Oxley says law restored confidence

A roomful of Oklahoma City accountants heard former Congressman Michael Oxley defend the sweeping corporate governance act that he helped to create in 2002, a measure considered onerous by many in the accounting field.

The Sarbanes-Oxley Act, adopted in 2002, restored investor confidence in public markets shaken by scandals involving Enron, WorldCom, Adelphia, Tyco and Global Crossing, Oxley said. That confidence has helped boost the value of the vast majority of the public companies affected by the measure.

"The whole goal of the act was transparency and accountability and better corporate governance, therefore restoring investor confidence,” Oxley said.

But implementing the new rules was an expensive proposition for public companies. In Oklahoma, several small public companies chose to "go private” to avoid those costs and complications.

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