2/13. The House Financial Services Committee (HFSC) announced that it will meet to mark HR 3606 [LOC | WW], the "Reopening American Capital Markets to Emerging Growth Companies Act of 2011" on Thursday, February 16, 2012. See, notice.

This is one of many bills pending in the House and Senate that would provide regulatory relief for new companies from the burdens imposed by Congressional acts passed in the last decade, starting with the Sarbanes Oxley Act of 2002.

For start up technology companies, these bills would lower the cost of going public, and increase access to capital. Although, sponsors of these regulatory relief bills emphasize the bills' likely positive effects upon economic growth and jobs.

Rep. Stephen Fincher (R-TN), Rep. John Carney (R-DE) and others introduced HR 3606 on December 8, 2011.

The Senate version of this bill is S 1933 [LOC | WW], also titled "Reopening American Capital Markets to Emerging Growth Companies Act of 2011". Sen. Charles Schumer (D-NY), Sen. Pat Toomey (R-PA) and others introduced it on December 1, 2011. See also, Sen. Toomey's bill summary.

Rep. Fincher wrote in a statement that "Since 2010, the Asian markets have had nearly 700 new IPOs compared to less than 300 in the United States during the same time-frame. Unfortunately, federal regulatory burdens are a major contributing factor in the steep drop of IPOs in the United States." See, Congressional Record, December 8, 2011, at Pages E2210-1.

He continued that "This decline is of concern because going public provides opportunities for companies to raise badly needed capital in order to expand, reinvest, and create jobs. From 2008-2010, 21 percent of the United States GDP was generated by venture capital-backed start-up companies. In addition, an August 2011 survey of CEOs conducted by the IPO Task Force found that over 90 percent of job growth occurs after a company goes public."

Rep. Carney (at right) stated in a release that "This legislation will encourage more entrepreneurs to start businesses and allow more start-ups to become public companies."

This bill would create a new category of securities issuer, "emerging growth company" or EGC. It defines an EGC as "an issuer that had total annual gross revenues of less than $1,000,000,000 during its most recently completed fiscal year", and after its initial public offering (IPO), less than $700 Million in publicly traded shares. Then, an EGC would remain an EMG until its annual gross revenues reach $1 Billion, its publicly traded shares reach $700 Million, or five years after the first sale of common equity securities as an EMG.

Smaller tech companies have long complained that Section 404 of Sarbanes Oxley imposes onerous burdens on them, while providing little benefit to investors. (That act was HR 3763 in the 107th Congress. It is now Public Law No. 107-204.) Section 404, which is codified at 15 U.S.C. § 7262, created the infamous and onerous "Management assessment of internal controls".

The Dodd-Frank Wall Street Reform and Consumer Protection Act, enacted in 2010, at Section 989G(a), added a new subsection 404(c) that has the effect of exempting companies with sub $75 Million market caps from the reporting requirements of subsections 404(a) and (b). HR 3606 would provide further 404 relief.

This bill would also require EGCs to provide audited financial statements for the two years before registration, rather than the three year requirement for other issuers.

This bill would also facilitate the "publication or distribution by a broker or dealer of a research report about an emerging growth company that is the subject of a proposed public offering". Rep. Carney explained that "The legislation will make it easier for potential investors to get access to research and company information in advance of an IPO. This is critical for small and medium-sized companies trying to raise capital that have less visibility in the marketplace. Currently, there are regulations in place that make it difficult for investors to find the detailed research reports they need to make an informed decision about new companies."

Rep. Fincher is also the sponsor of HR 3213 [LOC | WW], the "Small Company Job Growth and Regulatory Relief Act".

2/13. The House Homeland Security Committee (HHSC) announced that it will meet to mark up HR 3563 [LOC | WW], the "Integrated Public Alert Warning System Modernization Act of 2012", on Wednesday, February 15, 2012.

The HHSC is scheduled to consider an amendment in the nature of a substitute (AINS) [14 pages in PDF]. See, notice.

Rep. Gus Bilrakis (R-FL) introduced this bill on December 6, 2012. The HHSC's Subcommittee on on Emergency Preparedness, Response and Communications amended and approved this bill on December 8, 2011.

Rep. Jeff Dunham (R-CA) introduced a similar bill, HR 2904 [LOC | WW], earlier in the 112th Congress.

