Sarbanes SOX It To Critics Of His Act

Like a father defending his taunted child, Sen. Paul Sarbanes (D-Md.) has struck back at the critics of the act that bears his name and that of Sen. Michael Oxley (R-Ohio).

Like a father defending his taunted child, Sen. Paul Sarbanes (D-Md.) has struck back at the critics of the act that bears his name and that of Sen. Michael Oxley (R-Ohio). Speaking to the Consumer Federation of America, Sarbanes said the legislation came “in direct response to a crisis whose dimension in retrospect are all too easy to play down. Critics who now attempt to minimize the seriousness of the situation should not go unchallenged.”
Responding to those who claim the act was “enacted in haste,” Sarbanes, who is retiring from Congress in January, said it is “an affront to the hard work and the common sense of members of Congress who worked on it.” Sarbanes nixes any act revisions that would end up exempting 80% of the companies. “Public companies ought to have a system of internal controls for the protection of themselves and the investor,” he noted.