Sarbanes-Oxley Highly Damaging to Small Businesses
Numerous studies show that the current implementation of the reporting provisions of Sarbanes-Oxley is highly damaging to small businesses—it makes capital more expensive, stifles growth, and ultimately reduces innovation. I cannot sit idly by if these are the consequences of our regulatory policies. Coming from a state like Michigan with a hard hit manufacturing sector, I can tell you this is no way for American business to remain internationally competitive.Every company in my district is complaining about the high cost of implementing these provisions. It is seriously disadvantaging them in the global marketplace, and at the same time it is not giving investors the information that they really need.