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Saturday, Aug. 30, 2014

The Time is Now

Posted Friday, October 14, 2011, at 4:57 PM

Dear Friend,

The time is now to make a difference in getting our economy moving. The House of Representatives has passed numerous bills focused on strengthening our economy by limiting excessive regulation and providing tax certainty; yet disappointedly, the Senate has failed to act.

I will not be dissuaded from my goal of getting Washington out of the way. Our goal must be to continue on our path to limit excessive regulations that hinder small business, especially manufacturing. If we can move forward in eliminating excessive regulations that impact our small businesses we can focus on creating new export markets.

Just this week, I introduced the Small Company Job Growth and Regulatory Relief Act of 2011. This legislation directly addresses the need to increase capital in small businesses. Specifically, my bill amends Section 404(B) of the Sarbanes-Oxley Act of 2002, which requires two audits of companies with a public float of $75 million or more. This regulation is extremely burdensome and hinders companies from growth and job creation. My bill simply raises the public float limit from $75 million to $350 million, which will exempt more companies from costly duplicative audits. This bill will reduce regulations on small public companies, making it easier for them to expand and create jobs.

Since Sarbanes-Oxley became law nearly 10 years ago, numerous foreign companies have delisted from U.S. exchanges, citing increased regulatory burdens and the cost of complying. Additionally, more and more companies are choosing to list on foreign exchanges instead of in the United States because of costly regulations. The Small Company Job Growth and Regulatory Relief Act of 2011 is a step in the right direction to spur companies to not only go public, but also list in the United States, raise capital here, and create jobs for Americans.

Sincerely,

Stephen L. Fincher



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Congressman Stephen Fincher
Stephen Fincher
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Stephen Fincher is the U.S. Representative for Tennessee's 8th congressional district.
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