The Future of Sarbanes-Oxley Up in the Air
The small business community has been wrestling with the effects of Sarbanes-Oxley Act for some time now. As Senator Sarbanes retires in January, some believe that may be the perfect time for key adjustments to the bill.
A small but growing movement has begun pushing to reduce the cost of the landmark business law, the Sarbanes-Oxley Act, that was adopted in 2002 in response to a raft of corporate scandals.The law's most ardent supporter, Senator Paul Sarbanes of Maryland, is retiring from the Senate this year, and other senior Democrats on the Senate Banking Committee, including Senator Charles E. Schumer of New York, have recently suggested that it should be re-examined to reduce what they see as some of its most burdensome requirements.
Mr. Frank said he also intended to once again sponsor legislation that would give shareholders the right to vote on the pay packages of senior executives. That measure has been opposed by administration officials and Republican lawmakers.
The Washington Post article that includes the above excerpt explores Democratic goals in the next Congress, and talks about how small businesses may be affected.
