A handful of boldface names from the financial world lent their signatures to a letter to federal regulators, asking that no public company be exempted from the internal controls provisions of the Sarbanes-Oxley Act.
Former Securities and Exchange Chairman Arthur Levitt, former Federal Reserve Chairman Paul Volcker and former U.S. Comptroller General Charles Bowsher joined John Biggs, former chairman and chief executive of TIAA-CREF, and John Bogle, former chairman of the Vanguard Group Inc., in signing the letter.
The Feb. 13 letter was addressed to current SEC Chairman Christopher Cox and the acting chairman of the Public Company Accounting Oversight Board, William Gradison.
Smaller companies have complained that the rules under SOX Section 404 are disproportionately costly and burdensome for them.
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