Monday, May 08, 2006
SEC to hear complaints over Sarbanes-Oxley law
Wedenesday will be the day for executives to vent their frustrations about SOX. However, I don't think we'll see any huge breaks for smaller public companies.
WASHINGTON (Reuters) - U.S. securities regulators will hear the business community's passionately held views this week on how to fix or kill post-Enron corporate reforms that many believe are hurting American competitiveness.
The landmark Sarbanes-Oxley law, approved by Congress in 2002 to restore investor confidence after a string of accounting scandals, is already under attack.
A challenge is pending in federal court and House Republicans are expected to introduce a bill this week that would roll back part of the law.
On Wednesday, the Securities and Exchange Commission and the Public Company Accounting Oversight Board will hold a meeting to hear company complaints that the costs of complying with the law far outweigh any benefits.
posted by Brian Moran @ 9:20 AM