The House Financial Services Committee has overwhelmingly approved bipartisan legislation that would remove a requirement for smaller public companies with less than $250 million in annual revenue from filing their financial statements in Extensible Business Reporting Language, or XBRL, format for five years.

The committee passed H.R. 4164, the Small Company Disclosure Simplification Act, by a 51-5 vote on Friday. The bill, introduced last week by Rep. Robert Hurt, R-Va., and Terri Sewell, D-Ala., aims to remove a disincentive for companies to access capital in the public markets.

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