Corporate accounting scandals shocked Congress into passing a law three years ago that shields investors from predatory businesses. But before those protections have fully taken effect, Rep. Tom Feeney and others think some of them need to be rolled back.
The Oviedo Republican has been traveling the country, sounding out business leaders on the need to change the legislation, passed after Enron, WorldCom and other companies fell under the weight of accounting scandals that took billions from retirees and other investors. He said Sarbanes-Oxley is placing too much of a burden on companies, causing some to flee U.S. financial markets.
Consumer activists are concerned that Feeney is trying to weaken critically important consumer protections at a time when a record number of Americans are investing in the stock market.
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