Sarbanes-Oxley has reared its head in a political campaign again. But this time it's not future legislators making promises. It's a presidential hopeful.
Republican candidate Rudy Giuliani told supporters on Wednesday that he favors Sarbanes-Oxley reform. Financial Week reports:
Although Mr. Giuliani was generally supportive of Sarbox when it was first enacted, he has since become critical of some of the regulation's provisions. "We sure as heck have to go back and moderate Sarbanes-Oxley," he said. In particular, he criticized the various certification requirements, which he said "serve no purpose."
Giuliani blames Sarbanes-Oxley, in part, for driving businesses out of the United States to markets in other countries. Excessive litigation and high taxes are the other culprits, he says, adding:
We have to make our financial industry competitive.
Giuliani also addressed the subprime lending scandal, noting that President Bush should work to correct the entire situation. Bailing out homeowners won't do it, in his opinion.