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S 2703 IS

To reduce the reporting and certification burdens for certain financial institutions of sections 302 and 404 of the Sarbanes-Oxley Act of 2002.

March 5, 2008

Mrs. DOLE introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

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 Representatives 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 CERTAIN FINANCIAL INSTITUTIONS.

Section 302 of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7241) is amended--

(1) in subsection (a), by striking `The Commission' and inserting `Subject to subsection (c), the Commission';

(2) by redesignating subsection (c) as subsection (d); and

(3) by inserting after subsection (b) the following new subsection:

`(c) Exemption for Certain Financial Institutions- The rules of the Commission 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 Deposit 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 Company 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)).'.

SEC. 3. MANAGEMENT ASSESSMENT OF INTERNAL CONTROLS BY CERTAIN FINANCIAL INSTITUTIONS.

Section 404 of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7262) is amended--

(1) in subsection (a), by striking `The Commission' and inserting `Subject to subsection (c), the Commission'; and

(2) by adding at the end the following new subsection:

`(c) Exemption for Certain Financial Institutions- The rules of the Commission under subsection (a) shall permit an issuer to elect voluntarily not to prepare and provide the internal control report required by subsection (a) if the issuer is--

`(1) an insured depository institution, as such term is defined in section 3(c)(2) of the Federal Deposit 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 Company 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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