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Congress Has No Appetite to Change Sarbanes-Oxley

Lora Bentley

According to Politico, the Sarbanes-Oxley Act of 2002 won't be undergoing any makeovers at the hands of Congress any time soon. What the Securities and Exchange Commission and the Public Company Accounting Oversight Board are doing will have to suffice.

 

Legislators from both sides of the aisle agree the tough corporate-reform law could use an overhaul, but now is not the time, according to experts quoted in the story. The corporate scandals that gave birth to Sarbox are still too fresh in lawmakers' minds. What's more, the mortgage crisis and "skyrocketing health care costs" don't exactly create conditions under which they want to give public companies a break.

 

Even those who lobby for Sarbox changes agree it doesn't look good. National Venture Capital Association president Mark Heeson says:

It just doesn't play well politically. I don't see it as a top priority [for Congress] when you've got a war, health care costs, subprime problems.

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