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Bachus Applauds SEC's Decision to Extend SOX Compliance for Small Businesses

WASHINGTON, Jun 20 -

Ranking Member Spencer Bachus (AL) released the following statement regarding the Securities and Exchange Commission’s (SEC) approval of a one year extension for small businesses.

Ranking Member Bachus said, “I commend the SEC for extending the deadline for small businesses to comply with Section 404, a step I urged them to take last December. 

“The SEC’s cost-benefit study will help regulators and Congress understand whether or not Section 404 is working as intended, and not imposing unnecessary and disproportionate burdens on small issuers. I look forward to evaluating the results of the study and continuing to hear from issuers about the cost and benefits of Sarbanes-Oxley.

“The global competitiveness of our capital markets is one of my highest priorities.  With capital able to freely move across borders, we must assure that complying with Sarbanes-Oxley is not overly burdensome.”

Click here for a copy of Ranking Member Bachus’s letter to the SEC.