Congresswoman Michelle Bachmann. Proudly Serving the 6th District of Minnesota

Feel Free To Share This Page Slashdot Del.icio.us Google Digg Reddit Newsvine Furl Yahoo Facebook

Washington, D.C., Oct 28 -

U.S. Representative Paul E. Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, today promised U.S. Rep. Michele Bachmann (MN-06) the first hearing since 2006 on the Sarbanes-Oxley Act.  The commitment came after Bachmann introduced two amendments to the Investor Protection Act (H.R. 3817) to make the Public Company Accounting Oversight Board (PCAOB), created by Congress in the Sarbanes-Oxley Act of 2002, more accountable to the American taxpayers and also to address outstanding questions about the constitutionality of that Board.

“Sarbanes-Oxley is arguably the broadest financial reform this Congress has passed in decades,” said Bachmann.  “It was passed in haste in response to scandalous headlines about Enron and WorldCom and it has had a devastating impact on our financial markets, forcing capital investment overseas and driving companies out of public trading. 

“I appreciate the Chairman’s attention to this issue and his commitment to holding a hearing on Sarbanes-Oxley.  Two-thirds of this Committee were not in Congress when this law was passed, and many of our members were not even in Congress when we last held hearings on it in 2006.  Yet, we are moving to expand its reach.  We at least owe the American people due diligence on the impact Sarbanes-Oxley has on our economy.  It has truly been far too long since this law was examined and I look forward to our Committee’s discussion,” said Bachmann.

In light of the Chairman’s agreement to hold a hearing within the next year to revisit Sarbanes-Oxley, Bachmann withdrew her amendments, which would have (1) made members of the PCAOB subject to appointment by the President and confirmation by the U.S. Senate; and (2) delayed implementation of Title VI of the Investor Protection Act, which expands the authority of the PCAOB, until June 2010 to give the Supreme Court time to hear a current case on the constitutionality of the PCAOB through to its conclusion.