Congressman Robert Hurt (R-Virginia) today released the following statement after introducing the bipartisan Audit Integrity and Job Protection Act. H.R. 1564 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. 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. Congressman Gregory Meeks (D-NY) is the lead cosponsor of the bill:
"The Audit Integrity and Job Protection Act will assist our businesses, innovators, and start-ups in achieving their potential and investing in our communities. By removing the threat of more unnecessary compliance costs, our businesses and start-ups will be able to focus on hiring, expanding, and getting our communities back to work. Our businesses have been negatively impacted by federal policies out of Washington and this legislation will take one step toward removing the federal government as a barrier to job creation."
Michael A. Ewing, President & CEO of Oak View National Bank, added, "Forcing banks to frequently engage new auditors from a limited field of qualified auditors will dramatically undermine audit quality and greatly increase the cost. In this economy, when a bank is expending scarce capital and resources complying with burdensome federal regulations, we are not getting our capital onto the streets and investing in our communities to help our local businesses and get people back to work. I thank Congressman Hurt for his commitment to this issue and we at Oak View National Bank in Fauquier County are proud to support this bill."
Jeff Gallagher, CEO of the Virginia Biotechnology Association, added, "Innovative biotech companies in Virginia support nearly 80,000 direct and indirect jobs in the Commonwealth. These small businesses are searching for groundbreaking medicines, diagnostics, and medical devices that could save lives and reduce the cost of health care. 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. 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."