Sen. Paul Sarbanes for the first time on March 23 publicly defended the landmark corporate financial legislation he co-authored against criticism that its regulations hurt U.S. markets.
Sarbanes, Maryland's senior Democratic senator who plans to retire at the end of his current term, accepted a lifetime achievement award from the Consumer Federation of America.
He used the opportunity to answer detractors of the Sarbanes-Oxley Act of 2002, which improved corporate financial accountability and disclosure in the wake of scandals at Enron, Tyco, WorldCom and other companies.
"Critics who are attacking the seriousness of the situation should not go unchallenged," said Sarbanes. "The law is working as intended; auditor independence has been restored."
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