March 13, 2007


Meeks Readies Amendment to Sarbox (RUSSELL BERMAN, March 13, 2007, NY Sun)

With Mayor Bloomberg and financial leaders expected here today for a conference on capital markets, a Queens congressman is preparing to introduce legislation to amend the Sarbanes-Oxley Act, which many say has threatened New York's status as the center of global finance.

Rep. Gregory Meeks, a Democrat who represents southeast Queens, said in an interview yesterday that his bill would exclude smaller public companies from requirements of the 2002 law and aim to reduce the high cost of compliance.

The proposal comes as the treasury secretary, Henry Paulson, is convening a major Washington summit on capital markets and competitiveness that will bring together leaders from across the financial community, including the mayor; the chairman of the Securities and Exchange Commission, Christopher Cox; the chairman of Berkshire Hathaway, Warren Buffett, and two former chairmen of the Federal Reserve, Alan Greenspan and Paul Volcker.

Enron is so yesterday...

Posted by Orrin Judd at March 13, 2007 8:08 AM

Enron is alive and well in every school district, where they never have to worry about oversight like Sarbox.

Posted by: Bruno at March 13, 2007 8:44 AM

Sarbox is overkill. It turns the idea of limited liability on its head.

Nobody with a successful private company wants to go public and run afoul of Sarbox's vague criminal sections and get the Libby treatmeant from a politically ambitious prosecutor.

Posted by: Gideon at March 13, 2007 2:33 PM