Background. The Integrated Public Alert and Warning System (IPAWS) is a term used to describe all alert and warning systems. See, the Department of Homeland Security's (DHS) Federal Emergency Management Agency's (FEMA) IPAWS web page.

One component is the Emergency Alert System (EAS). It is an old system that began with broadcasting. Until 1994, it was named the Emergency Broadcast System (EBS). It now also encompasses cable television systems, wireless cable systems, satellite digital audio radio service (SDARS) providers and, and direct broadcast satellite (DBS) service. The Federal Communications Commission (FCC) writes EAS rules.

Another component is the Commercial Mobile Alert System (CMAS), a new system required by the "Warning, Alert, and Response Network Act", or "WARN Act", which the Congress enacted as part of a larger port security bill in 2006. It applies to cell phones and other mobile devices. It is a voluntary program in which carriers can choose whether or not to participate. The FCC writes CMAS rules. See also, the FCC's CMAS web page.

There is also the National Alert and Warnings System (NAWS), a term used all alert and warning systems, and  associated with Executive Order 13407, signed by former President Bush on June 26, 2006.

Bill Summary. This AINS to be considered on February 15 provides that the DHS/FEMA "shall modernize and implement the national integrated public alert and warning system". The DHS/FEMA shall, among other things, "establish or adapt, as appropriate, common alerting and warning protocols, standards, terminology, and operating procedures for the public alert and warning system".

The DHS/FEMA shall also "include in the public alert and warning system the capability to adapt the dissemination of homeland security information and other information and the content of communications on the basis of geographic location, risks, or personal user preferences, as appropriate".

The DHS/FEMA "shall ensure that the system ... incorporates redundant and diverse modes to disseminate homeland security information and other information in warning messages to the public so as to reach the greatest number of individuals; ... can be adapted to incorporate future technologies; ... is resilient, secure, and can withstand acts of terrorism and other external attacks; ..." and "is designed to provide alerts that are accessible to the largest portion of the affected population feasible".

It would also require the DHS/FEMA to create an IPAWS Advisory Committee, and task it with writing a report within one year of enactment that assesses the "accomplishments and deficiencies of the system" and makes "recommendations for improvements".

This advisory committee would include one representative of the FCC, representatives of other governmental agencies, representatives of "communications service providers", representatives of "vendors, developers, and manufacturers of systems, facilities equipment, and capabilities for the provision of communications services", and representatives of the broadcasting, cellular, cable, and satellite industries.

The bill would also authorize the appropriation of $13.4 Million per year for five years.

1/10. The Federal Communications Commission (FCC) released its Fifth Report and Order [130 pages in PDF] in its proceeding regarding the Emergency Alert System (EAS) and the Common Alerting Protocol (CAP).

The rule revisions adopted by this order set forth in more detail the FCC's previously adopted requirement that EAS participants be able to receive CAP formatted messages.

This item states that it is another step in the process of converting the EAS "into a more technologically advanced alerting system".

The FCC adopted this order on January 9, and released it on January 10. It is FCC 12-7 in EB Docket No. 04-296.

2/13. Apple announced in a release that the Fair Labor Association (FLA) "will conduct special voluntary audits of Apple's final assembly suppliers, including Foxconn factories in Shenzhen and Chengdu, China, at Apple's request." See also, FLA release. Apple's iPhones and iPads are made in these factories. These announcements follow publication of news stories by the New York Times  See, for example, January 25, 2012, article titled "In China, Human Costs are Built Into an iPad" by Charles Duhigg and David Barboza.

2/8. The Information Technology and Innovation Foundation (ITIF) released a paper [24 pages in PDF] titled "Innovation in Cities and Innovation by Cities". The author is the ITIF's Robert Atkinson.

2/8. The Government Accountability Office (GAO) released a report [10 pages in PDF] titled "Information Technology: SBA Needs to Strengthen Oversight of Its Loan Management and Accounting System Modernization".

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The House will meet at 12:00 NOON for morning hour, and at 2:00 PM for legislative business. Votes will be postponed until 6:30 PM. The House will consider non-technology related items under suspension of the rules. See, Rep. Cantor's schedule for the week.

