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News & Press: National News

New Bill Passes to Extend JOBS Act Provision

Tuesday, May 24, 2016  
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The US House of Representatives has passed H.R. 4139, the Fostering Innovation Act. The bipartisan legislation was introduced by Reps. Kyrsten Sinema (D-AZ) and Michael Fitzpatrick (R-PA).

The JOBS Act provides emerging growth companies (EGCs) with a five-year exemption from Section 404(b) of Sarbanes-Oxley (SOX), which requires a costly external attestation of a company’s internal financial controls.  The Fostering Innovation Act would extend the JOBS Act’s SOX 404(b) exemption for an additional five years for former EGCs that maintain a public float below $700 million and average annual revenues below $50 million.  The additional five years of cost-savings would allow growing companies to focus their capital on groundbreaking R&D rather than one-size-fits-all regulatory burdens.

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