The two top members of the House Small Business Committee asked regulators on Monday how much newly approved revisions to the Sarbanes-Oxley Act would save small companies, with the panel’s chairwoman saying a hearing about the law last week yielded only promises, not estimates.

In letters to Securities and Exchange Commission Chairman Christopher Cox and Public Company Accounting Oversight Board Chairman Mark Olson, Small Business Committee Chairwoman Nydia Velázquez, D-N.Y., and top panel Republican Steve Chabot, R-Ohio, asked for clarification about whether the SEC has developed cost estimates associated with changes to the 2002 corporate-governance law.

The letters follow a June 5 hearing about the law in the committee, and the adoption by the SEC and the accounting board of new guidance that will allow for focused checks on “internal controls” over financial reporting — the policies and procedures companies use to catch potential fraud on their books.

[1] MarketWatch: Regulators asked for Sarbanes-Oxley costs