The Senate will meet at 11:00 AM. The agenda includes consideration of the nomination of Adalberto Jordan to be a Judge of the U.S. Court of Appeals (11thCir).

10:00 AM. The Senate Finance Committee (SFC) will hold a hearing titled "The President’s Budget for Fiscal Year 2013". The witness will be Secretary of the Treasury Tim Geithner. See, notice. Location: Room 215, Dirksen Building.

12:00 NOON - 1:15 PM. The American Bar Association (ABA) will host a teleconferenced presentation titled "Should You Negotiate By E-Mail? Insights Learned From Behavioral Science". The speaker will be Janice Nadler (Northwestern University law school). CLE credits. Prices vary. See, notice.

12:15 - 1:30 PM. The Federal Communications Bar Association (FCBA) will host a brown bag lunch titled "Retransmission Consent from the Perspective of the Broadcasters and the Distributors". The speakers will be Erin Dozier (National Association of Broadcasters), Kevin Latek (Dow Lohnes), Ross Lieberman (American Cable Association) and Cristina Pauze (Time Warner Cable). Location: Wiley Rein, 1776 K St., NW.

12:30 - 2:00 PM. The American Bar Association (ABA) will host a teleconferenced and webcast panel discussion titled "Reasonable Royalty Damages". The speakers will be Emily Lawrence (CNH America), John Scherling (Sughrue Mion), and Ryan Sullivan (Quant Economics). CLE credits. Prices vary. See, notice.

2:00 PM. Staff of the Senate Commerce Committee (SCC) and the Senate Homeland Security and Government Affairs Committee (SHSGAC) will hold an event titled "background briefing" regarding the yet to be introduced "Cybersecurity Act of 2012". Location: Room 253, Russell Building.

2:30 PM. The Senate Intelligence Committee (SIC) will hold a closed meeting. See, notice. Location: Room 219, Hart Building.

The House will meet at 10:00 AM for morning hour, and at 12:00 NOON for legislative business. See, Rep. Cantor's schedule for the week.

9:00 AM - 3:15 PM. The U.S. China Economic and Security Review Commission will hold a hearing titled "China's State-Owned and State Controlled Enterprises". See, notice. Free. Open to the public. Location: Room 562, Dirksen Building.

10:00 AM. The House Homeland Security Committee (HHSC) will meet to mark up several bills, including HR 3563 [LOC | WW], the "Integrated Public Alert Warning System Modernization Act of 2012". See, amendment in the nature of a substitute [14 pages in PDF] to be considered at mark up. See, notice. Location: Room 311, Cannon Building.

10:00 AM. The House Appropriations Committee's (HAC) Subcommittee on Homeland Security will hold a hearing on the budget for the Department of Homeland Security (DHS). The witness will be Janet Napolitano. The HAC will webcast this hearing. See, notice. Location: Room 2359, Rayburn Building.

10:30 AM. The Federal Communications Commission (FCC) will host an event titled "Open Meeting". See, notice. Location: FCC, Commission Meeting Room, 445 12th St., SW.

12:00 NOON - 1:00 PM. The American Bar Association (ABA) will host an on site and teleconferenced presentation by Rep. Jim Langevin (D-RI) on cyber security, and "why lawyers in both the public and private sector need to be closely involved in cybersecurity developments". No CLE credits. The price to attend or listen is $15. See, notice. Location: Crowell & Moring, 1001 Pennsylvania Ave., NW.

12:15 - 2:00 PM. The Federal Communications Bar Association (FCBA) will host a brown bag lunch titled "USAC's Role in USF Contribution Audits and Appeals". The speaker will be David Capozzi (acting General Counsel of FCC's Universal Service Administration Company). Location: Suite 400, Kelley Drye & Warren, 3050 K St., NW.

1:00 PM. The House Small Business Committee (HSBC) will hold a hearing titled "Broadband: A Catalyst for Small Business Growth". The witnesses will be Mitzie Branon (Yadkin Valley Telecom, on behalf of the NTCA, OPASTCO, and WTA), Roger Bundridge (NorthwestCell, on behalf of the Rural Cellular Association), Rebecca Sanders (National Rural Health Association), and Darrell West (Brookings Institute). See, notice. Location: Room 2360, Rayburn Building.

