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

Publication Date: February 2007

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

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

Research Area: Law and ethics

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.