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Reforming Sarbanes-Oxley: How to Restore American Leadership in World Capital Markets

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Publication Date: February 2007

Publisher(s): Heritage Foundation (Washington, D.C.)

Author(s): Tom Feeney; David C. John; Alex J. Pollock

Series: Heritage Lecture

Topic: Law and ethics (Corporations and securities law)

Keywords: Regulation

Type: Speech

Coverage: United States

Abstract:

The complex Sarbanes-Oxley law has generated unanticipated negative consequences in its attempt to clean up Wall Street accounting and reporting practices. The cost to the U.S. economy is enormous: $35 billion in direct costs and up to $1.4 trillion in indirect costs. Numerous companies have either dropped their U.S. registration or have simply listed their companies on overseas exchanges.