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Elections will determine future of Sarbanes-Oxley

Elections will determine future of Sarbanes-Oxley

by Rick Turoczy on October 30, 2006

The authors of the infamous Sarbanes-Oxley Act retire from the US Congress at next week’s mid-term elections and plenty of critics hope the act will not last much longer. Opponents of the corporate governance act, which has been accused of wrapping business in expensive red tape and driving international companies away from the US capital markets, hope the departure of Democratic senator Paul Sarbanes and Republican representative Michael Oxley will herald a wholesale revision of the law that bears their name.

Luminaries such as Henry Paulson, former chief executive of Goldman Sachs who became treasury secretary in June, and Michael Bloomberg, the mayor of New York, are concerned that Sarbanes-Oxley is harming the US capital markets. The retirement of Sarbanes and Oxley, and the election of a new Congress, could provide the stimulus for reform.

Elections will determine future of Sarbanes-Oxley

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