If there is one issue that may somewhat unite the GOP presidential field and the Obama administration, it’s disdain for a nearly ten-year-old law signed by George W. Bush. The Sarbanes-Oxley Act of 2002, rushed through Congress as a “fix” after the Enron and WorldCom implosions, added billions in regulatory costs in the supposedly deregulatory Bush era. And it has little to show for itself in preventing subsequent financial scandals.
Now, as presidential candidates are championing the cause of paring red tape, the burden of Sarbox’s accounting mandates on small and midsize public companies has been picked up by nearly every GOP candidate from new front-runner Newt Gingrich to media favorite Jon Huntsman. Even the Obama administration has joined the Sarbox critique to a surprising extent.
Keep reading this post . . .