I 
110TH CONGRESS 
1ST SESSION H. R. 1550 
To reduce the reporting and certification burdens for certain financial 
institutions of sections 302 and 404 of the Sarbanes-Oxley Act of 2002. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 15, 2007 
Mr. JONES of North Carolina introduced the following bill; which was referred 
to the Committee on Financial Services 
A BILL 
To reduce the reporting and certification burdens for certain 
financial institutions of sections 302 and 404 of the 
Sarbanes-Oxley Act of 2002. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Regulatory Relief and 
Fairness Act’’. 
SEC. 2. CORPORATE RESPONSIBILITY RELATED TO CER-
TAIN FINANCIAL INSTITUTIONS. 
Section 302 of the Sarbanes-Oxley Act of 2002 (15 
U.S.C. 7241) is amended— 
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(1) in subsection (a), by striking ‘‘The Commis-
sion’’ and inserting ‘‘Subject to subsection (c), the 
Commission’’; 
(2) by redesignating subsection (c) as sub-
section (d); and 
(3) by inserting after subsection (b) the fol-
lowing new subsection: 
‘‘(c) EXEMPTION FOR CERTAIN FINANCIAL INSTITU-
TIONS.—The Commission’s rules under subsection (a) 
shall permit an issuer to elect voluntarily not to provide 
the certification in subsection (a) if the issuer is— 
‘‘(1) an insured depository institution, as such 
term is defined in section 3(c)(2) of the Federal De-
posit Insurance Act (12 U.S.C. 1813(c)(2)); 
‘‘(2) a bank holding company, as such term is 
defined in section 2(a) of the Bank Holding Com-
pany Act of 1956 (12 U.S.C. 1841(a)); or 
‘‘(3) a savings and loan holding company, as 
such term is defined in section 10(a)(1)(D) of the 
Home 
Owners’ 
Loan 
Act 
(12 
U.S.C. 
1467a(a)(1)(D)).’’. 
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SEC. 3. MANAGEMENT ASSESSMENT OF INTERNAL CON-
TROLS BY CERTAIN FINANCIAL INSTITU-
TIONS. 
Section 404 of the Sarbanes-Oxley Act of 2002 is 
amended— 
(1) in subsection (a), by striking ‘‘The Commis-
sion’’ and inserting ‘‘Subject to subsection (c), the 
Commission’’; 
(2) by adding at the end the following new sub-
section: 
‘‘(c) EXEMPTION FOR CERTAIN FINANCIAL INSTITU-
TIONS.—The Commission’s rules under subsection (a) 
shall permit an issuer to elect voluntarily not to prepare 
and provide the internal control report required by sub-
section (a) if the issuer is— 
‘‘(1) an insured depository institution, as such 
term is defined in section 3(c)(2) of the Federal De-
posit Insurance Act (12 U.S.C. 1813(c)(2)); 
‘‘(2) a bank holding company, as such term is 
defined in section 2(a) of the Bank Holding Com-
pany Act of 1956 (12 U.S.C. 1841(a)); or 
‘‘(3) a savings and loan holding company, as 
such term is defined in section 10(a)(1)(D) of the 
Home 
Owners’ 
Loan 
Act 
(12 
U.S.C. 
1467a(a)(1)(D)).’’. 
Æ 
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