From MSNBC.com; this bill could have an impact on the requirement for non-accelerated filers to be compliant with the Sarbanes-Oxley section 404(b) by June 15, 2010:

There is a great article on MSNBC.com regarding the potential Sarbanes-Oxley Section 404(b) reprieve:

Certain groups have been asking the Senate not to weaken SOX by exempting smaller public companies permanently from SOX external audit requirements. 
WEBCPA published a great update on this issue:
“We urge you to maintain the benefits of Section 404 to investors in all public companies,” the letter concluded."
Read the article in full here.

Although the vote to include the amendment for the non-accelerated filer, Sarbanes-Oxley Section 404(b) permanent reprieve in the H.R.4173 - Wall Street Reform and Consumer Protection Act of 2009 failed in the Senate, the final vote on the Wall Street Reform Act is scheduled for as early as this week.  

MoneyControl.com has a great article, interview and video with Chris Dodd, Chairman, US Senate Banking Committee.
Here, Chris Dodd explains the regulatory overhauls the United States will undergo in the coming months and years: