WASHINGTON, Sept. 22 -- Sen. Tom Cotton issued the following press release:
Senator Tom Cotton (R-Arkansas) and Representative French Hill (Arkansas-02) introduced the Small Business Audit Corrections Act, which would exempt small investment firms from hiring the same expensive Public Company Accounting Oversight Board (PCAOB)-registered audit firms that large Wall Street banks use. Under current law, every investment firm, no matter its size, must pay for a Wall Street-grade audit, an expense that has driven small firms in states like Arkansas out of business.
"Washington wrote this rule for Wall Street and then applied it to small firms on Main Street. Our bill would eliminate this one-size-fits-all requirement to ensure investment firm...