The Zangani Investor Community has apparently launched a "grass roots effort" to convince Congress to repeal the Sarbanes-Oxley Act of 2002. There's only one problem with that -- the idea isn't a new one.
Private consortia and public servants alike have been lobbying Congress for change ever since the controversial corporate accounting law was passed in 2002. The most recent efforts have been spearheaded or supported by such big names as the Committee on Capital Markets Regulation, the Cato Institute, the Biotechnology Industry Organization (BIO), New York City Mayor Michael Bloomberg and U.S. Treasury Secretary Henry Paulson, just to name a few.
So far, all that power and influence has accomplished is proposed changes that will help small businesses and foreign companies.
What's more, evidence says that investors like the changes Sarbanes-Oxley has brought about. So what about this effort makes it different? A quick look at the Zangani Web site tells us there's not much. The form letter that members can sign and publish online makes arguments others have made -- the same arguments that haven't gotten very far. We have to wonder whether it's worth the effort.