U.S. Congress legislation · 119th Congress
SB5454: Small Business Audit Correction Act of 2026
Status: In committee, September 22, 2026
A bill to amend the Sarbanes-Oxley Act of 2002 to exclude the audits of privately held, non-carrying brokers and dealers that are in good standing from certain requirements under title I of that Act, and for other purposes.
What the bill says
To amend the Sarbanes-Oxley Act of 2002 to exclude the audits of privately held, non-carrying brokers and dealers that are in good standing from certain requirements under title I of that Act, and for other purposes.
From the introduced text, September 22, 2026:
A BILL To amend the Sarbanes-Oxley Act of 2002 to exclude the audits of privately held, non-carrying brokers and dealers that are in good standing from certain requirements under title I of that Act, and for other purposes. SECTION 1. Short title This Act may be cited as the Small Business Audit Correction Act of 2026 . SECTION 2. Exemption (a) Amendments to the Sarbanes-Oxley Act of 2002 Section 110 of the Sarbanes-Oxley Act of 2002 ( 15 U.S.C. 7220 ) is amended-- (1) in paragraph (3), by inserting , except that the term does not include a non-carrying broker or dealer that is privately held and in good standing after registered public accounting firm ; (2) in paragraph (4), by inserting , except that the term does not include a non-carrying broker or dealer that is privately held and in good standing after registered public accounting firm ; (3) by redesignating paragraphs (5) and (6) as paragraphs (8) and (9), respectively; and (4) by inserting after paragraph (4) the (B) is a member of an association that is registered as a national securities association under section 15A of the Securities Exchange Act of 1934 ( 15 U.S.C. 78o-3 ); (C) as reflected in the most recent financial and operational report filed with the Commission pursuant to section 17 of …
Sponsors
- Cotton, Tom (R, SD-AR) · primary sponsor
Latest actions
- : Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- : Introduced in Senate
Subjects: Finance and Financial Sector
Common questions
- What is SB5454?
- SB5454 is a bill in Congress (119th Congress): Small Business Audit Correction Act of 2026.
- What does SB5454 do?
- In its own words: To amend the Sarbanes-Oxley Act of 2002 to exclude the audits of privately held, non-carrying brokers and dealers that are in good standing from certain requirements under title I of that Act, and for other purposes.
- What is the status of SB5454?
- In committee as of September 22, 2026. Latest action: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (September 22, 2026).
- Who sponsored SB5454?
- Cotton, Tom (R, SD-AR).
- Where is the official record for SB5454?
- On the Congress website: https://www.congress.gov/bill/119th-congress/senate-bill/5454
Source: official Congress record. Tracked by Delilah, AI for legislation across all 50 states and Congress.