2012 Candidates Target Costly Enron-Era Law Aimed At Thwarting Accounting Fraud | Fox News: "Former House Speaker Newt Gingrich and Rep. Michele Bachmann of Minnesota have both called for the outright repeal of Sarbanes-Oxley. And so, too, has Rep. Ron Paul, who has the strongest record on the issue: The self-declared libertarian from Texas was one of only three House lawmakers who voted against Sarbanes-Oxley back in 2002.
Estimates of the costs that Section 404 has imposed on American businesses have varied. In testimony before the House Financial Services Committee last month, J.W. Verret, a scholar at the conservative Mercatus Center at George Mason University, told lawmakers the Securities and Exchange Commission vastly underestimated how much Section 404(b) -- the part requiring outside audits -- was forcing firms to shell out. The agency's initial projection of $91,000 per company, he said, later gave way to a revised SEC estimate of $2.87 million."
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