,,ii  #aafth ,,congress  #ast ,session  
,s4 #deb  ,,in ,,the ,,senate ,,of ,,the
 ,,united ,,states  ,february #ab1      
#bjai,mr4 ,tillis 7for himself1 ,mr4    
,peters1 ,mr4 ,perdue1 and ,ms4 ,sinema7
 introduced the following bill2 which   
was read twice and referred to the      
,committee on ,banking1 ,housing1 and   
,urban ,affairs  ,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
 ,definitions ,in this subsection-- 7,a7
 the term average annual gross revenues 
means the total gross revenues of an    
issuer over its most recently completed 

#c fiscal years divided by #c2  7,b7 the
 term emerging growth company has the   
meaning given the term in section #c of 
the ,securities ,exchange ,act of #aicd 
7#ae ,u4,s4,c4 #gh;c72 and  7,c7 the    
term large accelerated filer has the    
meaning given the term in section       
#bdj4ab;b-#b of title #ag1 ,code of     
,federal ,regulations 7or any successor 
regulation74  7#b7 ,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 #e-year period 
beginning on the date of the first sale 
of common equity securities of the      
issuer pursuant to an effective         
registration statement under the        
,securities ,act of #aicc 7#ae ,u4,s4,c4
 #gg;a et seq472  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#c7        
,expiration of temporary exemption ,an  
issuer ceases to be eligible for the    
exemption described under paragraph 7#a7
 on the earlier of--  7,a7 the last day 
of the fiscal year of the issuer        
following the #aj-year period beginning 
on the date of the first sale of common 
equity securities of the issuer pursuant
 to an effective registration statement 
under the ,securities ,act of #aicc 7#ae
 ,u4,s4,c4 #gg;a et seq472  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  4