U.S. Rep. Michael Oxley, an author of the Sarbanes-Oxley corporate reform law passed after Enron and other corporate scandals, said federal regulators have the legal authority to roll back key provisions for smaller U.S. public companies, according to a letter released on Friday.
A Securities and Exchange Commission advisory panel recently urged the elimination of the law's stiff internal controls accounting requirements -- known as Section 404 -- for companies under a certain size. Companies of all sizes have complained the requirement is costly and burdensome.
Oxley's letter to SEC Chairman Christopher Cox was prompted by at least one panel member, who questioned if the SEC had legal authority to adopt the recommendation.
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