1:00 - 2:30 PM. The American Bar Association (ABA) will host a webcast panel discussion titled "Social Media and Other Employment Policies in the International Workplace". The speakers will be Katherine Blostein (Outten & Golden), Paul Callaghan (Taylor Wessing), Lafe Solomon (General Counsel of the National Labor Relations Board), Tahl Tyson (Littler Mendelson), and Anne Radolinski (Fredrikson & Byron). CLE credits. Prices vary. See, notice.

2:30 PM. The Senate Judiciary Committee (DJC) will hold a hearing titled "Nominations". See, notice. The SJC will webcast this meeting. Location: Room 226, Dirksen Building.

The House will meet at 10:00 AM for morning hour, and at 12:00 NOON for legislative business. See, Rep. Cantor's schedule for the week.

9:00 AM. The House Commerce Committee's (HCC) Subcommittee on Communications and Technology will hold a hearing titled "Budget and Spending of the Federal Communications Commission". See, notice. Location: Room 2123, Rayburn Building.

9:30 - 11:00 AM. The New America Foundation (NAF) will host an event titled "Public Diplomacy in the Age of Social Media". The speakers will be Suzanne Hall (Department of State), Nick Namba (DOS), Ed Dunn (DOS), and Alexander Howard. See, notice. Location: NAF, Suite 400, 1899 L St., NW.

10:00 AM. The House Financial Services Committee (HFSC) will meet to mark up several bills, including HR 3606 [LOC | WW], the "Reopening American Capital Markets to Emerging Growth Companies Act of 2011". See, notice. Location: Room 2128, Rayburn Building.

10:00 AM. The House Intelligence Committee (HIC) will hold a closed hearing titled "Ongoing Intelligence Activities". See, notice. Location: HVC-304, Capitol Visitor Center.

10:00 AM. The House Homeland Security Committee's (HHSC) Subcommittee on Counterterrorism and Intelligence will hold a hearing titled "DHS Monitoring of Social Networking and Media: Enhancing Intelligence Gathering and Ensuring Privacy". The witnesses will be Mary Ellen Callahan (Chief Privacy Officer of the Department of Homeland Security) and Richard Chávez (Director of the DHS's Office of Operations, Coordination and Planning). The HHSC will webcast this event. See, notice. Location: Room 311, Cannon Building.

10:00 AM. The Senate Judiciary Committee (DJC) will hold an executive business meeting. The agenda includes consideration of the nomination of Andrew Hurwitz to be a Judge of the U.S. Court of Appeals (9thCir), and four nominations for the U.S. District Court (USDC): John Lee (USDC/NDIll), John Tharp (USDC/NDIll), George Russell (USDC/DMd), and Kristine Baker (USDC/(EDArk). See, notice. The SJC will webcast this meeting. Location: Room 226, Dirksen Building.

12:15 - 2:00 PM. The Federal Communications Bar Association (FCBA) will host a lunch. The speakers will address distracted driving. Location: Wiley Rein, 1776 K St., NW.

1:45 PM. The American Enterprise Institute (AEI) will host a panel discussion titled "Xi's Visit: What's Next for U.S.-China Relations". The speakers will be Dan Blumenthal (AEI), Ellen Bork (Foreign Policy Initiative), Derek Scissors (Heritage Foundation), and Michael Mazza (AEI). Free. Open to the public. See, notice. Location: AEI, 12th floor, 1150 17th St., NW.

2:00 PM. The New America Foundation (NAF), Wireless Innovation Alliance (WIA), and Wireless Internet Service Provider Association (WISPA) will host an event titled "Jumpstarting the Unlicensed Internet Economy". The speakers will include Rep. Darrell Issa (R-CA), Rep. Anna Eshoo (D-CA), Peter Stanforth (Spectrum Bridge), and Dan Bubb (Gorge Networks). Location: Room HVC-215, Capitol Visitor Center.

2:30 PM. The Senate Homeland Security and Government Affairs Committee (SHSGAC) will hold a hearing titled "Securing America's Future: The Cybersecurity Act of 2012". The witnesses will be Sen. John Rockefeller (D-WV), Janet Napolitano (Secretary of Homeland Security), Thomas Ridge (U.S. Chamber of Commerce), Stewart Baker (Steptoe & Johnson), James Lewis (Center for Strategic and International Studies), Scott Charney (Microsoft). See, notice. The SHSGAC will webcast this hearing. Location: Room 342, Dirksen Building.

