H.R.3795 - Investor, Shareholder, and Employee Protection Act of 2002107th Congress (2001-2002)
|Sponsor:||Rep. Kucinich, Dennis J. [D-OH-10] (Introduced 02/26/2002)|
|Committees:||House - Financial Services|
|Latest Action:||03/18/2002 Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.|
This bill has the status Introduced
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Subject — Policy Area:
- Finance and Financial Sector
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Summary: H.R.3795 — 107th Congress (2001-2002)All Bill Information (Except Text)
Investor, Shareholder, and Employee Protection Act of 2002 - Establishes within the Securities and Exchange Commission (SEC) an independent regulatory agency to be known as the Federal Bureau of Audits, which shall conduct an annual audit of the financial statements submitted to the SEC by reporting issuers. Requires the President to appoint the Director of the Bureau, by and with the advice and consent of the Senate.
Introduced in House (02/26/2002)
Declares that officers, employees, and other Bureau personnel shall not be responsible to or subject to the supervision or direction of Commission personnel. Prohibits Bureau employees from receiving employment or compensation from an issuer audited by the Bureau, or any accountant that provides audit-related services to a Bureau-audited issuer, for ten years after employment with the Bureau.
Requires the SEC to establish standards for such audits, incorporating generally accepted auditing standards in effect on the enactment of this Act, with any necessary and appropriate modifications.
Directs the SEC to assess and collect a fee from each reporting issuer whose financial statements are audited by the Bureau.