Plaintiff, Legal Experts and Academics Join to Overturn Unconstitutional Law and Government Regulation
The Free Enterprise Fund and the Competitive Enterprise Institute (CEI) on Tuesday launched a Constitutional legal challenge to the Public Company Accounting Oversight Board (PCAOB) created by Congress as part of the Sarbanes-Oxley Act. Enacted in 2002 following a number of corporate scandals, the legislation was rushed into law, but it has produced costly unintended consequences for publicly traded U.S. businesses, entrepreneurs and capital markets.
“With a recent University of Rochester study concluding that the total effect of Sarbanes-Oxley has reduced the stock value of American companies by a staggering $1.4 trillion dollars, it is now clear that the costly regulatory burdens imposed by this legislation absolutely outweigh its benefits,” said Mallory Factor, chairman of the Free Enterprise Fund.
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