We appreciate Congressman Capuano’s leadership on this matter!
Dear Mr. Rapp,
Thank you for contacting me expressing your opposition to H.R. 4164, the Small Company Disclosure Simplification Act.
As you are aware, the Small Company Disclosure Simplification Act would exempt emerging growth companies and issuers with total annual gross revenues of less than $250 million from the requirements to use Extensible Business Reporting Language (XBRL) for financial statement and other mandatory reporting. The bill would exempt approximately 60 percent of public companies. Like you, I do not believe that exempting such a large segment of the market would benefit the companies or investors. On March 14, I voted against H.R. 4164 in the House Financial Services Committee Mark-up Session. Ultimately, the Committee passed H.R. 4164 by a vote of 51-5.
I appreciate your comments on the increased number of investors who are now benefiting from XBRL. As with any process, there is room to improve and more can be done to make XBRL more user friendly and more accurate. I hope that this interactive financial reporting system will continue to improve and provide a better system for the public.
Thank you again for your comments. If my staff or I can be of further assistance, please do not hesitate to contact my office.
Michael E. Capuano
Member of Congress