By:  Cydney Posner

Legal Times is reporting that Rep. Tom Feeney (R-Fla.), plans this week to introduce a bill amending SOX 404 that would allow companies with a total market cap of less than $700 million to voluntarily opt out of SOX 404 compliance and would allow all companies that are subject to SOX 404 compliance to participate in less frequent random audits after their first year of compliance. It is unclear, however, whether the House will have any interest in moving the bill forward. The article reports that Rep. Oxley said it was critical to allow regulators to rectify the SOX 404 implementation difficulties. Another pro-reform congressman acknowledged that any scaling back of the legislation might have to wait until Oxley and Sarbanes retire at the end of the year.

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