February 16, 2006
Congressmen Oxley on SOX
A lunch talk by Congressmen Oxley on Sarbanes-Oxley provided two insights. First, Congress will not change the act anytime soon. Second, the SEC can lighten the act's severity but will do so only if they get "cover" from Congress -- some assurance that members of Congress will not use SEC loosening of the rules to grandstand on behalf of the populists. He also noted that the Small Business Advisory Committee recommendation (to give a blanket exemption from Section 404 to small cap, publicly traded companies) was just the opening position in a negotiation that has a long way to go.
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