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New Jersey Rep. Scott Garrett has introduced a measure that would exempt small public companies from complying with Section 404 of the Sarbanes-Oxley action, which requires them to report on the effectiveness of their internal controls. The deadline for compliance for small companies–those with public floats of less than $75 million–has been delayed several times, but the Securities and Exchange Commission (SEC) announced in early October that such companies would have to comply with SOX 404 in fiscal years ending on or after June 15, 2010.

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