House Overwhelmingly Passes Garrett Amendment Protecting Small Business
Garrett Amendment is a “Key Vote” for U.S. Chamber of Commerce
Yesterday, the House of Representatives passed Congressman Scott Garrett’s amendment to the Fiscal Year 2008 Financial Services Appropriations Act, helping small businesses grow and American financial markets thrive, by a strong bipartisan vote of 267- 154.
“Small business is the backbone of our economy and it deserves our help,” said Garrett. “The excessive auditing and reporting requirements of the Sarbanes-Oxley law are breaking the backs of public companies and American financial markets and they will surely crush small businesses altogether. Today, the House said with a strong voice that small business is important to our economy and we will protect them from overly-burdensome regulations that keep them from prospering.”
Garrett’s amendment was supported by the American Banking Association, Independent Community Bankers Association, National Taxpayers Union, Citizens Against Government Waste, and the U.S. Chamber of Commerce, which deemed a vote in favor of the Garrett amendment a “key vote” for American small business.
Garrett has also introduced a bill, the Small Business SOX Compliance Extension Act (H.R. 2727), to extend the current small business exemption under Section 404(a) of Sarbanes-Oxley a full year.