US Congress House Bill 1564 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Republican 9-5)
Status: Engrossed on July 9 2013 - 50% progression, died in committee
Action: 2013-07-09 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Engrossed) [PDF]

Audit Integrity and Job Protection Act - Amends the Sarbanes-Oxley Act of 2002 (SOX) to deny the Public Company Accounting Oversight Board any authority to require that audits conducted for a particular issuer of securities in accordance with SOX standards be conducted by specific registered public accounting firms, or that such audits be conducted for an issuer by different registered public accounting firms on a rotating basis. Directs the Comptroller General (GAO) to update the November 2003 report, "Study on the Potential Effects of Mandatory Audit Firm Rotation," and review the potential effects (including costs and benefits) of requiring the mandatory rotation of registered public accounting firms. Requires such update also to study: (1) whether mandatory rotation of registered public accounting firms would mitigate against potential conflicts of interest between registered public accounting firms and issuers; (2) whether such a mandatory rotation would impair audit quality due to the loss of industry or company-specific knowledge gained by a registered public accounting firm through years of experience auditing the issuer; and (3) what effect SOX has had upon registered public accounting firms' independence, and whether additional independence reforms are needed.

Audit Integrity and Job Protection Act

Rep. Robert Hurt [R-VA]	Rep. Spencer Bachus [R-AL]	Rep. Scott Garrett [R-NJ]	Rep. Bill Huizenga [R-MI]
Rep. Blaine Luetkemeyer [R-MO]	Rep. Gregory Meeks [D-NY]	Rep. Gwen Moore [D-WI]	Rep. Mick Mulvaney [R-SC]
Rep. Patrick Murphy [D-FL]	Sen. Gary Peters [D-MI]	Rep. Dennis Ross [R-FL]	Rep. Edward Royce [R-CA]
Rep. David Scott [D-GA]	Rep. Steve Stivers [R-OH]

2013-07-08 - House - On Motion to Suspend the Rules and Pass, as Amended (Y: 321 N: 62 NV: 51 Abs: 0) [PASS]

Date	Chamber	Action
2013-07-09	Senate	Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
2013-07-08	House	Motion to reconsider laid on the table Agreed to without objection.
2013-07-08	House	On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 321 - 62 (Roll no. 306). (text: CR H4182)
2013-07-08	House	Considered as unfinished business. (consideration: CR H4186-4187)
2013-07-08	House	At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
2013-07-08	House	DEBATE - The House proceeded with forty minutes of debate on H.R. 1564.
2013-07-08	House	Considered under suspension of the rules. (consideration: CR H4182-4184)
2013-07-08	House	Mr. Hurt moved to suspend the rules and pass the bill, as amended.
2013-07-08	House	Placed on the Union Calendar, Calendar No. 103.
2013-07-08	House	Reported (Amended) by the Committee on Financial Services. H. Rept. 113-142.
2013-06-19	House	Ordered to be Reported (Amended) by the Yeas and Nays: 52 - 0.
2013-06-19	House	Committee Consideration and Mark-up Session Held.
2013-05-23	House	Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.
2013-04-15	House	Referred to the House Committee on Financial Services.

SB1526 (Related) 2013-09-19 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/house-bill/1564/all-info
Text	https://www.congress.gov/113/bills/hr1564/BILLS-113hr1564ih.pdf
Text	https://www.congress.gov/113/bills/hr1564/BILLS-113hr1564rh.pdf
Text	https://www.congress.gov/113/bills/hr1564/BILLS-113hr1564eh.pdf
Roll Call	https://clerk.house.gov/Votes/2013306