Jeff Flake | Congressman Arizona’s Sixth District

Financial Services

    In 2002, Congressman Flake was one of just three Members of Congress to vote against the Sarbanes-Oxley Act, Congress’ attempt to improve corporate governance. He argued at the time that the hasty and overreaching manner in which Congress wrote the bill was certain to create unintended consequences. Sure enough, the law has created tens of billions of dollars in unnecessary compliance costs for businesses.

    Congressman Flake has offered legislation that would make section 404, the most cumbersome portion of the bill, subject to shareholder votes rather than being made compulsory by government regulators.