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Congressman Robert Hurt  released the below statement after the House of Representatives voted to approve the Audit Integrity And Job Protection Act (H.R. 1564), a bipartisan bill that was passed by a vote of 321-62 and will now be reported to the Senate:

“I am pleased to see the Audit Integrity And Job Protection Act was approved by the full House of Representatives today with bipartisan support, and it is my hope that our colleagues in the Senate will recognize the importance of preventing unnecessary federal regulations and take action on this legislation.

“Our small businesses have been negatively affected by harmful policies put forth in Washington for too long. At a time when too many people in Virginia’s 5th District and across the country are out of work, it is critical that we in the House of Representatives advance policies that will remove the federal government as a barrier to job creation in order to encourage robust economic growth and provide the opportunity for our job creators to hire and expand.

“The Audit Integrity And Job Protection Act would prevent the threat of federal over-regulation so that our businesses can continue to focus on creating the jobs that our local communities need rather than cutting through more government red tape. By passing this legislation, the House of Representatives has taken one more step toward our goal of creating certainty for our job creators and getting our economy back on track so that our small business owners can get back to creating the jobs that 5th District Virginians and Americans across the country need and deserve.”

Michael A. Ewing, President & CEO of Oak View National Bank, added, “Forcing banks to frequently engage new auditors from a limited field of qualified auditors will dramatically undermine audit quality and greatly increase the cost. In this economy, when a bank is expending scarce capital and resources complying with burdensome federal regulations, we are not getting our capital onto the streets and investing in our communities to help our local businesses and get people back to work. I thank Congressman Hurt for his commitment to this issue and we at Oak View National Bank in Fauquier County are proud to support this bill.”

Background

H.R. 1564 would amend the Sarbanes-Oxley Act to allow public companies to maintain quality auditing practices and avoid unnecessary additional costs that ultimately are passed on to investors and consumers. Congressman Hurt introduced this bill to remove the threat of federal over-regulation on our local businesses, so that employers can focus on hiring and expanding rather than more federal bureaucracy. Congressman Gregory Meeks (D-NY) is the lead cosponsor of the bill. More background on H.R. 1564 here.