Sub-Prime Mortgage Mess, Economy Push Sarbox out of Spotlight

Lora Bentley

Leading up to the mid-term congressional elections in 2006, Sarbanes-Oxley and whether it needed revision or repeal were popular topics.


So far in the presidential race, however, Sarbanes-Oxley isn't on the radar. Or at least it isn't popping up in campaign speeches. reports:

[A]s the spotlight has shifted from Washington to the campaign trail, Sarbanes-Oxley is almost an afterthought in the race for the White House.

The reason, according to Amie Parnes: Voters aren't interested. The subprime mortgage mess, the declining housing market and the overall state of the economy have their attention right now, so that's what the candidates are focusing on.


That's not to say it's not on anyone's minds, she says.


Senators McCain and Clinton supported the legislation in 2002 when it was enacted. Clinton, D-N.Y., still strongly supports Sarbanes-Oxley and will work to see it enforced, according to spokesman Philippe Reines.


McCain, R-Ariz., is taking a "wait-and-see" approach to reforming the law, aides say. Before Congress takes action to make changes, the Securities and Exchange Commission should do as much as possible on its end.


Sen. Obama, D-Ill., was in the Illinois legislature when the corporate reporting law was enacted, but his aides indicate that he supports Sarbanes-Oxley's goals, the story says.

Add Comment      Leave a comment on this blog post
Feb 27, 2008 8:55 AM Gerard Hallaren Gerard Hallaren  says:
The reason SOX is not an issue is that audit standard 5 substantially lowers the "dumb-stuff" cost and pain points of Sarbanes Oxley. Congress knows, the President knows, your lawyer knows, your auditor knows. Neither your lawyer or auditor want to tell you because it means less dollars for them. Reply

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