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.
