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Trading Ban for Firms Avoiding Accounting Inspections

This act introduces a trading prohibition for companies that fail to undergo accounting inspections for two consecutive years. This aims to protect investors and ensure greater transparency in financial markets, potentially impacting the security of citizens' savings invested in such companies.
Key points
Companies that do not undergo accounting inspections for two consecutive years will face a trading ban.
The change aims to enhance investment security and market transparency.
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Status:
Expired
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Additional Information
Print number: 117_S_2184
Sponsor: Sen. Kennedy, John [R-LA]
Process start date: 2021-06-22
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

A bill to amend the Sarbanes-Oxley Act of 2002 to institute a trading prohibition for certain issuers that retain public accounting firms that have not been subject to inspection by the Public Company Accounting Oversight Board, and for other purposes.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_2184.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-06-22.

What are the main provisions?

Key points include:

  • Companies that do not undergo accounting inspections for two consecutive years will face a trading ban.
  • The change aims to enhance investment security and market transparency.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Kennedy, John [R-LA].

What is the latest detailed status?

The latest detailed status is: Introduced in the Senate, read twice, considered, read the third time, and passed without amendment by Unanimous Consent. (consideration: CR S4692; text: CR S4692)

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

What is the impact of this bill?

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Economy Courts and Law