FL H1307

Urges Congress to repeal the Sarbanes-Oxley Act of 2002 (Public Law 107-204), which was enacted to protect investors by improving accuracy and reliability of corporate disclosures.

Claims Section 404 of the act, as amended by the Dodd-Frank Act in 2010, requires companies to assess internal controls and have external auditors attest to those assessments, creating excessive costs and complexity.

Argues compliance costs average $5.1 million per reporting year and increase overall compliance costs by up to 130 percent, with disproportionate impact on smaller businesses and initial public offerings.

Contends the regulations discourage American companies from listing on domestic stock exchanges, instead pushing business to less-regulated foreign markets like England, and impose unnecessary federal intrusion on free market principles.

Directs copies of the memorial be sent to the President, Vice President, Speaker of the House, and all Florida members of Congress.