Gingrich in favor of Sarbanes-Oxley Repeal

[TJ in Oregon]

Newt Gingrich stated twice in the Republican debate this week the he would be in favor of repealing the Sarbanes-Oxley Act, which was passed in 2002 by votes of 423-3 and 99-0 and signed by President Bush.

The Sarbanes-Oxley Act was written in response to several accounting scandals in the early 2000s, such as Enron and Worldcom. It requires companies to have independent auditors and publish detailed information about financial transactions. It established the Public Company Accounting Oversight Board (PCAOB) to ensure corporations followed the rules set out. The point was to stop companies from 'cooking the books' and force them to be honest with their shareholders.

http://en.wikipedia.org/wiki/Sarbanes%E2%80%93Oxley_Act

I am perplexed and confused as to why former Speaker Gingrich is seeking its repeal, and dissapointed at how Republicans are calling him a winner in the debate after he made such a suggestion.

[sg0508]

As a CPA who deals with SOX, it's stupid to repeal.  Why does Newt want rid of it? Easy.  It's put a major damper on a lot of businesses.  Then again, repeal it and you'll have 200 Enron stories/year.

[King]

As a CPA who deals with SOX, it's stupid to repeal.  Why does Newt want rid of it? Easy.  It's put a major damper on a lot of businesses.  Then again, repeal it and you'll have 200 Enron stories/year.

Successful criminal operations is good business.

[Simfan34]

I would presume Ron Paul also supports a repeal, considering he didn't vote for the bill.

[King]

I would presume Ron Paul also supports a repeal, considering he didn't vote for the bill.

I believe Paul's gimmick is he supports the repeal of every law passed after 1788.

[Snowstalker Mk. II]

I would presume Ron Paul also supports a repeal, considering he didn't vote for the bill.

I believe Paul's gimmick is he supports the repeal of every law passed after 1788.

[Simfan34]

I would presume Ron Paul also supports a repeal, considering he didn't vote for the bill.

I believe Paul's gimmick is he supports the repeal of every law passed after 1788.

Ahh.

[🐒Gods of Prosperity🔱🐲💸]

The fact that it passed overwhelmingly nine years ago means very little. The effects on public companies have been seen since then. Look under "criticism" in that wikipedia article.

[HST1948]

A politician advocating for this repeal would concern me, but then again it is Newt Gingrich who hasn't held a position of power since 1999 and will not in the future.