Congressman Robert Hurt (R-Virginia) has introduced the Audit Integrity and Job Protection Act.
H.R. 1564, a bipartisan effort, will amend the Sarbanes-Oxley Act to allow public companies to maintain quality auditing practices and avoid unnecessary additional costs that ultimately are passed on to investors and consumers.
Congressman Gregory Meeks (D-NY) is the lead cosponsor of the bill.
"By removing the threat of onerous federal over-regulation on our local businesses, we will allow our businesses to focus on hiring and expanding rather than more federal bureaucracy," Hurt said. "The Audit Integrity and Job Protection Act will assist our businesses, innovators and start-ups in achieving their potential and investing in our communities."
"Our businesses have been negatively impacted by federal policies, and this legislation will take one step toward removing the federal government as a barrier to job creation," Hurt added.
Jeff Gallagher, CEO of the Virginia Biotechnology Association, said burdensome regulations that divert capital from research and job creation impede company growth and force growing businesses to focus on compliance rather than R&D. They also slow the development of new cures and treatments.
"Innovative biotech companies in Virginia support nearly 80,000 direct and indirect jobs in the commonwealth," Gallagher said. "These small businesses are searching for groundbreaking medicines, diagnostics, and medical devices that could save lives and reduce the cost of health care."
"Representative Hurt's legislation will allow job-creating biotechs to continue to drive Virginia's economy without being held back by unnecessary government red tape," he added.