Wednesday, February 22, 2006

SOX for all publicly-held gets big name support

A group of retired but not retiring well-known names in the world of finance signed a letter urging Christopher Cox of the SEC and William Gradison of the PCAOB to maintain present standards under Sarbanes-Oxley for all publicly-traded companies. These luminaries included one-time Fed chairman Paul Volcker, former SEC chair Arthur Levitt, prior U.S. Comptroller General Charles Bowsher, past TIAA-CREF head John Biggs and Vanguard founder John Bogle. The letter said that proposed changes exempting public companies with revenues under $125 million and mitigating regulations on certain other smaller public companies said that the proposal was an overreaction to small firm complaints and that real reform of capital markets would be jeopardized if the proposal mitigating the impact on smaller public firms was implemented.


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