Standards & Guidance
Sarbanes-Oxley relief defeated in Senate
The US Senate has
rejected by a vote of 62 to 35 an amendment that would make Sarbanes-Oxley's
section 404 on internal control optional for smaller companies.
The measure would have made section 404 compliance
non-compulsory for companies with market capitalisation of less than $700m,
revenue of less than $125m or fewer than 1,500 shareholders.
Senator Jim DeMint,
who proposed the amendment, said it had been Congress’ best chance of real
reform, but many senators turned their backs on small companies.
He added: “Sarbanes-Oxley is crippling American businesses
and we’re quickly losing our ability to compete in the global economy”.
Links
US Senate
Jim DeMint
May 2007
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