The House approved a U.S. Chamber of Commerce-supported amendment that extends the current moratorium for Section 404 compliance (of the Sarbanes-Oxley law) for small businesses through FY2008.

The amendment, which was part of an appropriations bill, will give smaller public companies with a market value of less than $75 million, more time to comply with Section 404 of Sarbanes Oxley by extending for one year the exemption from reporting and auditing requirements.

Learn more about the Chamber's efforts on Section 404.