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Senate rejects Sarbanes-Oxley change

Senate rejects Sarbanes-Oxley change

by Toby Lucich on April 29, 2007

The U.S. Senate on Tuesday defeated a Republican attempt to weaken 2002′s post-Enron Sarbanes-Oxley laws by making it optional for many corporations to comply with a controversial section on internal controls.

By a vote of 62-35, the Senate set aside an amendment to make compliance with Sarbanes-Oxley’s Section 404 optional for companies with total market value of less than $700 million.

The amendment was offered by South Carolina Republican Jim DeMint, who tried to attach it to a bill on the Senate floor that was focused chiefly on boosting investment in research, and improving science, engineering and math education.In response to the amendment, defenders of Sarbanes-Oxley proposed and won passage, by a vote of 97-0, of a symbolic Senate statement expressing support for efforts already under way by federal regulators to fine-tune Section 404.

Senate rejects Sarbanes-Oxley change

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