Thursday, September 19, 2013

Hurt Legislation Introduced in Senate by Sens. Toomey and Manchin

WASHINGTON, D.C. – Congressman Robert Hurt (R-VA) today released the following statement after Senators Pat Toomey (R-PA) and Joe Manchin (D-WV) introduced the Audit Integrity and Audit Protection Act, the bipartisan Senate counterpart to H.R. 1564, introduced by Hurt in April and passed by the U.S. House of Representatives on July 8th, 2013:

“I am pleased Senators Toomey and Manchin have introduced this important, bipartisan legislation.  I was proud to introduce H.R. 1564 along with Rep. Gregory Meeks (D-NY) last spring and work to achieve its passage through the House of Representatives.  I look forward to working with Sens. Toomey and Manchin to pass the bill in the Senate and have it signed into law. 

“The Audit Integrity and Job Protection Act strengthens audit quality, removes the threat of unnecessary, increased costs and protects investors and the public interest by promoting informative, accurate and independent audit reports.  At a time when our economy is being stifled by overregulation from the federal government, the Audit Integrity and Audit Protection Act removes these roadblocks so that America’s small businesses can focus on creating jobs and thriving.”

The Audit Integrity and Job Protection Act was introduced by Representative Robert Hurt (R-VA) on April 17, 2013, and passed the House on July 8th, 2013.  This legislation amends the Sarbanes-Oxley Act to allow public companies to maintain quality auditing practices and avoid unnecessary additional costs that ultimately are passed on to investors and consumers.  It eliminates the threat of mandatory audit firm rotation by prohibiting the Public Company Accounting Oversight Board (PCAOB), the self-regulatory organization charged with overseeing the auditors of public companies, from moving ahead with a potential rulemaking that would have seriously negative consequences for American businesses, investors, and consumers. This legislation will assist our businesses, innovators, and start-ups in achieving their potential and investing in our communities.