H.R. 2664: Promoting Transparency in Financial Reporting Act of 2009

H.R. 2664

Promoting Transparency in Financial Reporting Act of 2009

Sponsor
Rep. Chris Lee

Date
September 9, 2009 (111th Congress, 1st Session)

Staff Contact
Communications

Floor Situation

The House is expected to consider H.R. 2664 on the House floor on Wednesday, September 9, 2009, under a motion to suspend the rules, requiring a two-thirds majority vote for passage. This legislation was introduced by Rep. Christopher Lee (D-NY) on June 2, 2009.

Bill Summary

H.R. 2664 would require the Securities and Exchange Commission, the Financial Accounting Standards Board, and the Public Company Accounting Oversight Board to provide oral testimony by their respective Chairpersons (or a designee), beginning in 2009, and annually for five years, to the Committee on Financial Services on their efforts to reduce the complexity in financial reporting to provide more accurate and clear financial information to investors.

Cost

A CBO cost estimate of H.R. 2664 is not yet available.