/22/2021
Introduced in the Senate, read twice, considered, read the third time, and passed without amendment by Unanimous Consent. (consideration: CR S4692; text: CR S4692)
06/22/2021
Passed/agreed to in Senate: Introduced in the Senate, read twice, considered, read the third time, and passed without amendment by Unanimous Consent.
06/22/2021
Introduced in Senate
Public Record
Record Created
Jun 23, 2021 4:27:18 AM
Record Updated
Oct 27, 2021 4:16:17 AM