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Sarbanes’ Bill Booby Traps Wire Transfer Industry

Sarbanes’ Bill Booby Traps Wire Transfer Industry

by Rick Turoczy on November 7, 2005

His Sarbanes-Oxley “corporate reform” law, which Republicans latched onto in a panic in 2002 after the Enron and WorldCom bankruptcies, is costing American businesses $35 billion a year, according to the American Electronics Association. The average public company is also spending more than 70,000 man-hours devoted to complying with new accounting mandates, according to Financial Executives International, rather than creating productive ventures and new jobs. Even Sarbanes’ former boss, ex-Senate Democratic Leader Tom Daschle (D.-S.D.), recently wrote in the Wall Street Journal that the law goes too far.

Undaunted, Sarbanes defends the law as protecting American shareholders, and is on the hunt for those who more who need “protection”—with massive new mandates. His latest target is the money remitter or wire transfer industry. But this new legislation has the twin sin that in addition to imposing costs that will be passed on to consumers, it also further balkanizes American culture by requiring businesses to service their customers in a variety of languages.

Says Jim Boulet, executive director of English First and an expert on multilingual mandates, “The cost of complying with this is going to make Sarbanes-Oxley seem like chicken feed.”

Sarbanes’ Bill Booby Traps Wire Transfer Industry

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