XBRL Exemptions Pass through the House, Move to Senate

The House of Representatives earlier last week, with support on both sides of the aisle, passed legislation that exempts roughly 60% of all public companies from the Securities and Exchange Commission’s (SEC) XBRL (eXtensible Business Reporting Language) requirements.

HR 37 mainly deals with changes to the Dodd-Frank Wall Street Reform and Consumer Protection Act, including the requirement for public companies to file with the SEC in XBRL format, which was set in 2009.

Entitled the Promoting Job Creation and Reducing Small Business Burdens Act, HR 37 was introduced last January by Rep. Mike Fitzpatrick (R-PA) to reduce regulation on companies with revenue under $250 million.

The overall aim of HR 37, which includes 11 bills and several bipartisan measures, is designed to reduce costs for emerging businesses and make it easier for these businesses to access capital and create new jobs.

From here the bill moves to the Republican-controlled Senate, where it is likely to be approved. The bill has come under fire from the White House, however, and President Obama is threatening to veto the bill, saying several HR 37 provisions undermine Dodd-Frank and would weaken Wall Street reform.

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