Internal Control Disclosure Improvement Act of 2020

Bill: 116-hr-8841
Sponsor: full_name: Rep. Sherman, Brad [D-CA-30]
Introduced: 2020-12-02
Policy area: Finance and Financial Sector
Subjects: Bank accounts, deposits, capital

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Securities
Latest action: action_date: 2020-12-02
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2020-12-02
action_desc: Introduced in House
text: <p><b>Internal Control Disclosure Improvement Act of 2020 </b></p> <p>This bill requires issuers of securities who have been found in violation of securities laws regarding the reconciliation of general ledger accounts to regularly report on their compliance with these requirements. </p>

tv_txt: I 116th CONGRESS 2d Session H. R. 8841 IN THE HOUSE OF REPRESENTATIVES December 2, 2020 Mr. Sherman (for himself and Mr. Swalwell of California ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Securities Exchange Act of 1934 to require that certain issuers make disclosures regarding general ledger accounts reconciliation, and for other purposes.

1. Short title This Act may be cited as the Internal Control Disclosure Improvement Act of 2020 . 2. General ledger accounts reconciliation Section 13 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78m ) is amended by adding at the end the following: (s) General ledger accounts reconciliation (1) In general Each covered issuer required to file an annual or quarterly report under subsection (a) shall disclose in that report whether such covered issuer has, at the time of such report, completed a general ledger accounts reconciliation for the most recent fiscal quarter and most recent fiscal year, respectively. (2) Covered issuer defined For purposes of this subsection, the term covered issuer means an issuer with respect to which a civil or criminal penalty has been imposed under the securities laws by reason of the internal control over financial reporting of such issuer related to the failure of such issuer to reconcile general ledger accounts. .