SOX is quickly becoming an issue for the presidential candidates. According to the Financial Week , in a speech to the Club for Growth in Washington, he supported the idea of SOX but stated that "We sure as heck have to go back and moderate Sarbanes-Oxley".
He specifically criticized the certification requirements as being usesless. I agree with his comments on certifications. The folks at Enron would have signed the certifications because they thought what they were doing was correct. They fired or demoted anyone who didn't agree with them. Anderson agreed that what they were doing was right. Therefore, I am not sure that the cerfications would have made a difference.
Not to be left out, Mitt Romney has also suggested that we prune SOX. In remarks to the Detroit Economic Club, he stated that "it's driving away IPO's, depressing jobs, and requiring billions of unnecessary cost."
On the other side of the aisle, John Edwards is proposed last Friday that we expand corporate responsibility further than Sarbanes and require companies to publish more information on executive compensation and social impact.
As the election gets closer, I am sure that this issue will continue to be a hot topic.
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