H.R. 3503

To amend the Sarbanes-Oxley Act of 2002 to make Public Company Accounting Oversight Board disciplinary proceedings open to the public.

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I

112th CONGRESS

1st Session

H. R. 3503

IN THE HOUSE OF REPRESENTATIVES

November 18, 2011

Mr. Westmoreland introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To amend the Sarbanes-Oxley Act of 2002 to make Public Company Accounting Oversight Board disciplinary proceedings open to the public.

1.

Public proceedings

Section 105 of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7215) is amended—

(1)

by amending subsection (c)(2) to read as follows:

(2)

Public hearings

Hearings under this section shall be public unless the Board, on its own motion or after considering the motion of a party, orders otherwise.

; and

(2)

in subsection (d)(1)(C), by striking (once any stay on the imposition of such sanction has been lifted).