The Republican Policy Committee
Envisioned as the principal forum for the consideration of forward-looking legislative initiatives the Policy Committee is an important means for every member of the Conference to develop sound legislative ideas into meaningful legislation.

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A Win for Small Business

Today, I was able to score a win for small business. SEC Chairman Christopher Cox announced that he would extend the deadline for small businesses to file required reports under Section 404 of the Sarbanes-Oxley law.  This fight is something I’ve been very active on because I know that small business is the engine of the American economy and that the current Sarbanes Oxley regulations are choking them with red tape and paperwork.

 

This year I offered an amendment to HR 2829, the FY 2008 Financial Services Appropriations, with Rep. Tom Feeney.  Our amendment passed with broad bipartisan support of 267- 154, making it the first successful effort to protect American markets and good faith efforts by American businesses from the excessive SOX regulations. I commend my colleague, Spencer Bachus, Ranking Republican on the House Financial Services Committee, for his efforts to seek a delay in these onerous requirements, as well. Like me, he recognizes that it is essential we not heap burdensome new costs on our nation’s small businesses.

 

By delaying this SOX requirement we are giving our small businesses more time to ensure that they are not unfairly hurt without jeopardizing the accountability goals of the initial SOX legislation.

Posted by Congressman Scott Garrett (NJ - 05) (12-12-2007, 03:46 PM) filed under HRPC Member

Comments

Comment by: Chad R
December 13, 2007 11:23 AM

Good work. However we need a long term fix to Sabanes Oxley. It is hurting many small business.

Comment by: Danny K
December 13, 2007 11:24 AM

We should consider scrapping Sarbanes Oxley altogether. It is a bad piece of legislation.

Comment by: Michael J
December 13, 2007 11:36 AM

It is true, Sarbanes Oxley regulations are choking business with red tape and paperwork. We need to consider making all necessary changes to protect small business.

Comment by: Arthur V
December 13, 2007 11:39 AM

Our party needs to be on the side of small business.

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