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Congress Votes Down SOX Amendment

Law360 (April 25, 2007, 12:00 AM EDT) -- The Sarbanes-Oxley Act of 2002 will remain untouched, after a proposal to relax some of the law’s requirements failed to pass in the Senate.

The Senate on Tuesday voted 62-35 against an amendment that would have made compliance with the Act’s corporate governance rules optional for companies with a market capitalization of less than $700 million.

Additionally, Senators voted 97-0 to issue a statement supporting the ongoing efforts by the U.S. Securities and Exchange Commission to address concerns caused by SOX and the controversial Section 404,...
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