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