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A New Mood in Congress to Relax Corporate Scrutiny

A New Mood in Congress to Relax Corporate Scrutiny

by Rick Turoczy on March 10, 2005

In what has seemed a daily ritual, the Senate in the last two weeks has defeated the most modest attempts by Democrats to curb bankruptcy abuses by corrupt or troubled corporations and their senior executives. The votes illustrate a new reality and a sharp swing of the pendulum in the Senate, which has nearly completed its work on the legislation that everyone expects will soon become law.

Just two and a half years ago, in the midst of plunging stock markets and widening business scandals that left many thousands of workers unemployed and without their retirement savings, fearful lawmakers rushed by a vote of 97 to 0 to adopt the Sarbanes-Oxley Act. It was the most aggressive federal anticorruption law Congress had adopted in decades. On the day of the Senate vote, the Dow Jones industrial average was down as much as 440 points. Days earlier, WorldCom executives disclosed the first details of the largest accounting fraud in history.

A New Mood in Congress to Relax Corporate Scrutiny

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