Late last month, the Senate Banking Committee approved a financial regulatory reform package sponsored by Sen. Christopher Dodd, D-Conn. According to Investment News, the 1,300-page bill, known as the "Restoring American Financial Stability Act of 2010," provides for, among other things:
creation of an investment advisory committee within the Securities and Exchange Commission, a study to determine whether advice-giving brokers should be held to the same fiduciary standards as registered investment advisers, [and] the creation of a council to identify and address systemic risks...
Unlike its counterpart in the House of Representatives, the Senate bill does not yet include a provision that would exempt small businesses from the auditor attestation requirements of Sarbanes-Oxley section 404(b), but Sen Jim DeMint, R-S.C., has promised to propose just such an amendment.
Senate Republicans actually did not propose any amendments to the bill before it came out of committee. As Compliance Week blogger Melissa Klein Aguilar pointed out recently, "the committee's Republican members decided to hold their amendments" until the full Senate votes on the bill.