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Quarles:US Should Look To Make Sarbanes-Oxley Less Costly

Quarles:US Should Look To Make Sarbanes-Oxley Less Costly

by Rick Turoczy on July 10, 2006

The U.S. government should look for ways to reduce the costs of compliance with Sarbanes-Oxley accounting and corporate governance laws, a senior U.S. Treasury official said Monday.

U.S. Treasury Undersecretary for Domestic Finance Randal Quarles said it isn’t clear whether the rigors of the Sarbanes-Oxley Act of 2002, passed by Congress to toughen corporate reporting in the wake of scandals at Enron and Worldcom, have made U.S. capital markets less attractive in comparison to markets in Europe and Asia. Still, he said, the U.S. can’t afford to take its competitive domination in the area of capital markets for granted.

“We need to understand the costs of compliance and we need to think about an intelligent and appropriate way to bring those compliance costs down,” Quarles said.

Quarles:US Should Look To Make Sarbanes-Oxley Less Costly

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