,i  #aafth ,,congress  #ast ,session    
,h4 ,r4 #chhf  ,,in ,,the ,,house ,,of  
,,representatives  ,july #bc1 #bjai,mr4 
,mc,adams 7for himself and ,mr4         
,hollingsworth7 introduced the following
 bill2 which was referred to the        
,committee on ,financial ,services  ,a  
,,bill  ,to amend the ,sarbanes-,oxley  
,act of #bjjb to provide a temporary    
exemption for low-revenue issuers from  
certain auditor attestation             
requirements4  #a4 ,short title ,this   
,act may be cited as the ,fostering     
,innovation ,act of #bjai4  #b4         
,temporary exemption for low-revenue    
issuers ,section #djd of the            
,sarbanes-,oxley ,act of #bjjb 7#ae     
,u4,s4,c4 #gbfb7 is amended by adding at
 the end the following3  7d7 ,temporary 
exemption for low-,revenue issuers  7#a7
 ,low-revenue exemption ,subsection 7b7 
shall not apply with respect to an audit
 report prepared for an issuer that--   
7,a7 ceased to be an emerging growth    
company on the last day of the fiscal   

year of the issuer following the fifth  
anniversary of the date of the first    
sale of common equity securities of the 
issuer pursuant to an effective         
registration statement under the        
,securities ,act of #aicc2  7,b7 had    
average annual gross revenues of less   
than #ej1jjj1jjj as of its most recently
 completed fiscal year2 and  7,c7 is not
 a large accelerated filer4  7#b7       
,expiration of temporary exemption ,an  
issuer ceases to be eligible for the    
exemption described under paragraph 7#a7
 at the earliest of--  7,a7 the last day
 of the fiscal year of the issuer       
following the tenth anniversary of the  
date of the first sale of common equity 
securities of the issuer pursuant to an 
effective registration statement under  
the ,securities ,act of #aicc2  7,b7 the
 last day of the fiscal year of the     
issuer during which the average annual  
gross revenues of the issuer exceed     
#ej1jjj1jjj2 or  7,c7 the date on which 
the issuer becomes a large accelerated  

filer4  7#c7 ,definitions ,for purposes 
of this subsection3  7,a7 ,average      
annual gross revenues ,the term average 
annual gross revenues means the total   
gross revenues of an issuer over its    
most recently completed three fiscal    
years divided by three4  7,b7 ,emerging 
growth company ,the term emerging growth
 company has the meaning given such term
 under section #c of the ,securities    
,exchange ,act of #aicd 7#ae ,u4,s4,c4  
#gh;c74  7,c7 ,large accelerated filer  
,the term large accelerated filer has   
the meaning given that term under       
section #bdj4ab;b-#b of title #ag1 ,code
 of ,federal ,regulations1 or any       
successor thereto4  4