Despite persistent criticism from top lawmakers and advocacy groups, Securities and Exchange Commission Chairman Christopher Cox is standing by his agency’s decision to make small businesses begin complying this summer with the most controversial provision of the 2002 Sarbanes-Oxley law.
At a hearing of the House Small Business Committee Tuesday afternoon, the panel’s chairwoman, Rep. Nydia Velazquez, D-N.Y., criticized Sarbanes-Oxley guidance issued by the SEC May 23 primarily because it failed to give smaller companies additional time to comply.
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