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House Defeats Amendment to Strip Small Company SOX Exemptions
Submitted on:
12.11.2009
In a move supported by CHI, the House of Representatives today voted 271-153 to defeat an amendment by Rep. Paul Kanjorski (D-PA) that would have removed small company Sarbanes-Oxley (SOX) reporting exemptions included the Wall Street Reform and Consumer Protection Act (HR 4173). As stated in CHI's letter opposing the amendment, "Without the exemption provided in H.R. 4173, the smallest life sciences companies will continue to face staggering audit and compliance costs, diverting revenue that could otherwise be reinvested in life-saving research and development." CHI applauds delegation members Baca, Bilbray, Bono Mack, Calvert, Campbell, Cardoza, Costa, Dreier, Gallegly, Herger, Honda, Hunter, Issa, Lewis, Lungren, McCarthy, McClintock, McKeon, McNerney, Gary Miller, Nunes, Richardson, Royce, Rohrabacher, and Loretta Sanchez for opposing the Kanjorski amendment.
Click here to read the letter.
CHI-Advancing California biomedical research and innovation
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