The new Congress fell just short of fast-tracking an exemption for more than half of all public companies from submitting their financial information to the Securities and Exchange Commission via XBRL.
In its first full day of business, the House of Representatives looked for a two-thirds majority vote to suspend its rules and push through its H.R. 37, “Promoting Job Creation and Reducing Small Business Burdens Act,” which includes a bill proposed by Rep. Robert Hurt to exempt public companies with revenues below $250 million from the XBRL filing requirement. The fast-track approach requires a two-thirds majority to pass, but the measure fell shy with 276 votes out of 422 cast for 65 percent.
