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Sarbanes-Oxley is in Congress’ cross hairs

Sarbanes-Oxley is in Congress’ cross hairs

by Toby Lucich on March 20, 2007

Public companies with market capitalizations of less than $700 million would be allowed to comply with Sarbanes-Oxley on a voluntary basis under legislation introduced last week by Sen. Jim DeMint, R-S.C., and Reps. Tom Feeney, R-Fla., and Greg Meeks, D-N.Y.

The Competitive and Open Markets that Protect and Enhance the Treatment of Entrepreneurs Act first was introduced last year.

The Sarbanes-Oxley Act was enacted in 2002 after corporate scandals erupted over company accounting practices. Many businesses have complained that the law is too costly and burdensome, and several studies released in recent months have said that it is partly to blame for a loss of U.S. competitiveness in global financial markets.

Sarbanes-Oxley is in Congress’ cross hairs

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