2:30 PM. The Senate Intelligence Committee (SIC) will hold a closed meeting. See, notice. Location: Room 219, Hart Building.

6:00 - 8:15 PM. The Federal Communications Bar Association's (FCBA) Mass Media and the Video Programming & Distribution Committees will host an event titled "Update on Political Advertising Issues". CLE credits. Prices vary. See, notice. Location: Wiley Rein, 1776 K St., NW.

The House will meet at 9:00 AM for legislative business. See, Rep. Cantor's schedule for the week.

Supreme Court conference day. See, calendar. Closed.

9:00 AM. The American Bar Association (ABA) will host a teleconferenced event titled "Global Antitrust Developments Series: India & China". The speakers will be Catriona Hatton (Hogan Lovells), Kirtikumar Mehta, and Adrian Emch (Hogan Lovells, Beijing office, and Peking University's IP School). No CLE credits. See, notice.

9:30 AM. The House Judiciary Committee's (HJC) Subcommittee on Intellectual Property, Competition and the Internet will hold a hearing titled "Litigation as a Predatory Practice". See, notice. Location: Room 2147, Rayburn Building.

9:30 - 11:30 AM. The House Oversight and Government Reform Committee (HOGRC) Subcommittee on Technology, Information Policy, Intergovernmental Relations and Procurement Reform will hold a hearing titled "Examining Duplicative IT Investments at DOD and DOE". The HOGRC will webcast this hearing live. Location: Room 2154, Rayburn Building.

9:30 AM. The House Science Committee (HSC) will hold a hearing titled "An Overview of the Administration’s Federal Research and Development Budget for Fiscal Year 2013". The witness will be John Holdren (head of the EOP's Office of Science and Technology Policy. See, notice. Location: Room 2318, Rayburn Building.

10:00 AM - 4:30 PM. The U.S. Patent and Trademark Office (USPTO) will host a public event to discuss and receive public comments on proposed rules changes that implement HR 1249 [LOC | WW], the "Leahy Smith America Invents Act", or "AIA", which was signed into law in September of 2011. See, USPTO release and AIA web page. See also, stories titled "USPTO Announces America Invents Act Implementation Rulemaking Proceedings" in TLJ Daily E-Mail Alert No. 2,322, January 9, 2012, and "USPTO to Hold Public Meetings on AIA Rules Changes" in TLJ Daily E-Mail Alert No. 2,323, January 10, 2011. Location: USPTO Campus, Alexandria, VA.

12:00 NOON - 1:00 PM. Mark Ryan, the new Director of Litigation of the Department of Justice's (DOJ) Antitrust Division, will speak at an on site and teleconferenced event hosted by the American Bar Association (ABA). No CLE credits. Free. See, notice. Location: Kirkland & Ellis, 655 15th St., NW.

Deadline to submit comments to the National Institute of Standards and Technology's (NIST) Computer Security Division (CSD) regarding its draft SP 800-117 Rev. 1 [26 pages in PDF] titled "Guide to Adopting and Using the Security Content Automation Protocol (SCAP) Version 1.2".

Deadline to submit comments to the National Institute of Standards and Technology's (NIST) Computer Security Division (CSD) regarding its draft NIST IR-7817 [22 pages in PDF] titled "A Credential Reliability and Revocation Model for Federated Identities".

Deadline to submit comments to the National Institute of Standards and Technology's (NIST) Computer Security Division (CSD) regarding its draft NIST IR-7799 [75 pages in PDF] titled "Continuous Monitoring Reference Model Workflow, Subsystem, and Interface Specifications".

Deadline to submit comments to the National Institute of Standards and Technology's (NIST) Computer Security Division (CSD) regarding its draft NIST IR-7756 [35 pages in PDF] titled "CAESARS Framework Extension: An Enterprise Continuous Monitoring Technical Reference Architecture".

Washington's Birthday. This is a federal holiday. See, OPM list of 2012 federal holidays.

The House will not meet on the week of Monday, February 20, through Friday, February 24.

The Senate will not meet on the week of Monday, February 20, through Friday, February 24.

The House will not meet.

The Senate will not meet.