After five years of legal wrangling, the Supreme Court earlier this week upheld all substantive provisions of the Sarbanes-Oxley law. Even though the law, an overbearing, poorly drafted, government-knows-best monster, easily ranks among the worst portions of the entire United States code, it’s difficult to argue with the Court’s majority reasoning. In hoping that the law might somehow be defeated in the courts, the free-marketers that challenged it made a mistake. Rather than trying for legal long-shots, it’s time to challenge the law’s burdensome core section.
Some background: in the wake of the Enron and Worldcom scandals, President Bush signed Sarbanes-Oxley into law in 2002. The single most important provision of the law, known as section 404, requires an independent audit of nearly every public company’s internal controls on financial reporting.
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