Tuesday, April 13, 2010 1:38 PM
Oxley Defends His Namesake
Former Rep. Mike Oxley, R-Ohio, went on the defensive about the central component of his legacy in Congress last night at a dinner sponsored by the Council for Non-Profit Accountability where he touted the effects of the Sarbanes-Oxley Act of 2002, a corporate accountability measure passed in the wake of the Enron scandal.
Oxley said he is perennially surprised to hear the law described as "controversial" considering it passed 423-to-3 in the House and with more than 90 votes in the Senate. Since it was signed, the law has drawn criticism for hitting companies with high compliance costs, for failing to prevent fraud, and for making companies less competitive, even landing on a list of the worst ideas of the decade in the Washington Post opinion pages.
Oxley refuted each argument against the bill that "gave me a new first name," and said the most recent financial downturn may have been worse if not for his legislation. He noted that it increased the strength of corporate boards and said it has been "a remarkable thing to follow how other countries have adopted" the standards in the act. In Oxley's view, the law helped "restore investor confidence" during a period of turmoil for Americans in the aftermath of September 11, 2001. He quoted investors as telling him that the law "helped them sleep better at night."
Oxley closed by raising this year's effort at financial regulatory reform, noting that even though congressional efforts have drawn loud criticism, "At the end of the day, politics is the art of the possible." It does not matter if an idea is sound, he said, if it cannot pass both chambers.
Benjamin Cole
Monday, March 7, 2011
Oxley said he is perennially surprised to hear the law described as "controversial" considering it passed 423-to-3 in the House and with more than 90 votes in the Senate. Redirect Virus
Mike Jones
Thursday, January 20, 2011
Former Rep. Mike Oxley, R-Ohio, went on the defensive about the central component of his legacy in Congress last night at a dinner sponsored by the Council for Non-Profit Accountability where he touted the effects of the Sarbanes-Oxley Act of 2002, a corporate accountability measure passed in the wake of the Enron scandal. Mike @ sweating and how to stop sweating
barry jones
Thursday, November 18, 2010
Oxley said he is perennially surprised to hear the law described as "controversial" considering it passed 423-to-3 in the House and with more than 90 votes in the Senate. Since it was signed, the law has drawn criticism for hitting companies with high compliance costs, for failing to prevent fraud, and for making companies less competitive, even landing on a list of the worst ideas of the decade in the Washington Post opinion pages. baby gift baskets - birthday gifts for dad
Dale B. Halling
Wednesday, April 14, 2010
There is absolutely no evidence for Mike Oxley's position. Sarbox has failed to achieve any of its goals and is killing US innovation (see http://hallingblog.com/2010/01/04/sarbanes-oxley-obstructing-innovation/). In 1996 the US had 60% of the worldwide IPOs in 2005 we had only 20%. Unfortunately, SOX is just one of several laws since 2000 we have passed that are killing innovation in the US. The incredible innovation of the 90s was based on technology start-up companies built on intellectual capital, financial capital, and human capital. All three of the pillars have been under attack since 2000. Our patent laws have been weakened reducing the value of intellectual capital. Sarbanes Oxley has made it impossible to go public reducing financial capital for start-ups and the FASB rules on stock options have made it harder to attract human capital to start-ups. The Decline and Fall of the American Entrepreneur: How Little Known Laws and Regulations are Killing Innovation http://www.amazon.com/Decline-Fall-American-Entrepreneur-Regulations/dp/1439261369/ref=sr_1_1?ie=UTF8&s=books&qid=1262124667&sr=8-1, explains these problems in more detail.