The Senate is meeting right now that could cause the inclusion or exclusion of Section 404(b) from the omnibus financial reform bill (H.R. 4173) or the "Wall Street Reform and Consumer Protection Act of 2009."
The amendment, proposed by Reps. Scott Garrett (R., N.J.) and John Adler (D., N.J.), to grant a permanent exemption to Section 404(b) (for those public companies with a market capitalization below $75 million), was NOT included in the bill that is before the Senate for vote now. The amendment could be included in the proposals today.
As it stands now, non-accelerated filers must comply with 404(b) by June 15, 2010; 404(a) has been in effect since 2007 and is not in debate.
Listen to the meeting here: