SEC cancels vote after employee needs coronavirus testing

SEC cancels vote after employee needs coronavirus testing
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The Securities and Exchange Commission (SEC) has canceled a planned vote for Wednesday after an employee was referred for testing for the novel coronavirus.

The agency announced the cancellation on Tuesday, a day after asking employees to work from home. The scheduled vote would have been on a proposal to exempt smaller publicly traded companies from certain audits, The Wall Street Journal reported.

The cancellation comes after officials in Washington, D.C., confirmed the first case of the virus in the city over the weekend, with several other cases reported by people who attended conferences in the city in late February and early March.

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SEC commissioners had previously voted 3-1 last year to advance the proposal to exempt smaller companies from certain audits. It has since received numerous comments in support from businesses that would be affected as well as comments against it from accounting experts, the Journal reported.

While the SEC is not required to hold public meetings on new rules, any of the four commissioners can request one.

A delay in agency rules could leave them vulnerable if Democrats win back the Senate and White House in November.

The 1996 Congressional Review Act allows the overturning of federal rules if both chambers of Congress and the president approve it within 60 legislative days.