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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (4)

Short Titles

Short Titles - House of Representatives

Short Titles as Passed House

Fostering Innovation Act of 2015

Short Titles as Reported to House

Fostering Innovation Act of 2015

Short Titles as Introduced

Fostering Innovation Act of 2015

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To amend the Sarbanes-Oxley Act of 2002 to provide a temporary exemption for low-revenue issuers from certain auditor attestation requirements.


Actions Overview (3)

Date Actions Overview
05/23/2016Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.(text: CR H2907)
05/23/2016Reported by the Committee on Financial Services. H. Rept. 114-588.
12/01/2015Introduced in House

All Actions (13)

Date Chamber All Actions
05/24/2016SenateReceived in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
05/23/2016-4:08pmHouseMotion to reconsider laid on the table Agreed to without objection.
05/23/2016-4:08pmHouseOn motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H2907)
05/23/2016-3:57pmHouseDEBATE - The House proceeded with forty minutes of debate on H.R. 4139.
05/23/2016-3:57pmHouseConsidered under suspension of the rules. (consideration: CR H2907-2910)
05/23/2016-3:57pmHouseMr. Luetkemeyer moved to suspend the rules and pass the bill.
05/23/2016HousePlaced on the Union Calendar, Calendar No. 458.
05/23/2016HouseReported by the Committee on Financial Services. H. Rept. 114-588.
03/02/2016HouseOrdered to be Reported by the Yeas and Nays: 42 - 15.
Action By: Committee on Financial Services
03/02/2016HouseCommittee Consideration and Mark-up Session Held.
Action By: Committee on Financial Services
12/02/2015HouseHearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.
Action By: House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises
12/01/2015HouseReferred to the House Committee on Financial Services.
12/01/2015HouseIntroduced in House

Cosponsors (2)

* = Original cosponsor
CosponsorDate Cosponsored
Rep. Fitzpatrick, Michael G. [R-PA-8]* 12/01/2015
Rep. Delaney, John K. [D-MD-6] 02/25/2016

Committees (2)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Financial Services12/01/2015 Referred to
03/02/2016 Markup by
05/23/2016 Reported by H. Rept. 114-588
House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises12/02/2015 Hearings by
Senate Banking, Housing, and Urban Affairs05/24/2016 Referred to

A related bill may be a companion measure, an identical bill, a procedurally-related measure, or one with text similarities. Bill relationships are identified by the House, the Senate, or CRS, and refer only to same-congress measures.


Subjects (5)


Latest Summary (2)

There are 2 summaries for H.R.4139. View summaries

Shown Here:
Passed House without amendment (05/23/2016)

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Fostering Innovation Act of 2015

(Sec. 2) This bill amends the Sarbanes-Oxley Act of 2002 with respect to the requirement that each registered public accounting firm that prepares or issues an audit report for an issuer of securities (other than an emerging growth company) shall attest to, and report on, the internal control assessment made by the issuer's management.

This requirement shall not apply with respect to any audit report prepared for an issuer that:

  • ceased to be an emerging growth company on the last day of its fiscal year following the fifth anniversary of its first sale of common equity securities,
  • had average annual gross revenues of less than $50 million as of its most recently completed fiscal year, and
  • is not a large accelerated filer.

This temporary exemption for low-revenue issuers shall expire upon the earliest of:

  • the last day of the issuer's fiscal year following the tenth anniversary of its first sale of common equity securities pursuant to an effective registration statement under the Securities Act of 1933,
  • the last day of the issuer's fiscal year during which the issuer's average annual gross revenues exceed $50 million, or
  • the date upon which the issuer becomes a large accelerated filer.