Hill and Cotton Introduce Broker-Dealer Audit Bill

House Financial Services Committee Chairman French Hill and Sen. Tom Cotton of Arkansas have introduced the Small Business Audit Correction Act, bicameral legislation addressing certain audit requirements for small broker-dealers in good standing.

The measure is intended to lower compliance costs, allowing qualifying firms to direct more resources toward expanding their businesses and serving customers.

Hill said regulatory-relief discussions often center on community banks, while “small, privately held broker-dealers deserve that same attention.”

Cotton said the audit requirement was written for Wall Street before being extended to “small firms on Main Street.”

Hill previously introduced the legislation with Cotton during the 115th and 116th Congresses.