XBRL US sent a letter to the U.S. House Financial Services Committee (HFSC) strongly opposing Section 411 of Subsection C of Title IV in the Financial CHOICE Act, a provision which will have significant negative repercussions on both Wall Street and Main Street. Section 411 calls for an XBRL exemption for small filers. An exemption will make it more difficult for small companies to attract funds, will offer minimal savings in the short-term and make it more costly in the long-term. For the capital markets, an XBRL exemption will mean higher costs for investors and regulators, difficulties in automating analysis and will take away computer-readable, structured data that analysts and investors rely on today.
Read the XBRL US letter: XBRL US Letter RE Section 411 Subtitle C Title IV of Financial CHOICE
Read the Financial CHOICE Act (H.R. 10)