SEC auditors may stifle economic growth

Ask any any business executive to name the biggest menace facing corporate America, and the answer is apt to be a number: “404.” That refers to Section 404 of the Sarbanes-Oxley Act, which requires massive reporting by publicly held companies to prevent recurrences of WorldCom, Enron, Tyco and other scandals. For honest corporate officers, this is classic governmental over-regulation — a dagger aimed at the heart of the U.S. economy.

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