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Tell the Truth About Sarbanes-Oxley

Tell the Truth About Sarbanes-Oxley

by Rick Turoczy on September 19, 2006

Today, Congress will be wrestling with a trillion dollar issue–literally. The stakes for the U.S. economy are that high, and getting higher, so we should all pay attention.

Christopher Cox, chairman of the Securities and Exchange Commission, will appear at a hearing of the House Financial Services Committee on “Sarbanes-Oxley at Four: Protecting Investors and Strengthening the Markets.” Rep. Mike Oxley (R.-Ohio), co-author of the legislation, will chair the hearing. Mark Olson, chairman of the Public Company Accounting Oversight Board, which implements the Sarbanes-Oxley Act (“Sarbox”), will also testify.

In its four years, “Sarbox” has damaged the American economy as badly as a group of unsupervised four year-olds would damage a playroom. U.S. companies have spent tens of billions of dollars in compliance costs (about $35 billion), far more than the SEC’s 2003 estimate of $1.2 billion, with small companies hit especially hard.

Tell the Truth About Sarbanes-Oxley

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