Amid concerted anti-regulation pressure this week, congressmen defer to the SEC to make changes to Sarbanes-Oxley.
While acknowledging, and even joining in, mounting criticism of the Sarbanes-Oxley Act, lawmakers remain reluctant to make any changes to the law. Rather, they want the Securities and Exchange Commission to make improvements.
Both Congress and the Securities and Exchange Commission have been under intense pressure this week as two separate roundtables held by the U.S. Treasury Department and the Chamber of Commerce examined whether business regulations have had an adverse effect on U.S. capital markets. The crux of both the roundtables and a series of related reports is that Sarbox — which passed the Senate unanimously and received only three 'no' votes in the House— has been too expensive and burdensome for companies of all sizes.
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For its part, the SEC has acknowledged that the internal-control provision of Sarbox — section 404 — has been troublesome and recently proposed changes that could help companies in complying with the law.
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