In the midst of the historic nature of this week's election, I stopped thinking about Sarbanes-Oxley for a couple of days. So for a moment on Thursday, I was caught off guard to see this headline at FierceContentManagement: Newt Gingrich calls for end to Sarbanes-Oxley.
But with a change in administration and new legislators on the horizon, it makes sense that there would be a renewed effort to get rid of the much maligned legislation that so many blame for a large part of the country's economic woes. Gingrich is not alone in his opinion. For instance, Mike Masnick at tech dirt said:
I am a strong believer in the idea that fraud should be punished heavily -- but Sarbanes-Oxley didn't do that. It just moved the loopholes and punished the honest companies by dumping a huge compliance tax on them. It's been bad for the economy, bad for startups and bad for innovation, and it's time to go.
CNET News blogger Don Reisinger says doing something about Sarbox should be part of President-elect Obama's plan to ensure that the tech industry doesn't crumble. He argues that the road to IPO is too costly for tech startups now and will continue to stifle innovation.