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Donaldson: Sarbanes-Oxley Getting 'Bad Rap'

Lora Bentley

Sarbanes-Oxley is not to blame for New York's loss of status as the world's financial capital, according to former Securities and Exchange Commission Chair William Donaldson. Yes, Sarbanes-Oxley compliance is rigorous and costly, but it's getting "a bad rap" in this case. Instead, Donaldson places blame on international investments that create "pockets of liquidity" in other countries, according to Philly.com.

 

Speaking after an energy conference in Houston, Donaldson also indicated that the raft of studies and papers that have come out recently blaming Sarbox for the decline in the U.S.'s economic status are not mere coincidence. They are part of an "organized effort" to relax the stiff regulatory scheme. As we pointed out not long ago, the fact that Sarbox compliance costs continue to decline even before the SEC's changes to Sarbanes-Oxley become effective seems to indicate that the push to scale back on 404 requirements may have been premature.


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