BIO applauds Reps. Kyrsten Sinema (D-AZ) and Michael Fitzpatrick (R-PA) for introducing the Fostering Innovation Act. This bill would reduce compliance costs for growing businesses that benefited from the JOBS Act, which provides Emerging Growth Companies with 5-year exemption from Section 404(b) of Sarbanes-Oxley. Fostering Innovation Act would extend exemption for additional 5 years for former EGCs that maintain public float below $700 million and average annual revenues below $50 million.