To ensure financial regulations do not harm economic competitiveness, nor deprive Americans of due process of law, by repealing provisions of Federal law that hold corporate chief executive officers criminally liable for the content and quality of their companies' financial report, even when the chief executive officers had no intention to engage in criminal behavior, and had taken all reasonable steps to assure the accuracy of the statement.
Due Process and Economic Competitiveness Restoration Act - Amends the Sarbanes-Oxley Act of 2002 to repeal the requirement that an issuer's annual report to shareholders must: (1) state the responsibility of management for establishing and maintaining an adequate internal control structure and procedure for financial reporting; and (2) contain an assessment of the effectiveness of such internal control.
Repeals the requirement that each registered public accounting firm that prepares or issues the audit report for such issuer must attest to, and report on, the assessment made by the management of the issuer.
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR E653)
Referred to the House Committee on Financial Services.
Sponsor introductory remarks on measure. (CR E657-658)
Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
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